Archive for Avoid Foreclosure in Denver
Avoid Foreclosure in Denver
Denver recently tied for 6th place with Los Angeles in CNBC’s, “The Best US Cities to Buy a Foreclosed Home.” The study found that the average foreclosure discount in Denver is 27%, and that the number of foreclosures as a % of resales is 25%. The non-foreclosure median price is $225,000, compared to the foreclosure median price of $135,000.
This is good news for Denver homebuyers since foreclosures are often a great value. On the flip side, foreclosures are a drag on the health of the Denver real estate market, and they present tough competition to Denver sellers. If you are facing foreclosure in the Denver area, please contact TeamCox Realtors at 303-400-6060. We are Certified Distressed Property Experts, or CDPE, who are trained to helped distressed homeowners avoid foreclosure in Denver.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Banks are Warming Up to Short Sales
Banks are Warming Up to Short Sales
While banks have notoriously been resistant to short sales, as this recession crawls on, they are beginning to warm up to short sales in increasing numbers. During the first six months of 2009, the number of short sales tripled to 40,000 from a year earlier. Why the change of heart? Banks are under pressure from the government to approve short sales. The Treasury Department also recently unveiled a plan to incentivize lenders and loan services to close short sales.
The bad news is that for every short sale, there were 25 foreclosures started or completed in the first half of this year. One foreclosure is too many. It is essential that if you are a distressed homeowner in Denver, that you seek help from a trained real estate professional, preferably a Certified Distressed Property Expert, or CDPE, who can help you avoid foreclosure.
For more information on short sales in Denver, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Short Sale Experts in Denver, Colorado
As one of the first Denver-area real estate agents to obtain the title of Certified Distressed Experts, or CDPE, in 2008, we are often asked about short sales - what is a short sale and how does the process work? A short sale is when a qualified homeowner offers his or her lender, in the form of a bona fide written contract, an amount less than is owed on the liens. There may be two or more liens, sometimes there are IRS liens, or other encumbrances that must also be satisfied.
Short sales are becoming an increasingly common alternative to foreclosures, with the number of short sales tripling to 40,000 during the first six months of 2009,
This type of transaction cannot successfully be handled without the knowledge and experience of a trained and skilled real estate agent, preferably with the gold-standard of education – CDPE.
Seven out of 10 homeowners do not get the help they need, which often leads to a foreclosure. This is a devastating alternative. If you need help, please do not delay in contacting TeamCox Realtors – Denver real estate specialist – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
New Guidelines in Place to Help Denver Homeowners Avoid Foreclosure
The U.S. Treasury set long-awaited guidance yesterday, through the Home Affordable Foreclosure Alternatives Program, which is designed to expedite the short sale process of homes and for other loan modification alternatives to slow the rising rampant pace of foreclosures.
Since TeamCox Realtors, Certified Distressed Property Experts, or “CDPE,” actively helps distressed Denver homeowners facing foreclosure, we are pleased to see this new piece of legislation. A few of the new guidelines are setting limits on the time it takes a bank to approve an offer and capping claims of subordinate lenders.
If you are in financial difficulty and facing foreclosure, pick up the phone and call a knowledgeable real estate agent immediately. Do not delay. We can help, and now with the Dept. of the Treasury behind us, we have greater means of offering assistance.
Denver-Area Foreclosures Decline from Last Year
There is good news for the Denver real estate market this week. According to RealtyTrac Inc., Denver-area foreclosure filings decreased 1.6 percent in the third quarter of last year. There were 9,235 Denver-area properties that were in some stage of the foreclosure process in the third quarter, which equates to one per every 113 households.
While a lower foreclosure rate is great news for the health of the general Denver housing market, one distressed Denver homeowner is too many. If you are a Denver homeowner who is looking to avoid foreclosure in the Denver area, please contact TeamCox Realtors at 303-400-6060. We are a CDPE, or a Certified Distressed Property Expert, trained to help homeowners explore alternatives to foreclosure, including short sales, loan modifications, and much more. We have helped numerous homeowners avoid foreclosure and put them on a path to a brighter future.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Avoid Foreclosure in Denver
A Trained CDPE Can Help You Avoid Foreclosure in Denver
While certain parts of the economy appear to be on the mend, foreclosures are still a lingering problem, with the national foreclosure rate rising over five percent over the summer.
The picture is a bit rosier in Colorado, although foreclosures are still a huge problem. According to RealtyTrac Inc., Colorado had the ninth-highest foreclosure rate in the nation in September, down from the eighth spot in August. Keep in mind, this is a vast improvement from the top spot that are state held a few years ago. There were 6,212 Colorado properties in foreclosure in September, which was a four percent decrease from August, but a 42 percent increase from September 2008. RealtyTrac’s report revealed that approximately one in every 131 Colorado households was in some stage of a foreclosure.
There are many options to avoid foreclosure, including short sales and loan modifications. TeamCox Realtors – Denver real estate specialist – is a Certified Distressed Property Expert, or CDPE, having undergone extensive training to help homeowners avoid foreclosure in Denver. If you are a homeowner in distress, please contact us at 303-400-6060. We are here to help you avoid foreclosure and lead you to a brighter financial future.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
What is a Home Affordable Refinance?
What is a Home Affordable Refinance?
