• Caroline County Virginia

Dwayne & Maryanne Moyers

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The Moyers Team, Northern Virginia Residential Real Estate Agents

Maryanne Moyers:
Associate Broker
Long & Foster Realtors (Stafford & Fredericksburg Offices)
1910 William Street
Fredericksburg, VA. 22401
Cell: 540-379-7359
Office: 540-371-5220
e-mail: maryanne.moyers@gmail.com

Dwayne Moyers:
Realtor
Long & Foster Realtors (Woodbridge Office)
13875 Hedgewood Drive
Woodbridge, VA. 22193
Cell: 540-446-6284
Office: 703-986-5857
e-mail: MoyersTeam@gmail.com

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short sales

Making Home Affordable Short Sale Changes

USTreasuryDeptPicture

The U.S. Department of Treasury Washington, D.C.

We recently attended a Northern Virginia Association of Realtors conference for policy updates of the Making Home Affordable (MHA) Program.   We were interested in changes related to short sale changes of the Home Affordable Modification Program (HAMP), and Home Affordable Foreclosure Alternatives (HAFA) Program.  There were plenty of items worth discussing here.  But we will keep it streamlined for this article.  The most important short sale changes discussed were the HAFA policy requiring a mortgage bank to consider a borrower for the HAFA Program within 30 days of requesting a short sale, or being denied qualification for HAMP.

The conference discussed 6 changes in the MHA Program (listed below).

  • The Attorney General Settlement
  • HAFA
  • HARP 2.0
  • FHA Refinance
  • REO (foreclosures) to Rental
  • U.S. Treasury Resource Center

(1) The Attorney General… Continue reading

Prince William County Foreclosures and Short Sales

Manassas town hall

Manassas Town Hall. Built as a combination Town Hall and Fire Department in 1914. In 1873 Manassas became incorporated, and in 1892 Manassas became the seat of Prince William County replacing Brentsville. Manassas became an independent city in 1975. It’s growth has surpassed anything we could have imagined in our lifetime.

We have sold homes in Prince William County since 2000 working from real estate offices in Manassas and Woodbridge. Most conversations we have with clients interested in Prince William County know the Manassas and Woodbridge areas as housing markets full of foreclosures. This article serves as an update to anyone interested in buying a home in Prince William County.  So here is a brief description of Prince William County, and the short-term outlook of the residential real estate market.  As you see below, foreclosures no longer control future growth and pricing.

Infrastructure Improvements. … Continue reading

Home Purchases After Credit Problems

ApexBuildingHighsmith

The Apex Building, Headquarters of the Federal Trade Commission, on Constitution Avenue and 17th Streets in Washington, D.C.

After the downward trend of housing prices in Northern Virginia, there have been several interested home buyers contact us with credit problems. Most are unfamiliar with the amount of time required for home purchases after credit problems. This is due to periodic changes by the Federal Trade Commission and government related services to the housing market. The latest time frames between qualifying for a mortgage after bankruptcies, short sales, and foreclosures are listed below. Most of these folks seeking our advice are credit challenged by a credit history which includes low scores, a short sale, foreclosure, or bankruptcy. So this chart should be of some use.

These are waiting periods of applying for a mortgage after a housing related credit problem.

Credit Problem FHA & VA Loans Conventional Loans
Short Sale* 3… Continue reading

The Process of Short Sales and Foreclosures

THE PROCESS of SHORT SALES and FORECLOSURES

When foreclosed homes began to appear in 2006 after the housing boom, many real estate investors, and people attempting to buy a home at bargain prices, believed they could buy bank owned properties for below market value. Banks were already writing off crushing losses on homes where many stated income loan packages placed buyers into homes which they quickly realized they couldn’t afford. Many other purchasers became unemployed and couldn’t make monthly mortgage payments on unemployment or lesser paying jobs, while others intentionally supplied loan application information which was less than truthful to move into better homes and neighborhoods. There were also those who appeared to commit mortgage fraud while never intending to make a single mortgage payment.

Knowing the home would eventually go into foreclosure, often times the people living in these homes abandoned them in less than acceptable condition. Banks holding… Continue reading

About The Moyers Team: Dwayne & Maryanne Moyers, Realtors

The Moyers are full-time real estate agents affiliated with Long & Foster Realtors. The Moyers Team provides all residential services in Fairfax County, Prince William County, Stafford County, Fredericksburg, Spotsylvania County, King George County, & Caroline County.