Below Is the newest Germantown, Maryland home listed by Steve Queen. This property was accepted into the Homes Affordable Foreclosure Alternative Program (HAFA) by the bank. This incredible program allows the seller $3000 in relocation funds and releases the seller from any delinquency that occur from the transaction. If you are interested in information about the Short Sale Process, The Homes Affordable Foreclosure Alternative Program (HAFA) or The Home Buying Process of any property in Maryland or the District of Columbia, please Call Steve Queen for your personal consultation at (202) 367-4348.
| 12826 Rexmore Dr Germantown, MD |
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| This stately two bedroom 2 bath condo is located in the highly sort after Village At Town Center Community. After entering to gleaming hardwood floors you will be immediately impressed with the beauty of this condo. This spacious condo is the former model home for the development. All fixtures are newly updated. The large master suite includes a full bath with a walk in closet. A balcony sits off the eat in kitchen. The condo includes a one car garage and much much more. Steps away from the county library, Safeway, shopping, metro, over 20 restaurants and coffee shops, jogging trails, tot lots and more. This incredible condo won't last long so call Steve Queen at (202) 367-4348 for your personal tour. View this property and more at www.stevequeen.com |
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s the Home Affordable Foreclosure Alternatives program right for me?
Program goal
The Home Affordable Foreclosure Alternatives (HAFA) program was developed to give homeowners a way to settle their mortgage debt without going through a foreclosure.
The goal of this program is to help you sell your home in a short sale and settle your mortgage debt if you owe more on your mortgage than your house is worth and are unable to qualify for a home loan assistance program.
This federal government program streamlines the short sale approval process and offers financial assistance to help you with relocation.
Eligibility
You may be eligible for the Home Affordable Foreclosure Alternatives program if:
the property is your current principal residence, OR the property has been vacant or rented out for less than 12 months, and you have not bought another principal residence during that time.
the amount you owe on your first mortgage for your property is equal to or less than:
- $729,750 for 1 unit
- $934,200 for 2 units
- $1,129,250 for 3 units
- $1,403,400 for 4 units
you owe more on your home than it’s worth
your current mortgage was taken out on or before January 1, 2009
you are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your current home loan
While a short sale will still have a negative effect on your credit, it generally takes less time to complete than a foreclosure, so your reported delinquency could be shorter. As a result, your credit may improve faster. If a short sale is completed on your property, we will report that your loan was "paid in full for less than the full balance."
You should only consider a short sale after you've explored all other options, including modifying your loan. Please visit our Loan Assistance Solutions page for a complete list of options you may want to consider.
You should contact a tax professional to gain an understanding of any tax implications.
If you don't meet the eligibility requirements for the Home Affordable Foreclosure Alternatives program, find a real estate agent who is knowledgeable about short sales and list your house for sale. When you have an offer, call one of our specialists at 1.866.880.1232 to start a short sale.
Program at a glance
Step 1: Call us to request a HAFA short sale and update us on your current financial situation. We’ll review your information and check your eligibility for a Home Affordable Modification or any other home retention program that would enable you to stay in your home.
Step 2: If you don’t qualify for a modification and want to sell your home, we’ll work to gain approval of your first mortgage HAFA short sale request. If you have a second mortgage with another lender, you will have to ask them for approval.
Step 3: You will be given time to market and sell your home — typically 120 calendar days. You are required to work with a licensed real estate professional.
Step 4: Once you receive an offer, you have 3 calendar days to submit a Request for Approval of a Short Sale document as well as the offer letter. We’ll get back to you with a decision on the offer within 10 business days.
Step 5: If the offer is accepted, your house is sold and your mortgage and any other loans against the home are settled from the proceeds of the sale.
Get more details on the steps of a HAFA short sale.
How do I get started with a Home Affordable Foreclosure Alternatives program?
Before we begin
To start the Home Affordable Foreclosure Alternatives (HAFA) program you need to call us to request to sell your home in a short sale.
If you haven’t applied for a Home Affordable Modification prior to requesting a short sale, we’ll check to see if you meet that program’s eligibility requirements first. To do this you’ll need to update us on your financial information.
Let us help you
Call us today at:
1.866.880.1232
8am-10pm EST Mon-Fri
9am-5:30pm EST Sat
Now that I’m in the process, what’s next?
If you’re in the process of selling your home in the Home Affordable Foreclosure Alternatives (HAFA) program, we can help you understand what you need to do next.
I have requested a HAFA short sale.
Once you’ve requested a short sale, you’ll have to update us on your current financial situation. As part of the Home Affordable Foreclosure Alternatives program, we’ll review your information and check your eligibility for a Home Affordable Modification or other home retention programs that would reduce your monthly payments to enable you to stay in your home.
If you do not qualify for a modification or no longer wish to stay in your home, then we’ll begin to work with you on a short sale.
