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.
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 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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Questions and Answers on Mortgage Loan Modifications
TeamCox Realtors has compiled a list of common questions regarding mortgage loan modifications:
Why Would a Lender Modify a Mortgage?
Since the average foreclosure can cost a lender at least 35 to 50 percent of a home’s property value, many lenders prefer to keep the borrower in their home, versus going through a lengthy foreclosure. As a result, most lenders are more willing to cooperate with borrowers by lowering their mortgage payments, or even improving their loan terms to help them avoid foreclosure.
What do I need to qualify for a mortgage modification?
According to the Making Home Affordable government website (www.
MakingHomeAffordable.com), you will need to present the following information to your lender loan modification consideration:
-Information regarding your first mortgage, found your monthly mortgage statement.
-Information regarding any second mortgage, or home equity line of credit on the home.
-Your credit cards’ current account balances and required minimum monthly payments.
-Your account balances and monthly payments on all other debts, including on student loans and on car loans.
-Your most recent income tax return.
-Information about your savings and other assets
-Information regarding your pre-tax monthly household gross income, including recent pay stubs, and documentation of income you receive from all other sources.
It may also be helpful to include a letter describing any circumstances that have caused your income to decrease, or expenses to increase (job loss, divorce, illness, etc.).
How do I qualify for a mortgage modification?
The first phone call to make is to your lender’s customer service department to find out what options are available to you. Make sure that have all of your financial information readily available, so you are able to discuss them.
If you are a distressed Denver homeowner, please contact TeamCox Realtors at 303-400-6060. We are Certified Distressed Property Experts, or “CDPE,” so we can help!
Aurora’s 80013 Hit Hard by Foreclosures
After reading yesterday’s Denver Post article regarding foreclosures, it is no surprise that the Aurora zipcode of 80013 in Arapahoe County has been hit hard by both foreclosures and job loss. We also realize the Aurora zip codes of 80014 and 80012 have also been hit hard by unemployment. As CDPE’s, or Certified Distressed Property Experts, we have been painfully aware of these statistics for months. Nice, sought after, middle class communities such as the Conservatory, Tall Grass, Tollgate, and Seven Hills are now dotted with foreclosed homes.
Another piece to the puzzle is that many homebuyers put little or no money down when they bought their home. Unfortunately, with no “skin in the game,” the best long-term business decision for a distressed homeowner is often just allowing the home to foreclose. This is by no means advocating just walking from a home – this is the biggest decision a homeowner will ever make.
The big surprise is that seven out of ten distressed homeowners never even contact their lender. Many do not realize that they still have rights that can be exercised during the foreclosure period. A simple call to the lender will inform a homeowner that he or she needs to get the property in as good of condition as possible, and list the home with a Realtor who understands the very complicated short sale process and how to work in concert with the lender. Documentation must be submitted to the lender supporting a short sale request. The fact that seven out of ten homeowners do not start the process is really very mind boggling. This means that seven out of ten homes will foreclose, and seven out of ten these homeowners might have been able to avoid the long-term consequences of a foreclosure.
To get advice on whether or not you will qualify for a short sale, please contact a TeamCox member today at 303-400-6060. We can help.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own
RE/MAX International Supports its Agents in CDPE Designation
There are some really nice perks that stem from the fact that my real estate office, RE/MAX Masters, is located closer to RE/MAX International’s corporate headquarters than any other office in the world! Thursday was clearly one of those days when TeamCox was invited to a CDPE (Certified Distressed Property Expert) seminar that was also attended by RE/MAX Chairman of the Board, David Liniger, his wife, Gail Liniger, and RE/MAX CEO, Margaret Kelly. There were approximately 50 real estate agents in attendance and my office, RE/MAX Masters, was particularly well represented. After completing the CDPE course in December, TeamCox has been putting our systems and education to good use over the past few months. We have helped numerous distressed homeowners avoid the foreclosure process.
RE/MAX International is fully committed to the promotion of the CDPE designation for its agents throughout America. We fully understand the urgency of helping as many families as we can through a difficult real estate market that will likely last for the next three to five years. When it is not possible for a family can stay in their home and work out an acceptable loan modification with their lender, due to loss of job, reduction of income, health issues or any other difficulty, a short sale and avoidance of foreclosure is something we want to be able to help homeowners through.
If you are a distressed Denver homeowner who is looking to avoid foreclosure, please contact us at 303-400-6060. We are here to help you.
