All new and ready for quick closing! This beautiful Pinon Valley tri-level has been updated for you! All new interior paint and carpet. New lighting and hardware in kitchen. Formal living room plus the added bonus of a lower level family room with fireplace. Three bedrooms and two baths. You’ll love the deck just off the master suite. Perfect for enjoying your morning cup of coffee!

The Pinon Valley area is known for its parks. Ute Valley Park is within walking distance. This park features hiking and biking trails for avid outdoor enthusiasts. The grassy Pinon Valley Park is the perfect place to take the kids and dog for a walk or to throw a frisbee. Schools for this home are among the highest rated in the city. Chipeta Elementary is very close and Holmes Middle School and Coronado High School are within a short drive.

This home offers the peace and quiet of the area while still being an easy drive to everything you need to get to. Contact me today for your private viewing.

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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 Buyers need to be aware that these homes sold for an average list to sale ratio of 96%. Take this into consideration when making your initial offer. This market area does not support super low offers. That will only serve to make the seller angry. View all of the comparable sales for the property and area that your subject property is in so you can make the best offer.

Sellers must take not however that we currently have a 5.32 month supply of homes on the market. This does not necessarily mena that it will take that long to sell your property but it does mean that you have to take note of the possibility. Homes sell based on price, condition and location., To position your home so that it will sell instead of just being listed, call me at 264-777 or click here to contact me.

The newest location of Rosies Diner just opened a few weeks ago. I have to admit that we’ve already been there twice already. It’s so nice to have new places to eat in the Northgate area. In the past we’ve gone up the road a few minutes to the Monument location but now we drive south on Voyager Drive to the newest location.

Actually, the Monument store feels a bit more “diner-ish” but the new place is biggers and the food is great! I was there a few weeks ago during the grand opening and while we waited they offered everyone free little milkshakes. What a nice treat.

They actually have juke box music playing and the atmosphere is definitely that of a classic 1950′s diner. The first location was in New Jersey and opened in 1946. Remember the old TV commercials with Rosie and the paper towels? That diner was the inspiration for those TV spots. From that first location the chain has grown quite bit with now two locations in the Colorado Springs area.

Take a look at the menu and see what they offer. I’ve had the burgers, the prime rib and I love the meatloaf. All good old-fashuoned American diner food! We like to find out of the way diners to eat when we are on road trips. The last one we found was Mom’s in Salina, Utah. What a treat that was. The coconut cream pie was so good and the waitress knew to bring it out before the meal. Too funny! The Rosie’s Diners in the Colorado Springs and Monument areas are equally charming and serve yummy food. Give it a try.

Colorado Springs Location: 11550 Ridgeline Drive, Colorado Springs, CO 80921 MAP

Monument Location: 411 Hwy 105, Monument, CO 80132  MAP

Read below for a list of loan scenarios. It is definitely better to do a short sale than to just let your home go into foreclosure. Even if you have already been notified that the bank is going to foreclose there still may be time to sell your home and avoid the ramifications of a foreclosure on your credit report.

Conventional Fannie Mae: After only 2 years with an 80% LTV ratio (Loan to Home Value), 4 years with 90% LTV ratio and 7 years-LTV per eligibility chart. Foreclosure is a full 7 years from completion.

Conventional Freddie Mac: 4 years from completion of short sale. Again, if you foreclose you will be waiting 7 years!

FHA Loan: 3 years from completion date; however, FHA ML 09-52 states that FHA financing can be obtained in less than 3 years…if you’re lucky! Foreclosure on your credit means you have to wait 3 years!

VA Loan: 2 years from completion date, but if you weren’t late on your mortgage 12 months prior to your short sale you could be eligible sooner.

Jumbo Loans: 2-7 years following a short sale, but 5-7 years with a foreclosure!

If you are unsure of what type of loan you have, please contact me. I can help analyze your loan type and see if a short sale will help you.

Possibly. Keep in mind though that this process is dependent on may variables determined by your mortgage lender. First of all, visit your lenders web site to see if they offer loan modifications. They will list the steps required to modify the loan. The problem sometimes occurs when the lender tells the homeowner that it will be no problem to lower the monthly payment and then at the end of the process, the promises made by the lender in earlier conversations are not kept.

Each modification program has different rules but generally the homeowner must be currently living in the home and not using it as an investment property. Next the homeowners must be able to show that their income has decreased and there is a hardship in paying the current payment.  Once all of the criteria have been met and the correct documentation has been submitted to the lender, the lender may or may not modify the loan.