If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance, which would allow you to refinance your home, and possibly reduce your monthly payments.
What if I Don’t Qualify, Can’t Afford My Home and Owe More than it is Worth?
Keep in mind that you are not alone, and that foreclosure is not your only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. A short sale allows you to sell your home for less than what you owe to avoid foreclosure.
TeamCox Realtors is a Denver Certified Distressed Property Expert CDPE, who has undergone extensive training in navigating and negotiating short sales. We can help you determine if you qualify for a short sale.
According to the resources released by the government, the qualifications for a Home Affordable Refinance include:
-You are the owner occupant of a one-to-four unit home
-Your property’s loan is owned or securitized by Fannie Mae or Freddie Mac (see resources on this bulletin).
-You are current on your mortgage payments, meaning that you haven’t been more than 30-days late on your mortgage payment in the last 12 months, or you have never missed a payment on a loan that is less than 12 months old.
-You believe that the amount you owe on your first mortgage is about the same, or slightly less, than the current value of your home.
-You generate sufficient income to support the new mortgage payments, and a refinance improves the long-term affordability or stability of your loan.
Should you Hire a Third-Party for a Mortgage Modification
If you are considering a mortgage modification, then you have probably started to take notice of the slew of companies advertising to help you negotiate lower payments or a reduced loan balance with your mortgage company. While these offers are tempting, you should be very cautious prior to entering into a relationship with any of these organizations. According to a recent White House Press Release, “One tip-off that an offered service may be a scam is that it asks homeowners to pay upfront fees, officials said at the news conference. They stressed that none of the new programs announced by the Obama administration in recent weeks required any upfront fees.” Always make certain that a third-party is not charging upfront fees to assist with a loan modification.
Be very cautious of the organization’s affiliations, since many companies include words like “Federal” or “Government” in their names that are in no way affiliated with the government. If an organization claims to be affiliated with the government, or with the Obama administration, ask for their website address and do some research.
Don’t Delay
Since each passing day is important while exploring options related to your mortgage, don’t delay working with your mortgage servicer or lender to find a solution to your specific issue.
If you are a distressed homeowner in the Denver area, who is looking to avoid foreclosure, please contact TeamCox Realtors – your Denver real estate specialists – at 303-400-6060. We are here to help you explore all of your options to avoid foreclosure.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own
A Short Sale is a Viable Option to Avoid Foreclosure in Denver
There is an interesting article in The Denver Post today, reporting that only three percent of Denver homes that sold during the first half of the year were defined as “short sales.”
This is remarkably low, considering that short sales are an optimal alternative to foreclosure. It seems that many distressed Denver homeowners are unaware that short sales are an option for them. What is a short sale? A short sale occurs when a seller’s lender agrees to accept a discounted payoff for an existing mortgage as a last-ditch effort to avoid foreclosure. Instead of being scarred for years to come, a seller involved in a short sale may be eligible to purchase for another home loan in as little as two years.
TeamCox Realtors is a Certified Property Distressed Property Expert, or CDPE. We have undergone extensive training in dealing with short sales, and in other alternatives to avoid foreclosure in Denver. Since our training last year, we have helped numerous Denver homeowners have a brighter future.
For more information on short sales in the Denver area, please contact TeamCox Realtors – your Denver real estate specialists – at 303-400-6060.
Avoid Foreclosure in Denver
Short Sale Process Explained
Colorado’s Unemployment Rate Remains Flat
While Colorado’s employment picture is far from rosy this summer, it is much better than most other states in the country. Our state’s unemployment rate has remained steady since March, hovering between 7.4 percent and 7.6 percent. Colorado was among only 12 states in June, where unemployment has not increased, a great feat in this recession. Most metro Denver counties are reporting similiar numbers: 10-County Metro Denver (7.9 percent), Arapahoe County (7.7 percent), and Douglas County (6.7 percent).
One Colorado resident being out of work is still too high, though, so we have our fingers crossed for a job market recovery in the near future.
If you are a distressed Denver homeowner who has lost your job and is falling behind on your mortgage payments, please contact us so we can help. We are one of the few Certified Property Distressed Property Experts (CDPE) in the Denver area, who is trained to help Denver-area homeowners avoid foreclosure after a job loss, or any other hardship that they may be facing.
For more information on the state of the Denver economy, please contact TeamCox Realtors – your Denver real estate specialists – at 303-400-6060.
A Raving Fan…
I am writing this letter as a sincere appreciation for how important it is to have a good real estate agent. I was going through a very difficult hardship at the time I met Bonnie and Jim Cox. I had my home listed at the time with another agent who just wasn’t getting the job done. Before hiring another agent, I interviewed several different agents, some with little experience and some with several years of experience. It became very apparent that having received the CDPE certification, the Cox Team had significant experience with foreclosures and was quite knowledgeable in short sale negations with a lender.
It was less than 48 hours and they had provided me with outstanding advice about how to prepare my home for sale, created profile on the house for people touring and had the house listed on the MLS service for agent showings. Bonnie and Jim promptly returned all phone calls, worked hard, & illustrated a great understanding of contract details, negotiation etiquette and documentation for the short sale process. I really appreciated Bonnie’s calm reassurance and expert advice throughout the entire process.
I would recommend the Cox team enthusiastically and whole heartedly. They really care.
D. S., Piney Creek homeowner
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