Refinance program for underwater Richmond Va homeowners

Housing Agency announces Refinance Program for Underwater Richmond Va homeowners It’s official. The Federal Housing Finance Agency (FHFA) unveiled a new, revamped government mortgage refinancing program Monday. The initiative involves a series of rule changes to the Home Affordable Refinance Program (HARP) to allow more underwater homeowners to reduce their […]

Short Sales Richmond VA: A Better Alternative to Foreclosure

Short Sales Richmond Va give the real estate market some breathing room and offer a far better alternative than foreclosure. There was a good article published today by Martha C. White on msnbc.com about this and also about the challenge of doing a Short Sale when multiple lenders are involved. But, […]

Thinking of a Short Sale But Have a Renter? Don’t Despair!

Yes, you CAN do a short sale with a renter.  The main considerations in this scenario are: 1) How to Approach the Tenant. 2) How the Lender Views the Rental Income. The Tenant: You must have tenant cooperation. Tenants can be very accomodating and understanding of the process if given the […]

Debt Forgiveness Act – Short Sales, Foreclosures

Good post from William Tucker about deficiency debts for short sales.   (Debt Forgiveness Act) Most of the federal attempts (HAMP, HAFA, HARP, etc) to deal with the country’s serious real estate problems have been dismal failures.  One of the only winners, however, has been the “Debt Forgiveness Act.”  This act will […]

Foreclosure Scams and Short Sales in Richmond Va

You may hear of foreclosure rescue or short sale assistance on the web or from solicitation calls around the Richmond VA area.  Homeowners should be vary wary as many scammers prey on distressed homeowners. A seller or purchaser of  a home in which a short sale is being negotiated should seek […]

House Underwater? New Refi Program announced!

Federal regulators, mainly FHFA on Monday unveiled a major overhaul of an underused mortgage-refinance program, HARP, designed to help millions of Americans whose home values and mortgages are underwater. Richmond real estate (see stats) has not been affected as bad as other regions, but many people’s homes are worth less than […]

Can I refinance my loan if I owe more than my house is worth?

I got an email from, Robert Hager, a local mortgage lender that answers this common question from property owners. see below. You can also see if your loan qualifies for a HARP refinance by going here. Can a homeowner refinance their loan if they have little or no equity?  The long answer is complicated, […]

Sharp Rise in Foreclosures as Banks Move In

MSNBC published an article today “Sharp Rise in Foreclosures as Banks Move In” http://www.msnbc.msn.com/id/44885991/ns/business-real_estate/.  As is customary in most national news articles lately, no mention of the short sale option is made.  A homeowner, who is too ashamed or feels too harrassed by the collection calls, avoids talking to their lender.  They often […]

Short Sales and The Short Sales Process in Glen Allen, Virginia

Homeowners in financial distress often consider two primary options for disposal of their property: short selling and foreclosure. Foreclosure involves allowing the bank to take possession of the property, and is considered a full write debt write-off by creditors and will negatively impact the homeowner’s credit report. Short sales can […]

HAFA Short Sales in Richmond, VA

(Short Sales and HAFA) In April, 2010, President Obama proposed his plan to provide uniformity and to shorten the short sale process. This plan was called “Home Affordable Foreclosure Alternatives” (HAFA), and was proposed as an alternative for a failed HAMP (Home Affordable Modification Program). Just as HAMP is a […]

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