I do not recommend employing the services of a so called “Loan Modification Prifessional” that will do the paperwork for a fee. If you simply must enlist the help of a service, please do so ONLY if you can pay upon the successful completion of the loan mod. Many companies charge borrowers upfront for the loan mod and then are unable to deliver. Think about it, if you really had three or four thousand dollars laying around would you need to modify your loan in the first place? Don’t do it.

Statistics show that a huge percentage of the loans that actually do end up getting modified end up in foreclosure anyway. Most times, if you are having trouble paying the monthly payment, a savings of a few hundred dollars per month is not going to make any difference.

Short Sales

Short sales make the most sense to me for those having trouble paying their monthly payments. The process can definitely be successful when done correctly.  When you do a short sale, the lender agrees to take less for the house than you currently owe on it.  Again there are strict criteria on who can qualify to sell their home short and who cannot. Those who cannot would be those with obvious equity and no hardship. Those who can will meet the criteria listed below.

• you have a hardship, such as a job loss, divorce or medical emergency
• you owe more than your house is worth
• you’re unable to afford your current monthly mortgage payment
• you’re unable to modify your current home loan

Step one is to call us at 719-264-7777 and make an appointment to go over your current situation. Step two is to determine the true value of the property and list it for sale in the MLS. Beware of the scammers will instantly buy your home for cash or at least claim to do that.  Banks are getting wise to these scams. The buyer makes an offer to purchase your home for a super low amount. They then turn around the same or next day and try to resell the property to a new buyer. In essence this steals equity from the lender and can be considered fraud. Buyers who intend to resell the property must disclose their intention as part of the sale so the lender is made aware of this condition. Most lenders do not look favorably on this practice.

 Colorado State laws are also very strict about waiting periods before an investor can transfer the title to a home purchased in a short sale. These shady dealings are exactly why you should never trust the sale of your home to some company who clains to just want to help people.  Many of these companies advertise on craigslist.com or use hand made signs on street corners. I have a 21 year real estate career in Colorado Springs and real estate license that I do not want to lose. All of my dealings are done in a professional manner. I just can’t risk it for some flaky investor doing things the wrong way!

Short sales are not for the faint of heart. The process can be tedious. Lots of paperwork has to be filled out, signed and sometimes signed again. Homeowners simply can’t do it themselves. The real estate closing fees and commissions are figured in the final payoff to the bank. Most sales do not require sellers to bring any money to closing. Once again, if you had thousands of dollars laying around, would you be thinking about a short sale? Probably not.

Selling a home short will not damage your credit as much as a foreclosure. Again, you will have missed payments and that dings your credit. The real focus should be on finding a more affordable place to live so you can start fresh. I help people just like you in all stages of mortgage distress. The key is to take action immediately! Contact me now so I can advise you and you can make a plan for a better future.

This is a common question that I hear all the time. There is no simple answer. The thing to know first is that if you miss a payment, the bank is not going to foreclose immediately.  Foreclosure is a lengthy process and costs lenders a lot of money so they don’t want to have to foreclose on their borrowers. If you act quickly, you will have time to make an informed decision.

Can I make a partial payment?

No! It’s all or nothing with your monthly payment. Banks will not accept a partial payment and they most likely will send back your check uncashes.

The key is to be proactive in avoiding foreclosure if you think you can’t make your payments. Many people are faced with job losses, illness or family emergencies that cause financial hardship. First of all know that you are not alone.  We specialize in working with home owners who are in a place where making payments is a real problem.

What are the options?

First it is good to sit down with a real estate professional (notice that I said professional ) to discuss your unique situation.  My concern is that there are so many vultures running amok in this market that will take advantage of unsuspecting home owners in distress.  They will offer to buy your home and close immediately. I ran across a couple the other day that told me that they are not about “the money” but really concerned about  “the people”. Really? Real estate is my business. I do not buy homes from owners in distress. I will give you counsel and offer options. That’s all. No weird lease-options, seller buy back or money back (illegal) options. Be very careful! Contact me right away so I can advise you in a professional and discrete manner.

Tomorrow…

Loan Mod or Short Sale?

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.

Super nice condition with all new interior paint, carpet and appliances. This unit shines! Two bedrooms on upper level. You’ll enjoy spectacular mountain views from the front deck. This is the best location in the complex! This unit is a bank-owned property but easy to buy. Call me at 719-264-7777  for more details or to arrange a showing!