Kim Darwaza's Northern Virginia Real Estate Blog

The 2nd Wave of The Mortgage Meltdown is Beginning

I recently earned my CDPE designation, which is Certified Distressed Property Expert, and I am now qualified to help people in distress that need to short sale their homes.  With the state of the economy and job loss there are many people who can no longer afford to pay their mortgage and aren’t sure what to do.  As you can see from the attached 60 Minutes Video the 2nd Wave of the Mortgage Meltdown is just beginning.  As a Certified Distressed Property Expert and Realtor, I can give the expertise necessary to save their credit, relieve the uncertainty and most of all, help their family.  The real estate market in Northern Virginia will not fully rebound until we are able to get these short sale properties out of the local inventory. 

As a CDPE, I can save 9 out of 10 people from going into foreclosure but time is of the essence.  A few important facts are:

1. On average, foreclosures may lower your credit score anywhere from 250 to over 300 points and typically affects the score for over 3 years.
2. Short sales at times can have little to no affect on your credit score.
3. Foreclosures remain on your credit history for 10 years or more.
4. Short sales are not reported on your credit history.

 You must be in distress to have an approved short sale.  Some examples are:

1. Payment Increase or Mortgage Adjustment
2. Loss of Job
3. Business Failure
4. Death of a Spouse or family members
5. Severe Illness
6. Divorce
7. Separation
8. Involuntary Relocation
9. Military Service
10. Too much debt

For those of you that don’t know what a short sale is, it is when you owe more on your house then it will sell for.  If you know of anyone (friends, family, co-workers) who need help please have them call me and I will be more than happy to help them.  Please know that I will handle referrals in a professional and confidential manner.  There are many agents listing short sales that do not understand the process, are untrained and ultimately they help cause their clients homes to go into foreclosure.  This can be avoided by working with a CDPE.

If you are interested in other Northern Virginia Real Estate related information please check out my website and blog at http://www.kimdarwaza.  I try to blog weekly on what I am seeing in the Northern Virginia marketplace.  The market is really picking up in Northern Virginia and I am more than happy to discuss anything real estate related with you at any time.  Please call or email me with any questions that you may have. 

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