There are thousands of non-profit groups and government agencies across the country ready to assist you with everything from finding rental housing or employment assistance, to saving money and more. Because these organizations are focused on the unique needs of your community, the resources you find are better able to help with your circumstances and challenges.
Search for resources near you »
Yes. You can review our Home Affordable Foreclosure Alternatives Policies to understand how the program works for loans that are not owned by Fannie Mae and Freddie Mac.
To find out if your loan is owned by Fannie Mae or Freddie Mac, simply call the toll-free numbers below or use their online lookup tools.
I’m preparing to put my home on the market.
We’ll need to determine an acceptable price for you to market your home. You may have heard this referred to as a fair market value. To determine the fair market value, we’ll order a valuation of your home.
We’ll also work with all parties necessary to approve your first mortgage HAFA short sale request. Even if you are pursuing a short sale with us, in most cases, there is a third party that has ownership of the loan. We will need their approval in order to finalize the short sale.
If the sale is approved, you’ll receive a Short Sale Agreement with the acceptable offer price for your home. You’ll need to sign and return this agreement to us within 14 calendar days.
If you have a Bank of America home equity loan or line of credit (also referred to as a second lien), we’ll take care of getting approvals for your HAFA short sale request. But, if your home equity loan or line of credit is with another lender, you will have to contact that lender and have them sign a Second Lien Release form before any offer can be considered. To avoid any delays, it’s in your best interest to contact them right away.
If you are not accepted to participate in the Home Affordable Foreclosure Alternatives program, you may be eligible to transfer the title or ownership of the property to the owner or servicer of your home loan in order to satisfy your mortgage debt and avoid foreclosure. This is referred to as a deed in lieu of foreclosure, or simply a deed in lieu. There are benefits to doing a deed in lieu rather than a foreclosure, so you may wish to explore this option.
There are thousands of non-profit groups and government agencies across the country ready to assist you with everything from finding rental housing or employment assistance, to saving money and more. Because these organizations are focused on the unique needs of your community, the resources you find are better able to help with your circumstances and challenges.
Search for resources near you »
Yes. You can review our Home Affordable Foreclosure Alternatives Policies to understand how the program works for loans that are not owned by Fannie Mae and Freddie Mac.
To find out if your loan is owned by Fannie Mae or Freddie Mac, simply call the toll-free numbers below or use their online lookup tools.
I am trying to find a buyer.
Under a HAFA short sale, you are required to work with a licensed real estate professional. We strongly recommend working with an agent who has experience with short sales. They can help guide you through the process, and you won't have to pay the cost of the agent since they’ll be paid from the sale of the house.
Typically, you’ll be given 120 calendar days to market and sell your home.
Depending on your circumstances, you may be given additional time to market your home. If additional time is not given, you can still settle your mortgage debt by signing your home over to us in a deed in lieu of foreclosure.
There are benefits to doing a deed in lieu of foreclosure over a foreclosure. A deed in lieu of foreclosure spares you from having to go through the public auction or sale of your home. A deed in lieu of foreclosure generally takes less time to complete than a foreclosure, so your reported delinquency could be shorter than it would with a foreclosure. As a result, your credit will likely improve faster than it would if your house goes to foreclosure.
If you sign your home over to us in a deed in lieu of foreclosure, you may be eligible to receive up to $3,000 to help you with moving, rental and relocation expenses.
There are thousands of non-profit groups and government agencies across the country ready to assist you with everything from finding rental housing or employment assistance, to saving money and more. Because these organizations are focused on the unique needs of your community, the resources you find are better able to help with your circumstances and challenges.
Search for resources near you »
Yes. You can review our Home Affordable Foreclosure Alternatives Policies to understand how the program works for loans that are not owned by Fannie Mae and Freddie Mac.
To find out if your loan is owned by Fannie Mae or Freddie Mac, simply call the toll-free numbers below or use their online lookup tools.
I have received an offer on my home.
Once you receive an offer, you will have 3 calendar days to submit the offer letter (signed by the buyer) as well as a Request for Approval of a Short Sale. If you have a home equity loan or line of credit (also referred to as a second lien) on your home with another lender, we cannot consider any offer without a signed Second Lien Release form. We’ll get back to you with a decision within 10 business days.
There are thousands of non-profit groups and government agencies across the country ready to assist you with everything from finding rental housing or employment assistance, to saving money and more. Because these organizations are focused on the unique needs of your community, the resources you find are better able to help with your circumstances and challenges.
Search for resources near you »
Yes. You can review our Home Affordable Foreclosure Alternatives Policies to understand how the program works for loans that are not owned by Fannie Mae and Freddie Mac.
To find out if your loan is owned by Fannie Mae or Freddie Mac, simply call the toll-free numbers below or use their online lookup tools.
The offer on my home was accepted.
