Shelley Mastro & Mark Mastro

I am happy to report that Congress has passed a bill extending the Home buyer Tax Credit closing deadline to September 30, 2010.  This is a huge win for REALTORS® and home buyers, and NAR worked closely with members of Congress to make it happen. The extension applies only to transactions that had ratified contracts in place as of April ...

Most homeowners in facing financial hardship are eligible. As a rule, if a homeowner is eligible for HAMP but cannot pay the mortgage, then he or she is eligible for an assisted short sale through HAFA. However, loans owned or guaranteed through Fannie Mae or Freddie Mac do not qualify. Servicers must consider possible HAMP eligible borrowers for ...

HAFA was introduced to simplify and streamline the short sale process. HAFA accomplishes this in the following ways2:Compliments HAMP by providing viable alternatives for borrowers who are HAMP-eligibleUtilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility ...

The Home Affordable Foreclosure Alternatives (HAFA) Program1 is a government-sponsored initiative led by the US Treasury Department assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure, specifically through short sales or deeds-in-lieu. First introduced November 30, 2009 in Supplemental Directive ...

 What sellers can expect from participating lenders starting in April: -- Sellers must be unqualified for a loan modification under the Home Affordable Mortgage Program or be unable to afford the modification. -- The bank will set an acceptable value of the home upfront, based on an appraisal or broker's price opinion. -- Lenders ...

[photo:listing:11747008] Gated Lake Manassas • 5,550 sq. ft., 5 bath, 5 bdrm 3 story "Fully Fin. Bsmt" - MLS® $674,900 - Rutledge Model Lake Manassas, Gainesville  -  You will love this meticulously maintained luxury home at an amazing price! Gleaming hardwood floors through out main level. ...

[photo:listing:9297671] 6,000 +sq ft on 5.4 acres • 6,141 sq. ft., 4 bath, 4 bdrm 3 story - MLS® $465,000 - Custom Built.. Broad Run, Warrenton  -  CUSTOM BUILT COLONIAL HOME SITS ON 5.39ACRES OF SCENIC LOT*HOME OFFERS 4BR,3.5BA W/LARGE COUNTRY EAT-IN KIT W/TILE BACKSPLASH, EXTENSIVE CROWN MOULDING THRU-OUT, LIV RM ...

 Can't pay the mortgage? You still might be able to stay in your home. Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year. The change announced Thursday could give a temporary break to thousands of homeowners, but critics question whether ...

FHA has a federally mandated reserve requirement of 2%.  The audit today (11/12/09) came out at having only 0.53% in reserves.  It was expected to be less than 2% but not this low.  This means we should be strapped in for a bit of turbulence with FHA.  Unlike conventional loans which normally have “regional” ...

[photo:listing:7104174] Clean & Vacant • 4 bath, 3 bdrm 3 story - MLS® $249,900 - Normal sale! Braemar, Prince William County  -  TRADITIONAL SALE. LOVELY 2 CAR GARAGE 3 BEDROOM TOWNHOUSE IN SOUGHT AFTER BRAEMAR HAS EVERYTHING YOU ARE LOOKING FOR. LARGE ...