Visit TeamCox Realtors’ Foreclosure Resource Center
Short Sales Helping Denver Homeowners Avoid Foreclosure
The Denver Post reported last week that Colorado’s foreclosure activity decreased by a third during the first three months of this year. Colorado’s current foreclosure rate, which is one foreclosure filing for every 169 homes, now hovers near the national foreclosure rate. This is great news for the Denver real estate market, as the high number of foreclosures continues to be a huge weight to bear on its path to recovery.
TeamCox Realtors is one of the few Denver-area agents who have undergone the rigorous CDPE training. Since completing our training, we have already helped several struggling Denver homeowners avoid foreclosure. We feel so grateful to have been given the opportunity to make a few futures brighter. If you are looking to avoid foreclosure in Denver, please contact us at 303-400-6060. We are here to help you.
Visit TeamCox’s Foreclosure Resource Center
Avoiding Foreclosure in Denver
Do you need help avoiding foreclosure? It is crucial to explore all possible options to avoid foreclosure, since it will be an obstacle to home ownership for at least five years. A foreclosure will also lower your credit score by 300 points, which may prevent you from obtaining a good interest rate in the future, may increase your auto insurance rates, and could even present possible employment problems. A foreclosure may even make it more difficult for you to rent a home or an apartment in the future.
If you are delinquent in your mortgage payments, you are certainly not alone. Millions of Americans are facing the same dilemma and foreclosures are at historical levels. If you are having difficulty keeping up with your mortgage payments, it is crucial to ask for help is as soon as you recognize the problem. Call your lender and explain the problem you are having. Be sure to let your lender know if you believe the situation is only temporary. Lenders are currently more willing than ever to work with distressed borrowers, since they do not want to own more foreclosed homes. Ask your lender about a loan modification, or a workout. If this is not possible, and the only logical answer is to sell your home, contact a real estate agent who specializes in short sales. This is NOT the time for “the real estate lady you know from church” or the “friend in your card group.” This is the time for someone who is knowledgeable, experienced, and who knows how to work with your lender on your behalf. We recommend hiring a CDPE, or a Certified Distressed Property Expert. This is the time prepare all of the necessary documentation; submit it to your lender’s loss mitigation department, and to list your home for sale at a price that will bring in an offer that your lender will accept. In a short sale, the lender will accept an amount less than the balance owed, and will absorb the normal cost of sale (commission and title transfer).
TeamCox Realtors, Denver real estate specialists, has gone through extensive training to become a CDPE, or a Certified Distressed Property Expert. If you are facing a foreclosure, please contact us at 303-400-6060. We are here to help you.
Facing a Foreclosure? Seek Out a Trained Professional for Help
As a Certified Distressed Property Expert, or a “CDPE,” I have been trained to help distressed Denver homeowners avoid the horrible prospect of foreclosure. I will be writing a number of posts on this subject to help these homeowners work through this situation, one that is only less stressful a death, a divorce or a chronic illness.
Call a Realtor who is knowledgeable and experienced in helping homeowners through the short-sale process. When you know for certain that you cannot make your payments, it is extremely important to seek out a Realtor who knows how to work through the process with you and your lender. You will need an advocate. Someone to help present your side of the problem to the lender. We strongly recommend that the Realtor be a CDPE, Certified Distressed Property Expert. A CDPE will also have the necessary documentation and a thorough understanding of how to deal with your situation. If you would like to know more about how a short sale may help or need assistance in working with your lender, call us today at 303-400-6060. We will be happy to offer our opinion, and can hopefully alleviate some of your stress.
TeamCox Helps Denver Homeowners Avoid Foreclosure
Given the current state of the economy, more and more Denver families are finding it difficult to keep up on their monthly mortgage payments. While it may seem that all hope is lost, and that foreclosure is the only option left, this may not be the case. There may be other alternatives, including a possible short sale or a loan modification. This may save a homeowner from a permanent “scarlet letter” on his or her credit record – a dreaded foreclosure.
TeamCox Realtors is pleased to announce that we have earned the prestigious designation of “Certified Distressed Property Expert,” or “CDE.” We were one of the few Denver area real estate agents selected to complete the extensive training, which outlined issues currently weighing on troubled homeowners in Denver. As a CDPE, we have the solutions to help troubled Denver homeowners through possibly one of the most stressful situations they will ever face.
TeamCox Realtors has the tools to help distressed homeowners avoid foreclosure. We have compiled a Foreclosure Resource Center on our website to provide valuable information to homeowners who are facing foreclosure. Please click here to visit our Foreclosure Resource Center.
If are a homeowner in the Denver area, who needs advice on avoiding foreclosure, please contact us at TeamCox Realtors at 303-400-6060. We are here to help you through this difficult time.
