Lots of people in financial trouble just have the urge to give up. If you are in this position you know just what I am talking about. The phone rings off the hook with calls from natsy collectors trying to make you pay money that you don’t have. They call at all times of the day and night. Inspectors from the bank may be stalking the property with clipboards and digital cameras to report to the bank if you are still in the property or not.

Give Up or Give In

If you have already missed a few mortgage payments and have no way to make them up, trouble is lurking. The key is to not stick your head in the sand and ignore the problem. Just letting the house go will not be a good solution.

First of all a foreclosure will put a big downgrade on your credit score for up to 10 years. If you take action through a short sale or deed in lieu of foreclosure, the damage to your credit can be mitigated. They key to deciding which route to take will depend on how close you are to foreclosure, where you want to move to and what the costs will be. During the short sale process, you will not be making any monthly payments. Moving to a rental after a deed in lieu (happens fast) will cost you money. The short sale can prolong the foreclosure for up to nine months. Do the math–do you want to pay rent somewhere or stay in your home for free? I would suggest the latter. 

Do nothing and you lose

Choosing to ignore the problem and letting the house go may cost you more in the long run. Again, the foreclose will happen much faster without the short sale to stop the process. If the bank forecloses, you have to move right away which again costs money you can’t afford to waste! If you have been considering letting the house go, DON”T! Please fill out the form below to contact me. I have buyers for distressed properties. The buyers don’t care if your home is a mess or needs updating. All you have to do is get in touch with me and I can help eliminate the bulk of your stress with just one meeting. What have you got to lose?

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You Have Options

The first and probably best way to avoid foreclosure is to do a short sale. This is a process where we list the property at the current market value. It does not matter at this point how much is owed on the home, the lender requires that we show them that the house is not worth that much anymore. A short sale requires a bit of paperwork to be filled out and returned to the lender. I can give you a packet to preview if you contact me here. We list the house and market it to potential buyers. Once the property is under contract with the buyer we then proceed to get the mortgage company’s approval to take less than they are owed on the property.

Other Factors

Lenders do have the right to approve or disapprove a short sale. They are now beginning to understand that short sales need to be approved or the properties will just revert to the bank through foreclosure.  They do also have the right to persue a deficiency judgement for the balance that was not paid on the mortgage. This is not often done but can happen. If it does, then the next path of action might be to file for bankruptcy protection. Really though, think about it–if home owners had the money to pay the dificiency, they would not be in trouble in the first place.

Stop the Foreclosure!

Many people are now beginning to understand that if you miss a mortgage payment, the bank does not come to your house to make you move right away. I do think that some people actually worry about this. Most banks do not even begin the foreclosure filing process until you have missed at least three payments or so. They will try to phone you and send letters asking if they can assist you. They will offer loan modifications that rarely end up with the terms that are first offered. Then eventually they will file the foreclosure with the El Paso County Trustee and send you what is called the Notification of Election and Demand. This is a legally recorded document that says essentially that the bank is gearing up to take the property back unless you pay the mortgage and bring it current. Again, if you could do this you would not have gotten to this point. Doing a short sale will halt the sale of the property by the County Public Trustee for an extended time period.  It does buy yousome very valuable time. How much time will depend on the lender who holds your loan and if you have a contract to sell the property or not.

Immediate Relief

We do have several buyers with cash who are waiting to buy your short sale. This might mean that you never have to hassle with showings and staging and you may not even need to have a real estate sign in your yard. I have lots of clients who have had success with this method and enjoy the quiet way that the sale actually takes place. No need for anyone to know your business!  Our specially trained short sale team is available to answer all of your questions in a dignified and discrete way.

If you are in trouble and need help, please contact us now! Don’t wait until it is too late. Getting in touch now will at least help put your mind at ease. We can tell you what to expect at every step. Financial stress is a killer and our job is to at least take care of your mortgage stress. Fill out the form below and we will be in touch or you can call us at 719-264-7777.

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What is a Deed in Lieu?

When a homeowner is facing true hardship and does not want to go through the entire official foreclosure process, an option called a “Deed in Lieu” is available in some circumstances.  This option may have a lesser impact on your future credit than a full-blown foreclosure. Depending on your situation,  this can be an option.

There are certain criteria that need to be met in order for the lender/bank to approve a Deed in Lieu. We’ve all heard stories of homeowners just mailing the keys back to the bank but I don’t recommend that procdure! Banks don’t just accept the keys and wipe the slate clean. The Deed in Lieu has to be approved by the lender in order to be complete. Mailing the keys back does nothing and who knows who gets the keys and what they do with them.

There are several criteria that might qualify a homeowner for the Deed In Lieu option.

• You are unable to afford your current mortgage
• You are unable to modify your current mortgage to an affordable payment
• You have tried unsuccessfuly to sell your property using a short sale
• You are facing foreclosure and want to minimize the impact on your credit
•  True Hardship-job loss, divorce, medical emergency

Doing a Deed in Lieu will impact your credit and will be reported to the credit bureaus. The reports will show that the loan was in the default stage and that you did the Deed in Lieu of foreclosure.  This will still stigmatize your credit report. This option should only be considered after trying to do a loan modification or a short sale with the latter being the most likely option to resolve your situation.

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Bank Owned!

Beautiful walk-out rancher is ready for a new owner to enjoy all that it has to offer. This home sits on 2.5 acres in the trees. Private but close to highways for commuting. Over 5000 square feet of living space. Main level features huge master suite with fireplace. Two other bedrooms are also on the main level. Formal dining room and large open kitchen area are perfect for entertaining.

