Below Is the newest Germantown, Maryland home listed by Steve Queen. This property was accepted into the Homes Affordable Foreclosure Alternative Program (HAFA) by the bank. This incredible program allows the seller $3000 in relocation funds and releases the seller from any delinquency that occur from the transaction. If you are interested in information about the Short Sale Process, The Homes Affordable Foreclosure Alternative Program (HAFA) or The Home Buying Process of any property in Maryland or the District of Columbia, please Call Steve Queen for your personal consultation at (202) 367-4348.
|12826 Rexmore Dr Germantown, MD|
|This stately two bedroom 2 bath condo is located in the highly sort after Village At Town Center Community. After entering to gleaming hardwood floors you will be immediately impressed with the beauty of this condo. This spacious condo is the former model home for the development. All fixtures are newly updated. The large master suite includes a full bath with a walk in closet. A balcony sits off the eat in kitchen. The condo includes a one car garage and much much more. Steps away from the county library, Safeway, shopping, metro, over 20 restaurants and coffee shops, jogging trails, tot lots and more. This incredible condo won't last long so call Steve Queen at (202) 367-4348 for your personal tour. View this property and more at www.stevequeen.com|
s the Home Affordable Foreclosure Alternatives program right for me?
The Home Affordable Foreclosure Alternatives (HAFA) program was developed to give homeowners a way to settle their mortgage debt without going through a foreclosure.
The goal of this program is to help you sell your home in a short sale and settle your mortgage debt if you owe more on your mortgage than your house is worth and are unable to qualify for a home loan assistance program.
This federal government program streamlines the short sale approval process and offers financial assistance to help you with relocation.
You may be eligible for the Home Affordable Foreclosure Alternatives program if:
the property is your current principal residence, OR the property has been vacant or rented out for less than 12 months, and you have not bought another principal residence during that time.
the amount you owe on your first mortgage for your property is equal to or less than:
- $729,750 for 1 unit
- $934,200 for 2 units
- $1,129,250 for 3 units
- $1,403,400 for 4 units
you owe more on your home than it’s worth
your current mortgage was taken out on or before January 1, 2009
you are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your current home loan
Program at a glance
Step 1: Call us to request a HAFA short sale and update us on your current financial situation. We’ll review your information and check your eligibility for a Home Affordable Modification or any other home retention program that would enable you to stay in your home.
Step 2: If you don’t qualify for a modification and want to sell your home, we’ll work to gain approval of your first mortgage HAFA short sale request. If you have a second mortgage with another lender, you will have to ask them for approval.
Step 3: You will be given time to market and sell your home — typically 120 calendar days. You are required to work with a licensed real estate professional.
Step 4: Once you receive an offer, you have 3 calendar days to submit a Request for Approval of a Short Sale document as well as the offer letter. We’ll get back to you with a decision on the offer within 10 business days.
Step 5: If the offer is accepted, your house is sold and your mortgage and any other loans against the home are settled from the proceeds of the sale.
Get more details on the steps of a HAFA short sale.
Bank of America Refines the Short Sale Process
Every day, Bank of America works with agents like you to help homeowners complete short sales. On April 14, we will strengthen our partnership through an improved task flow in Equator.
The new Bank of America short sale process will enable short sale specialists to complete tasks such as document collection, valuations and underwriting at the same time, reducing the time from initiation to closing.
Before April 13, you must complete the Submit Short Sale Offer, Upload Offer Documents and Upload Supporting Documents tasks in Equator for all short sales submitted with an offer. Your file may be declined if these tasks are not completed prior to April 13.
Starting April 14, you’ll see several changes:
Five documents will be required for short sales initiated with an offer:
- Purchase Contract including Buyer’s Acknowledgment and Disclosure
- IRS Form 4506-T
- Bank of America Short Sale Addendum
- Bank of America Third-Party Authorization Form
We are requiring the new Bank of America Third-Party Authorization Form for short sales initiated beginning April 14.
All messaging will remain in Equator. Agents will receive a standard notice to log in and retrieve their messages.
- Five (5) days to submit a backup offer when a buyer has walked