Virginia Loan Modification, Short Sale and Foreclosure Info & Help

Short Sales are no day at the beach! It takes teamwork.

As we work through our new economy and real estate market, I continue to receive lots of questions on short sales and foreclosures. Many homeowners want to stay in their homes even thought the value of the home has declined in the last few years. I’ve helped several homeowners to re-finance or re-structure their current loan (loan modification)  leading to a lower monthly payment. Yes, I am not a lender or mortgage banker. I do work with the top lenders in Central Virginia on a daily basis and can often point borrowers in the right direction. After a confidential conversation on the current mortgage and where they want to go with payments, length of loan, etc., we work together to develop and execute a plan of action. The sooner in the process we have these discussions, the better!

 Sadly some homeowners need to consider a short sale (selling for less than the current mortgage loan balance requiring lender approval). The rules for short sales vary from lender to lender and change often. Getting good legal advice and building a team (REALTOR for marketing & negotiating the sales contract plus an attorney knowledgeable in short sales to negotiate with the lender or lenders if there are multiple loans on the property) remains a key component to a successful short sale. We also continue to see homes going through the foreclosure process (the lender taking over ownership due to a delinquent mortgage). To be successful in with a short sale requires effort by the homeowner, REALTOR and attorney plus an occasional accountant, etc.  Sometimes when working a short sale the lender initiates a foreclosure.  Here’s a Richmond Times Dispatch article with an attorney’s advice for this situation.  The sooner the short sale process begins, the better chance for a successful short sale avoiding foreclosure. If you or someone you know faces a mortgage challenge, please ask questions. The only bad questions remains the one you do not ask. I’ll wrap up this post now since each short sale continues to be unique. 

If you know someone that currently or will soon be challenged by thier mortgage and could benifit from a confidential discussion, let’s talk.  I am here to help!

At the end of the day, a short sale can help a home owner out of a tight spot.

About James Friend Dickerson

Real Estate Consultant As a native of Central Virginia and a full time REALTOR since 1991, James listens to your needs to provide information allowing you to make informed choices. In our constantly changing world, you need a REALTOR who puts you first providing rigidly flexible service. James Dickerson provides a high level of service designed to fit each individual clients needs. Having received many awards from both the local Association of REALTORS and RE/MAX International, James is recognized as an authority on the local real estate market. The highest form of recognition James receives continues to be the many repeat clients who seek out his services time after time plus sending their relatives, friends, co-workers and neighbors to James for their real estate needs. Contact James today for an interview to discuss your real estate needs. James is a licensed real estate sales person in the Commonwealth of Virginia with Charlottesville Solutions. Personal As a Central Virginia native (Born in Charlottesville and raised in Albemarle and Louisa Counties), James' youth was filled with extra-curricular activities and organizations centered around school, church and the Boy Scouts of America. A graduate of Virginia Tech with a degree in Forestry and Wildlife Management, James' non-real estate activities include spending time with family & friends, traveling, stalking deer & spring gobblers, fly fishing, church and Masonic activities. James and his lovely bride Karen live between Zion Crossroads and Gordonsville in the Green Springs area of Louisa County. Their dog Sammy passed away so they'll be adopting another dog soon through www.petfinders.com.
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