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Tamara Inzunza - (703) 623-8759
Tamara Inzunza Northern Virginia Short Sale Realtor
Our Blog

Recently Closed Short Sale
Lorton Valley
Lorton, VA
$599,000
* - Investment property
* - Two mortgages
* - Current on mortgage payments
* - No cash due or promissory note

Alexandria VA Townhouse Short Sale

Recently Closed Short Sale
Alexandria, VA
Stonegate
$515,000
* - HOA liens paid by lender
* - Two mortgages
* - No cash due at closing
* - No promissory note
* - closing costs paid to buyer
 

"I now realize that I may not have gotten through the transition so smoothly if it had not been for her expertise in an area most Realtors do not care to touch! Tamara has a heart for her clients and it is evident in the dedication she exhibits. I would highly recommend her to anyone searching for a home or trying to get rid of one." - E. Dawson

"Her attention to every detail and willingness to go beyond her area of responsibility was a huge factor in getting my place sold in a timely manner. Selling my home was very stressful and Tamara made the process as easy for me." - J. Bain

Our Blog 
Tuesday, 25 June 2013

Walk Away and The Bank Says You Will Pay -
The Future Cost Of Foreclosure Not Forgotten

 

Foreclosure Gremlin

One of the biggest myths floating out there is that by walking away from your home and letting it go to foreclosure means that you are walking away from the debt.  WRONG!!!

Take a look at this Washington Post article that tells how a bank is pursuing the debt years after the homeowner has faced foreclosure. So, it's very possible that a bank can sit in the trenches and wait while you are rebuilding your life, to sneak up and say, "Guess who??? Remember that money you borrowed from us, well you never did pay it all back."

I've always said that the biggest advantage to a short sale is that it keeps the homeowner in the driver's seat.  Once the lender provides the short sale approval letter, you get to see all the cards on the table.  The short sale approval letter states in writing the full terms of how they are willing to accept less than what is owed on the mortgage.  The banks even pay all of the real estate commission and seller closing costs, and in many instances will give you money at closing as a relocation credit.  If you agree to the terms of the short sale approval, then you have in writing from your lender, proof that you will not have to face the effects of foreclosure.

If you are facing a financial hardship and are thinking about walking away from your Alexandria VA home, be sure to read this article first. You may think you're giving up and starting clean by walking away, when in reality, you could be activating a timeclock on how long the bank can come after you for the short amount of the mortgage balance.  To find out if you qualify for a short sale, click here.  We are committed to stopping foreclosure in Alexandria, Arlington VA and surrounding communities.

Free Report - Don't Walk Away From Your Mortgage

Free Report - 7 Most Dangerous Short Sale Myths

 

Posted by: Tamara Inzunza AT 08:18 pm   |  Permalink   |  0 Comments  |  Email
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Tamara Inzunza, Associate Broker

RE/MAX Executives 
Certified Distressed Property Expert (CDPE),
Certified Residential Specialist (CRS)

2104 Mount Vernon Avenue
Alexandria, VA 22301
(703) 623-8759

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Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.

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