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

Home Equity at Risk!

During the brunt of the recent mortgage crisis, when lenders nationwide faced unprecedented levels of mortgage loan delinquency in short periods of time, it was common to see delinquent mortgages sit with no adverse lender action.  The lenders did not have the time to focus on accelerating these loans and often let them sit with the equity cushion to protect their interest.Today, however, the lending environment has changed again.  No longer will a lender allow a loan to pass the 120 day default mark and do nothing.  Lenders are aggressively accelerating these loans and pushing ...

November 11th, 2014 | Short Sales, solutions for underwater properties, HECM Reverse Mortgage, foreclosure, forgiven mortgage debt, Home Equity at Risk!

Where Does One Turn First Absent the Mortgage Debt Relief Act?

Many are beside themselves while others have expressed a sense of panic to me regarding the expiration of the Mortgage Debt Relief Act and their decision to do a short sale.  The law, or otherwise termed grossly generous entitlement, is over.  I do not expect a retroactive continuation but who knows, anything is possible.  The question is “What do you do now?”. Taking no action just because the environment has changed may not be a good strategy. The answer in short is don’t panic.  The first place you should turn to is “Insolvency”. There is...

February 12th, 2014 | Short Sales, forgiven mortgage debt, solutions for underwater properties, mortgage debt relief act, mortgage debt forgiveness act, Where Does One Turn First Absent the Mortgage Debt Relief Act?

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

New Mortgage One Year After a Short Sale -Update - Expanded Options

It’s not news that it is difficult to get a new mortgage. The good news is the government and the markets are just beginning to recognize that the crisis was historic and not everyone who got caught should be permanently labeled a dead beat. I guess it’s fair to say the pendulum swung too far to the right with regard to underwriting standards and now we are beginning to see signs of flexibility.  If you completed a short sale as a result of an economic event or catastrophic occurrence out of your control that can clearly be documented you may be eligible for a new...

October 25th, 2013 | Short Sales, Mortgage Loan Process, Traditional Mortgage, forgiven mortgage debt, New Mortgage One Year After a Short Sale -Update - Expanded Options

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

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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.