Large open family room has bar area plus big space for TV or gaming tables. Walkout to patio and enjoy the quiet sounds of the pines. This home has three gas fireplaces to take the chill off. The five large bedrooms and four baths will be perfect for those with a family or guests.

For a private showing, click here to contact me. I do not expect this property to last long on the market!

Former Model in The Boulders Broadmoor

Great floorplan in this casual living home! Main level master suite. Newly finished wood floors. All new stainless appliance package. Large open dining room plus living room. Family room offers built-ins and walk out to patio for outdoor entertaining. You’ll appreciate the fully finished basement complete with wet bar, built ins and large open room for pool table or home theater. Five bedrooms and four baths. Over 4700 square feet.

Prestigious area with an easy commute to downtown, Fort Carson or Peterson AFB. Located in Cheyenne Mountain School District 12.   For your private showing contact us now!

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This is has been updated by the bank and is now ready to move in and enjoy! All new paint and carpet in this beautiful custom home. Over 6400 square feet, 5 bedrooms and 5 baths. Top of the world views will wow you as you sit on the deck.

Main level library also has it’s own deck for taking a break during your reading. Luxurious master suite features fireplace, large bath and walk in closet.

This home is an entertainer’s dream! Very large kitchen, family rooms and main level formal spaces. Fully finished basement has room for game room, theatre and more!

Interested? Contact me for your private showing. This one is priced to sell! You won’t find a better opportunity in Colorado Springs right now!

3110 E Bijou #5B  $29,900

Yes, that price is correct! This is a perfect opportunity for an investor, first time buyer or downsizer! The unit is in pretty good condition–just needs a coat of paint and maybe new carpet. The total size is 881 square feet with 2 bedrooms and one bath. The kitchen is nice sized with a separate dining space. Front balcony is great for outdoor relaxing. I don’t expect this one to last so call or contact me now if you have an interest!

View interior photos here

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I hate when people scream in all caps but I have to make a point here! Financial experts are predicting a huge new wave of foreclosures coming on the market in 2010. We need to get ready to ride this wave!

How will this affect the average homeowner? We can expect more decrease in home values in areas where many REO sales will exist. Homes that end up in foreclosure sell for less than a normal owner-occupied home. Many times they are damaged or in need of updating. So far this year, many banks have limited the REO inventory to increase demand and prices. This just can’t continue forever. Banks must wipe these non-performing assets from their books. If you do not need to move, I suggest making plans to stay in your home and just enjoy it for the next few years. Think of your home like a stock that has potential future value. Selling it now will just cause a loss to your investment portfolio.

If you are an investor, this is a great time to be putting money into real estate. You might want to re-allocate money towards some of these REO properties. I am on the inside track to future REO listings and can help you find great deals. All cash deals are best right now but if you need temporary non-traditional financing, I have some great resources to help you.

If you are a first time buyer, you are in luck! We can find you a great foreclosure property in a wide range of conditions. If you plan on using a VA or FHA loan to buy a home, we need to search for a property that does not need major repairs. A home that needs new paint and carpet is best for these loan types. Buying prior to April 30 2010 will also give you the tax credit of up to $8000.

For home owners that might be headed toward foreclosure, there is hope. I can assist you with the sale of your home prior to losing it. Many times people never seek help thinking the situation is hopeless. It is not! Contact me right away so I can help you make a plan to help save your sanity and your credit.

Fortunately, Colorado Springs has not been as hard hit in the mortage crisis as other cities in the nation. Our market stays fairly stable. We will see more foreclosures as this next wave of loan interest rates re-set. I predict that the higher end properties will be leading the pack of the 2010 REO sales. This could be a good time to buy a larger, nicer home. Many options are out there but you will need expert advice on this ever-changing market. Contact, me today so we can make a plan to maximize your profit from the coming mortgage defaults in 2010.

This short little video has a very big message! No matter your situation, there is hope! You are not alone in your struggles. Many people are facing what seem to be impossible problems right now. There is a way out but you have to really want to succeed!

Many people are facing foreclosure in Colorado Springs right now. When you are in that situation you might feel alone, ashamed or defeated. If that is you I understand. I work with people every day who are in the process of losing their homes. They are not bad people and you aren’t either.

You need to know that there are solutions to assist home owners facing financialy difficulties that prevent them from paying their mortgage payments on time or even at all. We have programs to help you during this time. You might be eligible for a loan modification. This allows you to re-work your loan payment amount, interest rate or both. The other option might be for you to sell your home using a short sale. This is when you sell the home for much less than the mortgage amount. Banks are now willing to work with home owners to sell their homes and avoid foreclosure.

The short sale process is not for the faint of heart! When asking the bank to take less than they are owed there is a process that must be adhered to. It will require paperwork to be filled out and sent to the bank. We can help with that. Every lender has a different set of paperwork to be submitted. We have inside contacts that can assist you with speeding up the paperwork process.

The first key to starting over is to make contact with us now! We are understanding of your privacy and your situation. Please don’t think that you are alone in this! We are with you and look forward to helping.

This little condo on the Southeast side of Colorado Springs will be on the market soon. I expect the pricing to be around 30K. That’s right–30K. Heck, at that price you could buy this on on your credit card with a cash advance! Don’t laugh, I’ve done that. I once bought an undervalued home on my credit card for 30K and then resold it for 60K with no repairs!

This little unit will be a great rental property to hold on to for a while. The area is close to public transportation and there would be very little maintenance to do for the new owner.

These units go quickly when they are sold as REO’s so if you think you might have an interest, contact me now to be put on the waiting list.