Steve Queen Real Estate Blogs!: June 2012

Upper Marlboro Maryland Home Sales & Short Sales!

Another Upper Marlboro, Maryland short sale SOLD By Steve Queen. The featured property below was accepted into the Homes Affordable Foreclosure Alternative Program (HAFA) by the bank. This program releases the seller of any claim from the bank in reference to the loan deficiency and provides the seller with $3,000 in relocation funds. 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.

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To view all available Upper Marlboro properties for sale please click here. To view all available Upper Marlboro foreclosure properties please click here. To view all of available Upper Marlboro short sale properties please click here. To view all available Upper Marlboro single family homes please click here. To view all available Upper Marlboro condo & townhouses please click here. To view all properties through out Maryland, Virginia and the District of Columbia please click here.

1008 Wood Branch Ct # 406 Upper Marlboro, MD
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This stately 3 bedroom 2 1/2 bath garage town home is located in the highly sort after watkins Place. The main level shows like like a model and boast an incredibly spacious living room. This level also includes an eat in gourmet kitchen with 42 inch cabinets, a built in Microwave, a pantry and a sliding door to the balcony to enjoy your morning coffee. The master suite includes a spacious walk in closet and a master bath with a separate shower, dual vanities and linen closet. This home includes recessed lights, new paint, a fireplace a garage, and much much more. Call Steve Queen at (202) 367-4348 for your personal tour.
MLS# Sold
$185,000
3 Bed, 2 1/2 Bath
1008 Wood Branch Ct # 406
Upper Marlboro MD, 20774

EXIT BENNETT REALTY

Steve Queen
Steve Queen
EXIT BENNETT REALTY
202-367-4348

 

 

Home Affordable Foreclosure Alternatives (HAFA) Short Sale Update

HAFA Supplemental Directive 12-02, effective June 1, 2012, impacts short sales with loans from non-government-sponsored enterprises in which the homeowner is eligible for the HAFA program.

Key enhancements include:

  • Time frame extended: The program has been extended to Dec. 31, 2013. The HAFA short sale or deed in lieu of foreclosure can be initiated up to Dec. 31, 2013; however, the transaction must have a closing date on or before Sept. 30, 2014.
  • Eligibility updated: Occupancy requirements for HAFA eligibility have been removed; however, the property can't be owned or secured by a business entity.
  • The second lien maximum has been increased from $6,000 to $8,500.
  • HAFA relocation assistance of $3,000 will be paid only to the primary resident (borrower or occupant) of the property at time the agreement is executed. The resident must vacate upon closing. Vacant properties are not eligible for HAFA relocation assistance.
    • Nonborrowers (tenant, legal dependent, parent or grandparent) can now qualify if occupying the property and must vacate upon closing.

Additional information:

  • This policy is effective June 1, 2012, for new HAFA-eligible short sales initiated. It also applies to current HAFA short sales prior to closing.
  • Tenants will be eligible only for the $3,000. Any money available from additional incentive payout opportunities must be paid to the borrower. The HUD-1 must reflect the breakdown.
  • The borrower will be responsible for requesting and managing the tenant relocation assistance, including submitting required proof of occupancy and other documentation.

Additional recommendations:

  • Help your financially distressed clients understand the benefits a HAFA short sale, including the relocation incentive. Review the agent HAFA education guide to learn more.
  • Provide the Bank of America non-GSE HAFA Eligibility FAQ to interested homeowners.
  • Direct homeowners to contact Customer Care at 1.866.880.1232 if they have questions.

Update on Department of Justice
Global Settlement

 

 

 

Under the agreement, Bank of America:

  • Is implementing a new modification program that offers principal reduction to qualified customers.
  • Will work to lower interest rates to provide reduced payments for eligible homeowners who are current on their payments but owe more than the current value of their homes (mortgage must be owned by the bank).
  • Will continue to help customers who are pursuing short sales and may offer additional assistance programs, such as deed in lieu of foreclosure and/or financial assistance to help those who are transitioning out of their properties.

How this may affect short sale agents:

Some customers who are currently in the short sale process may qualify for this program. Customers who are pursuing a short sale can continue with the process while in review for the DOJ principal reduction program. If a short sale customer is approved for the DOJ principal reduction modification, they will then have to decide which option is best for them, either continuing with the short sale or accepting the modification.

If the customer chooses to accept the modification, then they are electing to discontinue their short sale. It is important for the customer to consider all options and determine which one is best for them based on their individual needs.

Furthermore, the borrower needs to understand that there could be legal implications to cancelling the short sale if they have already entered into a contract with a prospective buyer in the short sale process. The borrower should consult with you and an attorney before making this important decision. There is no guarantee that a customer will be approved for either a short sale or the DOJ principal reduction program.

Short Sale/Deed in Lieu

  • Homeowner can move into more affordable housing.
  • If the homeowner has already signed a short sale contract, they should discuss their legal and financial obligations with their trusted advisors, such as a legal counsel or real estate agent.
  • If the homeowner cancels the short sale or deed in lieu, they will not be eligible for relocation assistance.

DOJ Principal Reduction

  • Homeowner may be able to stay in their property at a lower monthly payment.
  • If approved, homeowner will improve their equity position.
  • If declined, homeowner can reapply at a future date or continue to pursue a short sale; however, foreclosure activities may resume. NOTE: Foreclosure activities may continue based on state and investor guidelines.

 

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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.

View foreclosures, homes for rent or purchase as well as obtain valuable information on the home buying and selling process at www.stevequeen.com. I specialize in Short Sales
 

 


Upper Marlboro Maryland Short Sales - 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.

  View foreclosures, homes for rent or purchase as well as obtain valuable information on the home buying and selling process at www.stevequeen.com. I specialize in Short Sales
1 commentSteve Queen • June 26 2012 02:23PM
Upper Marlboro Maryland Home Sales & Short Sales!
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Another Upper Marlboro Maryland short sale SOLD By Steve Queen The featured property below was accepted into the Homes Affordable Foreclosure Alternative Program (HAFA) by the bank. This program releases the seller of any claim from the bank in… more