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Here's a recent Capital One short sale approval. It took less than 30 days. As long as the loan is owned by Fannie Mae or the bank (Capital One), approval can be obtained quickly. The mortgage was originally with BF Saul Mortgage (Chevy Chase Bank).
Hardship: Loss of Job
Amount Forgiven: $50,000
Approval Time: 29 days
Short Sale Approval Letter. Here it is.
703-662-1466
Simon Hahn Group is listing a short sale in Winchester, VA in Frederick County. The bank involved is EMC. We have done several EMC short sales. Contact us if you want to see this home.
$315,000
108 Caliber Ct
Winchester, VA 22603
Simon Hahn - Winchester, VA (Frederick County) Short Sales Specialist / Expert / Agent / Realtor
703-662-1466
We just closed another GMAC short sale. This property had 2 mortgages both with GMAC. GMAC is one of the easiest banks to work with in my opinion. So far I have never had any issues with GMAC short sale in terms of getting the debt forgiven. However, we do know that the decision is ultimately made by the investor. Here in this case, the investor who I will keep anonymous never forgives any debt but rather releases the liens only. I have been told my the negotiator couple investors who do this with all their short sales. If you have a similar experience, call me and we can compare notes. Here's some facts concerning this short sale:
1. Approval timeframe: 40 calender days
Most GMAC short sales take little over a month and sometimes up to 2 months depending on the situation.
2. Amount Forgiven
In this case, the loan is not being forgiven but GMAC or the investor is dealing with ~150k loss.
3. Hardship reason is loss of income.
Here's the GMAC first mortgage short sale or lien release letter.
GMAC along with Bank of American is using equator to facilitate their short sales. If you have a mortgage with GMAC and you are considering a short sale, feel free to call me at 703-662-1466. Or you can email me here. I have been involved in more than dozen GMAC / Homecomings short sales and I know their system very well.
Here's the GMAC second mortgage short sale or lien release letter.
Virginia Short Sales Specialist.
703-662-1466
Simon Hahn Group is listing a short sale in Waterford, VA in Loudoun County. The bank involved is Acacia Federal Savings Bank. We do our fair share of short sales in Loudoun County and you can see our other listings here. Contact us if you want to see this home.
15310 SUNSET HILL LN
WATERFORD, VA 20197
Simon Hahn - Waterford, VA (Loudoun County) Short Sales Specialist
We specialize in short sales in Waterford, VA (Loudoun County).
703-662-1466
Simon Hahn Group is listing a short sale in Lucketts, VA in Loudoun County. The bank involved is Wells Fargo. We have done many Wells Fargo short sales. You can take a look at Wells Fargo information here. Contact us if you want to see this home.
14319 NAUTICAL JIVE DR
LEESBURG, VA 20176
Simon Hahn - Lucketts, VA (Leesburg) Short Sales Specialist
We specialize in short sales in Lucketts, VA (Loudoun County).
703-662-1466
Simon Hahn Group is listing a short sale in Bristow, VA. Contact us if you want to see this home.
10038 MOXLEYS FORD LN BRISTOW, VA 20136
Virginia Short Sales Specialist
We specialize in short sales in Bristow, VA (Prince Williams County).
703-662-1466
Simon Hahn Group is listing a short sale in Vienna, VA in Fairfax County. The bank involved is Wells Fargo. We have done many Wells Fargo short sales. You can take a look at Wells Fargo informationhere. Contact us if you want to see this home.
Simon Hahn - Vienna, VA (Fairfax County) Short Sales Specialist / Expert / Agent / Realtor
703-662-1466
Yahoo! posted an AP news article showing that foreclosure rate being the lowest in 4 years. You can read the article here.
I have noticed this pattern as well. Brambleton is a popular subdivision in Ashburn. In 2010, there's been 2 foreclosure listings so far compared to 17 short sale listings. One reason is sellers are more educated about other options besides a foreclosure. You can read more about it on my short sale resource site here.
Virginia Short Sales Specialist, Maryland Short Sales Specialist, Washington DC short sale specialist
703-662-1466
Bank:
Bank of America
Listing Agent:
Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sales specialist
703-662-1466
If you're considering a short sale in Germantown, give us a call. We are Germantown / Montgomery County Short Sales Specialist / realtor. We have also done over 15 Bank of America / Countrywide short sales so call us if your mortgage is with Bank of America or any other bank. Nothing beats experience in this market.
How long does Wells Fargo take to approve their short sales? According to their official guide, about 45 days. Most of my Wells Fargo short sales have taken about 2 months or less. I blogged about this last year.
The contract date is 2/3/10 and the approval date is 2/24/10. So it took 3 weeks for approval. Many banks can actually get the short sale approved in few weeks but the key is preparing all the documents in advance and getting the right negotiator on the bank's end. Keep in mind that Wells Fargo has separate fax number for third party authorization and short sale package. If you don't know this, this can delay the process. I believe I have done now over dozen or so short sales with Wells Fargo and I must say that Wells Fargo is definitely one of the top banks to work with in terms of short sales.
If your mortgage is with Wells Fargo / Wachovia and you are considering doing a short sale short, give me a call at 703-662-1466. I know the process inside out.
Simon Hahn - Keller Williams Realty Wells Fargo / Wachovia Short Sales Specialist 703-662-1466
