foreclosure: Go Through Foreclosure? You Could be Owed Money!!
- 02/15/12 02:35 PM
Did you know that you could be owed money, because your home went through the foreclosure process? It's true! If your home sold for more at the foreclosure sale than what you owed on your home when it went into foreclosure, you may be owed some money by the county. Check out the county website in the county in which your home was located. Most counties give information on their website about the homes that were sold through foreclosure and for what price they were sold. There may be other costs, such as attorney fees, that the county had to pay, … (2 comments)
foreclosure: Waiting Period to Purchase after Foreclosure, Short Sale, or Bankruptcy
- 01/07/12 05:05 PM
Many people may wish to purchase a new home, but feel they may not be eligible, because of a recent distressed sale of their home, through a short sale, foreclosure or bankruptcy. Although it is not possible to purchase another home immediately, it can happen after a certain time period has passed, which may be shorter than you think. That time period depends on the type of loan that is being used to purchase the new home and what type of distressed sale the home was sold through. There are other factors that play a part in obtaining financing for the … (3 comments)
foreclosure: Owner Walks-Bank Sells for More Than He Owes
- 08/03/10 01:34 PM
I wish I could wave my majic wand so this doesn't have to happen to more homeowners. I spoke with someonw this past week that had been making extra principle payments way over the regular payment amount during his "good" months, but then when business was "down" he could not not make a payment at all. In essence, he was paying down his priniciple quite rapidly, but when his business did poorly for several consecutive months and he was unable to keep making his payments, he felt his only option was to walk away and let it go into foreclosure. He … (8 comments)
foreclosure: Sellstate Realty Foreclosure Inventory Increases
- 04/01/10 06:20 AM
Sellstate ACE Realty historically is one of the leading companies in the Denver Metro area that has a nice long list of foreclosures for homebuyers to choose from. Inventory has dwindled over the past months. No one was sure why. Homeowners were still getting their NED's (Notice of Election and Demand) notifying them that they were being foreclosured on, so why the decrease in inventory? It appeared they either weren't going to sale as scheduled or they did go to sale, but were not being relisted for resale. It seemed to me that there must be a huge backlog of foreclosures just … (1 comments)
foreclosure: FHA/HUD Preforeclosure Sale - No Guesswork Here
- 01/07/10 12:11 PM
1) No earlier than the 32nd day and no later than the 60th day of delinquency the Mortgagee (holder of the lein) sends the pamphlet (HUD-PA-426) to homeowner "How to Avoid Foreclosure" 2) If the homeowner is interested in pursuing the Preforeclosure Sale, the mortgagee will them mail out an "Information/Disclosure" (HUD-90035) which provides information to the homeowner on housing counseling, disclosures and possible tax consequences. 3) The mortgagee requests financial documentation from the homeowner to evaluate whether or not they qualify for the Preforeclosure Sale. If they appear to qualify, a title search is done along with an appraisal and an "Approval … (0 comments)
foreclosure: Attended Foreclosure Sale Today
- 01/06/10 09:33 AM
I've always wondered what the process was like when homes in foreclosure, finally went to sale. Today I finally attended my first foreclosure sale, which happend to be in the City and County of Broomfield CO. Very uneventful, actually. A rep. came into the chambers and began to read off one property at a time, then asked if there were any other bids on that property, which there usually is not in Broomfield, and then it is announced that the winning bidder is usually the foreclosing lender at the bid price of what the homeowner owned the lender. The sales take place on each … (1 comments)
foreclosure: Strange Market Out There
- 07/11/09 05:38 AM
Purchasing a property here in the Denver metro is quite strange right now. Almost every offer I make there are multiple offers and the property sells for the listed price or more. Then the buyers are running into appraisal problems, because of the declining market over the past couple years and the decline in market value of properties, the home will not appraise for the purchase price. So the buyers either have to come up with cash for the difference or the price has to be renegotiated, which often kills the deal. The demand is up and the supply is down … (0 comments)
foreclosure: Offers on Short Sale - Accept one or all?
