Mortgage Blog

Understanding the Complexity of a Property Short Sale

Many people think a short sale primarily consists of simply selling your home with a realtor as part of a lender sanctioned transaction.  Others may view a Short Sale as an opportunity to get out of a bad investment or difficult financial situation.  Regardless of your position or objective, it is important to understand the relative complexities before you begin. A short sale is the process of selling your home that is underwater, netting out all major applicable selling expenses, and having your lender(s) agree to a net residual amount that is lower than the overall mortgage deb...

June 8th, 2015 | Short Sales, forgiven mortgage debt, Mortgage Deliquency, mortgage debt forgiveness act, Debt Mitigation, Understanding the Complexity of a Property Short Sale

The Mortgage Debt Relief Act Evaporates

At the stroke of midnight on 12-31-13, as we celebrated the New Year and listened to the historic hymn of Ole Lang Zine, the US Treasury vault door slammed shut. For those that could hear beneath the noise and celebration, the echo of “No more free money!” was heard.What does this mean for the continuation of Short Sales as a viable form of relief for underwater home owners? Is the game over or is this still an option?Short Sales for underwater properties are still going to be a prevalent means of establishing a permanent solution for these properties. However, in or...

January 15th, 2014 | Short Sales, solutions for underwater properties, mortgage debt forgiveness act, mortgage debt relief act, Debt Mitigation, The Mortgage Debt Relief Act Evaporates

The Importance of a Successful Short Sale or Mitigation Effort

Many people I have spoken with, simply do not fully comprehend the ramifications of foreclosure and the potential personal liability they may face regarding the mortgage note. When you get a mortgage there is a deed of trust that allows the lender certain rights to cease the property through the state mandated process of foreclosure and there is a mortgage note. The mortgage note carries personal liability and allows the lender to pursue the individual. Many people take the position that it is not their problem and that the lenders have their hands tied due to the sympathetic he...

November 15th, 2013 | Short Sales, solutions for underwater properties, forgiven mortgage debt, Debt Mitigation, The Importance of a Successful Short Sale or Mitigation Effort

An Illustration of The Risk of Improper Short Sale & Foreclosure Mitigation

  This article was published in The Washington Post on June 15th, 2013. In the event you missed it, I think it is a terrific example of what can happen without proper mitigation. This is exactly what you want to avoid. This applies to Short Sales and Foreclosures and the article provides examples of each.   Lenders seek court actions against homeowners years after foreclosure     Blogging from the front line of the housing crisis.   George Omilan     Please comment and share this blog if you like it.

June 19th, 2013 | forgiven mortgage debt, Short Sales, mortgage debt forgiveness act, Debt Mitigation, foreclosure, An Illustration of The Risk of Improper Short Sale & Foreclosure Mitigation

The Problem with Loan Modifications and Lenders Addressed.

People often complain about the difficulty in obtaining a modification of their loan to achieve a more affordable payment.    The fundamental problem that exists is that your mortgage lender that you make monthly mortgage payments to is often not the investor behind your mortgage. The investor or otherwise real owner of your mortgage is another entity or consortium altogether. I would like to describe the conflict that often interferes. The lender or servicer that receives your monthly mortgage payments can be characterized as the toll booth. They handle the month...

March 4th, 2013 | Loan modification, solutions for underwater properties, Debt Mitigation, modify your loan with your lender, Short Sales, The Problem with Loan Modifications and Lenders Addressed.

Fiscal Cliff Patch-Debt Relief! Congress recognizes we still have legacy issues related to housing.

The “fiscal cliff bill” passed by Congress January 1 included a provision to exclude borrowers from paying taxes on debt forgiven through a short sale, foreclosure, or loan modification. Known as Mortgage Debt Relief Act of 2007, the act was scheduled to expire December 31, 2012, but received an extension for another year. This can be viewed as both a positive and a negative depending on how you would like to spin it. I believe it is a nice hand out from the government that will allow distressed homeowners that are still stuck in various underwater properties a way o...

January 3rd, 2013 | Short Sales, Debt Mitigation, Fiscal Cliff, Fiscal Cliff Patch-Debt Relief! Congress recognizes we still have legacy issues related to housing.

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Jefferson Mortgage Group LLC

2536 Leeds Rd.
Oakton, Virginia 22124
703-319-2198
FAX: 703-773-6946
info@jeffersonmortgage.com
NMLS: 935554

Located in Fairfax County, Virginia. Serving all of Virginia, Maryland, DC & Pennsylvania. 

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Jefferson Mortgage Group LLC is licensed in Virginia, Maryland, DC & Pennslvania.
Virginia State Corporation Commission License Number MC-5659 and the Pennsylvania Department of Banking & Securities #46259 
The DC Department of Insurance, Securities, and Banking License #MLB935554
Maryland DLLR License #21586

An Equal Housing Lender

By refinancing the consumer's existing loan, the consumer's total finance charges may be higher over the life of the loan.

This material is not from HUD or FHA and has not been approved by HUD or any government agency.