Archive for November 2009
16
Loan Modifications for Everyone
Posted in Breaking News, Colorado Springs Area, Denver Area
The Federal Government has come out with a few different programs to help people with loan modifications. Now these programs are available not only to people who are behind on their house payments, but also to homeowners who are struggling with their mortgage. Read on below to learn more about the programs and see if you and/or your home will qualify.
These special programs are called HARP or HAMP depending on which may be applicable to your situation. They provide the following key elements:
1) A $75-100 Billion program
2) Objective is to reach 7-9 million homeowners before delinquency
3) Must be an existing Fannie Mae or Freddie Mac owned loans to $729,750 that are conforming (not jumbo)
4) Can modify loans up to 125% Loan-to-Value for “upside down” mortgage with no mortgage insurance
5) Reduced interest rate to as low as2+% for a 5 year period.
6) Extend the term to 40 years
7) Temporarily suspend principal payments
8) Must be your primary residence for the 1st Deed of Trust only.
9) Gives lenders incentives to fund this loan anywhere from $1000-$1500
10) Homeowner does not have to be “upside down” on their mortgage
11) Credit scores may not be applicable
First, determine if your 1st mortgage loan is Fannie Mae or Freddie Mac owned – see the links below for that. Then research the other links to see if you qualify for the loan modification and the terms that may be offered you.
General information about the Making Home Affordable Program
http://www.makinghomeaffordable.gov/
Fannie Mae Loan Look-Up
http://loanlookup.fanniemae.com/loanlookup/
Freddie Mac Loan Look-Up
https://ww3.freddiemac.com/corporate/
HAMP program administration site
12
Revised Tenant Responsibilities
Posted in Colorado Springs Area, Denver Area, Landlords & Tenants
Under Colorado law, provisions have been enacted in 2008 to protect a landlord’s property from abusive and negligent tenants. The revised statute states: “In addition to any duties imposed upon a tenant by a rental agreement, every tenant of a residential premises has a duty to use that portion of the premises within the tenant’s control in a reasonably clean and safe manner. A tenant fails to . . . read more (see section 38-12-504).
Gorgeous home in Stonecliff featuring a truly private wooded and private setting. Built in 2006, this home has never been lived in. Take a look at the pics and property details here. To schedule a private showing, call Cheryl at 719-321-7600.
Stunning home in Lone Tree featuring gorgeous views. Built by Joyce Homes in 2004 with a Tuscany style backing up to a greenbelt this home is not to be missed. Click here to get the property details and see the pics. To schedule a private showing, call Cheryl at 720-373-0654.
El Paso County per the Colorado Springs Business Journal reports that foreclosures are up over the previous year. It should be no surprise that foreclosures are on the rise, but be aware that those numbers present an opportunity for homebuyers looking to capitalize on great deals offered by banks. The banking community is controlling the number of foreclosures that they are releasing so as to create more demand and limit their losses. It is speculated that the banks will unleash their bank owned properties in larger numbers in hopes to get them off their books in 2010. So take a look at this article here, but keep these other realizations in mind while reading the journal.
Located in Country Broadmoor and School District 12, you’ll find a great opportunity for “sweat equity” in this home. Superb value and plenty of upside with over 3900 square feet, 2 car garage, basement, and excellent location. Needs your special touches to make it an outstanding home . . . great for someone who is open to some home improvements in exchange for an outstanding value. Take a look at the property details here.
Located in Ken Caryl Valley just behind the hogback south of Morrison and Red Rocks you’ll find one of the best opportunities to score big on a great home – offered at a very competitive price. Take a look at the photos and property details here. If you’d like to know more or see this exceptional home, then pop me an email or call me.
Fortune Magazine in October reported the extent of China’s expansion in global economics as they set out to accumulate many interests worldwide. Are they destined to own the world? Read more here.
The Denver Business Journal reports that homes sales are on the rise in the month of October in the metro area. The average selling price for single family homes was $261,771 and for condos and townhomes the average selling price was $161,451. Read more here.
Interest rates are about as low as they will go . . . rates as low as 4.5% for government financing on a 30 year mortgage, and on a conventional loan the rates begin at 4.75%. Interest rates change daily and sometimes more than once/day. Check with your lender to see which way the market is heading and then determine if you want to lock in your rate or float the rate. Remember that the movement of interest rates by as little as ¼% can result in a monthly payment fluctuation of $100 or more depending on your loan amount. So waiting for lower interest rates is probably not going to happen. Buying a home now while the rates are at historic lows, property prices beginning to rise, and inventory at an all time high . . . NOW is your best bet to capitalize on a golden opportunity. Remember, there’s never a bad time to buy, but there’s better. That time is NOW, particularly when you factor in the recently extended and expanded tax credit . . . sending CASH back to home buyers. By the way, it’s taking about 6 weeks for Uncle Sam to process your tax credit and issue a check to you.