- 06/14/09 05:29 PM
"Seller has the right to accept subsequent offers from other buyers prior to Short Sale Acceptance without liability to Buyer". This is a direct quote from the Short Sale Addendum, which is part of a contract on a Short Sale offer here in Colorado. Some agents continue to only accept a single offer on their short sale listing subject to bank approval, of course, while other agents accept them all and forward all the offers onto the banks. It isn't always up to the listing agent, as many banks are dictating on how the multiple offer situation will be handled. Some say, "only have … (0 comments)
foreclosure: Foreclosure VS Short Sale
- 06/14/09 05:06 PM
Both the Foreclosure Process and the Short Sale have consequences for the homeowner, but the Short Sale has much less of an impact on the homeowner's credit and ability to secure a loan in the future on a new home. For instance: Foreclosure Short Sale 5 Yrs. to secure a Fannie Mae backed loan Only 2 years Credit score lowered 250-300 points Lowered as little as 50 points Affects credit score for over 3 years Affects credit score as little as 12-18 mos. Public records with reflect on credit history for 10 yrs. or more Not reported on a credit history So you can see where … (0 comments)
foreclosure: Low Supply of REO Properties in Colorado
- 06/11/09 06:10 PM
It appears that the moratorium that began before the holidays is still not lifted as listing agent's supply of REO properties is way down. This actually appears to be affecting the supply and demand whereby the norm now is that potential buyers can expect to pay at the very least the listed price, and most times over that price by thousands, depending on the price point of the property. This can result in the average sold price increasing and actually making it appear like the market may be rebounding. But I am wondering when the floodgates do open back up, where will that take us? … (0 comments)
foreclosure: Options to Foreclosure
- 05/05/09 01:43 PM
Foreclosure is one resolution when a homeowner finds that they can no longer afford to make their monthly payments. But there are other possible solutions. 1) Attempt a workout with the lender. Call your lender and ask them if they can offer you a loan modification whereby your payments can be reduced or you can get a reduction in your interest rate. 2) List your property with a qualified agent to do a short sale on your property. This is where the agent would represent you to negotiate between your lender that has the lien on your property and a potential … (0 comments)
foreclosure: Situations Causing Foreclosure or Short Sale
- 05/02/09 06:02 PM
Probably the most common causes of a homeowner finding themselves in a distressed situation with their home are: 1) Interest rates adjusting to a much higher rate and homeowner unable to make the increased monthly payment 2) Job loss, business failure or reduction in income 3) Illness or death of the wage earner or family member 4) Divorce or separation 5) Relocation 6) Military service 7) Credit card debt Anyone of us can find ourselves in a situation where we may be faced with the prospect of losing our home, including me. It only takes a month or two of one of these things happening and … (0 comments)
foreclosure: Foreclosure and Short Sale the Same? Not by a longshot!
- 05/01/09 02:43 PM
Many homeowners and fellow real estate agents, are now becoming more knowledgeable about the differences between foreclosures and short sales. This is a very good thing. Basically the main difference is that a bank owned property is one in which the owner has gone through foreclosure and the home home they previously owned, is now owned by the bank. The short sale property is still in the seller's name and still owned by them, but is on it's way to foreclosure and being bank owned. The owners will work with a qualified real estate agent to negotiate with the lender(s) to accept less from … (0 comments)
foreclosure: CDPE (Certified Distressed Property Expert)
- 05/01/09 02:12 PM
I am very excited about my new certification as a CDPE! I now have the ability and the know how to help people that are facing foreclosure on their homes with an even greater sense of integrity and knowledge that I possessed before. Combine that with my high sense of caring and wanting to help the many people faced with this predicament in which they find themselves, and I am ready to go! If you know of anyone that needs my help, please have them call me at 303-903-7195 or e-mail me at kthomes@mho.com. I am ready to go!! … (0 comments)
foreclosure: Keep Your Home-Contact HUD
- 01/18/09 10:42 PM
HUD offers free Home Loan Counseling to anyone by calling 877-HUD-1515 or logging onto their website of www.hud.gov. If you are in or are afraid that you are about to be in a distressed situation on your home mortgage, give them a call to find out your options. It's a great place to begin. … (1 comments)
foreclosure: Loan Modification
- 01/12/09 12:33 PM
Many homeowners that would otherwise be in a distressed financial situation can now fine hope in a loan modificxation program offerd by their present leinholder. Many leinholders of your first mortgages can be contacted to see if they will modify your present loan, to save you from having to go through foreclosure or a much dreaded short sale, because you can no longer afford to make your monthly payment. Go to your lender that currently carries your mortgage and inquire about a loan modification program. Log into their website and enter "loan modification" into keyword for give them a call. Not all … (1 comments)
foreclosure: Bank Owned Properties
- 01/10/09 12:17 PM
My company, Sellstate ACE Realty, specializes in listing bank owned properties. Many people are interested in finding a bank owned property today to purchase, because they are almost assured of a great value. The bank is willing to take a loss, many times a huge loss, just to unload the property. For a complete list of our bank owned properties, log on to my website of www.kthomes.net. Let me know if you would like further information on any property that you see there. Beware that these properties move very quickly, many times in a matter of a couple days, so be quick to let … (0 comments)
foreclosure: HUD Homes In Denver Metro Area
- 01/10/09 12:09 PM
A great site to log on to obtain the full list of HUD homes is www.mcbreo.com Once you are in the site, select Colorado in the upper right hand corner and search by county or city. If you spot a property, which you would like more information on or would like to take a look at, contact me at kthomes@mho.com and let me know. I am happy to show it to you and I am knowledgeable about how to make a HUD offer and can represent you in that offer. The only way a buyer can make an offer is through … (0 comments)
Did you know that you could be owed money, because your home went through the foreclosure process? It's true! If your home sold for more at the foreclosure sale than what you owed on your home when it went into foreclosure, you may be owed some money by the county. Check out the county website in the county in which your home was located. Most counties give information on their website about the homes that were sold through foreclosure and for what price they were sold. There may be other costs, such as attorney fees, that the county had to pay, … (2 comments)
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