Once we accept the offer, we will provide you with an approval letter releasing the home for purchase. With everything in order, final documents will be prepared for closing. You will receive a letter outlining the details of the sale of your home and a set of the documents that must be signed, notarized and returned to us before your HAFA short sale can be completed.
As with any home sale, unless otherwise negotiated, you will need to move out of your house by the closing date. At the closing, you will receive $3,000 to help you with your relocation expenses. The sale of your house is now finalized and your mortgage and any other loans against the home are settled from the proceeds of the sale. Under the Home Affordable Foreclosure Alternatives program, you are fully relieved of any obligation to repay the mortgage.
Since a mortgage payment is the largest monthly expense for most households, without one your financial picture will change a great deal. Now's a good time to evaluate your budget and see how much money you'll have available for your new housing situation.
Plan your budget »
There are thousands of non-profit groups and government agencies across the country ready to assist you with everything from finding rental housing or employment assistance, to saving money and more. Because these organizations are focused on the unique needs of your community, the resources you find are better able to help with your circumstances and challenges.
Search for resources near you »
Yes. You can review our Home Affordable Foreclosure Alternatives Policies to understand how the program works for loans that are not owned by Fannie Mae and Freddie Mac.
To find out if your loan is owned by Fannie Mae or Freddie Mac, simply call the toll-free numbers below or use their online lookup tools.
Home Loan Assistance Frequently Asked Questions
It may be possible, depending on your loan and circumstances. Please call us at 1.866.880.1232 to discuss your options.
Because you would sell your home for less than the loan amount in a short sale, you will not receive any money from the sale of your home. However, as part of the Home Affordable Foreclosure Alternatives program, you will receive $3,000 after the completed sale of your home to help you with your relocation expenses.
Depending on your circumstances, you may be given additional time to market your home. If additional time is not given, you can still settle your mortgage debt by signing your home over to us in a deed in lieu of foreclosure.
There are benefits to doing a deed in lieu of foreclosure over a foreclosure. A deed in lieu of foreclosure spares you from having to go through the public auction or sale of your home. A deed in lieu of foreclosure generally takes less time to complete than a foreclosure, so your reported delinquency could be shorter than it would with a foreclosure. As a result, your credit will likely improve faster than it would if your house goes to foreclosure.
If you sign your home over to us in a deed in lieu of foreclosure, you may be eligible to receive up to $3,000 to help you with moving, rental and relocation expenses.
There are thousands of non-profit groups and government agencies across the country ready to assist you with everything from finding rental housing or employment assistance, to saving money and more. Because these organizations are focused on the unique needs of your community, the resources you find are better able to help with your circumstances and challenges.
Search for resources near you »
Yes. You can review our Home Affordable Foreclosure Alternatives Policies to understand how the program works for loans that are not owned by Fannie Mae and Freddie Mac.
To find out if your loan is owned by Fannie Mae or Freddie Mac, simply call the toll-free numbers below or use their online lookup tools.
3/22/2012
Bank of America Refines the Short Sale Process
Every day, Bank of America works with agents like you to help homeowners complete short sales. On April 14, we will strengthen our partnership through an improved task flow in Equator.
The new Bank of America short sale process will enable short sale specialists to complete tasks such as document collection, valuations and underwriting at the same time, reducing the time from initiation to closing.
Before April 13, you must complete the Submit Short Sale Offer, Upload Offer Documents and Upload Supporting Documents tasks in Equator for all short sales submitted with an offer. Your file may be declined if these tasks are not completed prior to April 13.
Starting April 14, you’ll see several changes:
Five documents will be required for short sales initiated with an offer:
We are requiring the new Bank of America Third-Party Authorization Form for short sales initiated beginning April 14.
All messaging will remain in Equator. Agents will receive a standard notice to log in and retrieve their messages.
New Timeframes:
- Five (5) days to submit a backup offer when a buyer has walked
Bowie Maryland Short Sales - Bowie short sale... by squeenofexit
My Real Estate Blogs Your Quick Home Search
Because buying or selling a home is a big decision, Steve Queen with Exit Bennett Realty is your Real Estate Expert in Bowie, Upper Marlboro, Greenbelt, Lanham, Laurel, Glenn Dale,Crofton, Glen Burnie, Clinton, Hyattsville and all other cities in Maryland and the District Of Columbia. You will have step by step guidance to access resources to make the transaction smooth. Call me today at (202) 367-4348. You are my #1 priority. Please give me the opportunity to prove it.
My Real Estate Blogs Your Quick Home Search
Because buying or selling a home is a big decision, Steve Queen with Exit Bennett Realty is your Real Estate Expert in Bowie, Upper Marlboro, Greenbelt, Lanham, Laurel, Glenn Dale,Crofton, Glen Burnie, Clinton, Hyattsville and all other cities in Maryland and the District Of Columbia. You will have step by step guidance to access resources to make the transaction smooth. Call me today at (202) 367-4348. You are my #1 priority. Please give me the opportunity to prove it.
