Virginia Short Sale Specialist / Realtor - Certified Distrssed Property Expert (CDPE)

FTC Ruling on Short Sale Negotiation Fees

FTC just recently ruled that agents nor short sale negation companies can no longer collect short sale fees from owners. There is  a new ruling which governs collecting a fee for negotiating a short sale.  The link below will take you to the Federal Trades Commission website with the page about the ruling.  Once you are on the site, on the right hand side there is a box with several links one of which is the Federal Register which has the full ruling regarding this issue.  There is a stiff fine to those who collect a fee up front. 

http://www.ftc.gov/opa/2010/11/mars.shtm

We have never collected fees from any homeowner in the last 4 years.  Anytime someone asks for upfront fee, be skeptical.  There are plenty of agents and services out there that do not charge any upfront fee.  Agents are paid by bank in the form of commission.   

Contact us if you have any questions concerning this short sale or if you're thinking about listing your home as a short sale.

Simon Hahn - Virginia Short Sale Specialist

703-662-1466

 

 

 

HAFA Program Participants

HAFA program is the biggest short sale initiative ever!  HAFA is part of the HAMP program.  I'll be updating the blog more on HAFA as I get more information.  

To check banks participating in making home affordable program, click below.

http://www.makinghomeaffordable.gov/contact_servicer.html

Here's some helpful resource on HAFA here.

Simon Hahn - Keller Williams Realty

Virginia Short Sales Specialist, Maryland Short Sales Specialist, Washington DC short sale specialist

703-662-1466

 

 

Fannie Mae and Freddie Loan Lookup

Need help looking up Fannie Mae or Freddie Mac loans?  Here's the links.

1. Fannie Mae Loan Lookup

http://www.fanniemae.com/loanlookup

2. Freddie Mac Loan Lookup

https://ww3.freddiemac.com/corporate/

Simon Hahn - Keller Williams Realty

Virginia Short Sales Specialist, Maryland Short Sales Specialist, Washington DC short sale specialist

703-662-1466

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Home Affordable Foreclosure Alternatives Program (HAFA) In The News

HAFA Program is getting a lot of buzz these days.  Here's a MSNBC article on HAFA.  They actually don't mention the name HAFA but that's what they are referring to.  You can read more details about it on http://makinghomeaffordable.gov/.  If you want the summary version, you can download HAFA-Packet here.

 

Keep in mind that this is an optional program and the treasury is strongly encouraging banks to participate.  Although the MSNBC article sounds good but most short sale experts don't expect much significant change in the short sale process when this program rolls out on April 5.  In fact, most predict chaos.  We will wait and see what happens.  Contact me any questions concerning HAFA and/or short sale.

Simon Hahn - Keller Williams Realty

Virginia Short Sales Specialist, Maryland Short Sales Specialist, Washington DC short sale specialist

703-662-1466

 

 

Strategic Mortgage Defaults Are Not Strategic!

Strategic mortgage default is when a homeowner can afford the mortgage but decides to walk away.  Thinking about walking away?  Before you do, read this free report on why strategic mortgage defaults are not that strategic.  Download Strategic Default Report

There are millions of homeowners considering this option due to decline in home value.  Read the facts before you decide.  It's a free report so you can read it and then contact me if you have any questions.  

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sales specialist

703-662-1466

 
 

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Short Sale and Deed in Lieu

Time to time I'll provide some helpful reports regarding short sales.  Contrary to what you may have heard, lenders actually want to avoid foreclosure wherever possible. That’s why they’re accepting more short sale and deed-in-lieu transactions everyday in an effort to eliminate unnecessary foreclosures. This is great news for homeowners facing financial distress.

To help you understand more about these two options, here's a free report.

Download Short-Sale-and-Deed-In-Lieu-Report. 

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466