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.

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.

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!

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FHA and VA financing are offered on this home so buyers can close with minimal or no down payment.  This home just needs a new owner to add personal touches and a bit of TLC to make it perfect. Contact me for your private showing.

Fall is the time to start getting organized after a summer of fun and relaxation. Rose Kelly of Professional Mortgage Associates gives us a few tips to help get started. Read on below and get started!

Prepare a Post-Mortem Letter
Review or prepare a post-mortem letter to your spouse spelling out the location of your assets and property (assets of a deceased are often lost because a spouse may not be aware of them or know their location), the names of all your advisors, and any other information your spouse should know to minimize his or her burden in the stressful period after your death.

Get Your Social Security Statement of Benefits

Request a Personal Earnings and Benefit Estimate Statement from the Social Security Administration. This statement summarizes your Social Security earnings history and provides an estimate of the benefits to which you are entitled. It is important to verify that you have been credited for all of your earnings. You can also use this statement in your retirement planning. We can help you with this statement; just give us acall at 719-388-2412

Review Your Budget vs. Actuals for YTD 2011
Compare July income and expenditures with your budget. Make adjustments as appropriate to your August expenditures. Make sure you invest your planned monthly savings amount.

Estimate Your Tax Liability
Total up your taxable income, capital gains, and deductions through this date. This information can be used to plan your estimated tax payments, and perhaps avoid or minimize any underpayment penalties.

To ask more financial questions or to obtain current mortgage info, give Rose a call. Her contact info is below.

Rose M. Kelly
Mortgage ConsultantNMLSR ID10326
Professional Mortgage Associates, LLC | 1740 Chapel Hills Drive | Colorado Springs, CO 80920
MAC M1449-011
Phone 719.388.2412| Cell 719.650.8228

Common Question

Can you rent out a home that has a VA mortgage on it? Yes, with certain conditions. VA loans are given only to Veterans who plan to occupy the home as their principle residence. This means that you cannot use your VA loan benefit to buy a home to fix and flip or to rent out as an investment property in the first place.  As a side note, I have never known how VA will monitor this but you don’t want to be the guy doing it on the day they implement their nationwide occupancy check program! I suspect that they may do spot checks using utility records, insurance policy checks or other methods. Again though, keep in mind that VA is a goverment agency so all bets are off where compliance is concerned.

If you find yourself in a situation where you have been living in your home for a while and get PCS orders, you may want to consider finding a renter for your home. Lots of military people who own homes in Colorado Springs choose to do this. They may be planning to come back here for retirement or simply want to keep the property as an investment. I had an Air Force client a few years ago who bought a property at each of his duty stations, to include England, and then rented them out when he PCS’d. Owning an investment property has certain tax consequences (good and potentially bad) so you need to seek out the advice of a qualified tax professional on this subject, primarily before selling a property that you have been renting out for a while.

Lots of people do not buy a home when they move to Colorado Springs for many different reasons. Maybe they already own a home in another location. Possibly they have a few dings on their credit that will prevent them from buying but they are well able to pay their rent each month. Maybe they are here with the Canadian military and they can’t buy but their government pays the rent. They make excellent tenants. I have several clients who rent their homes out to other military personnel and they have success without even hiring a property manager. This is easier in certain price ranges than others. It all depends on the kind of property you have to rent out.

Bottom line here: the answer is yes, you can rent out a home with a VA loan! Just be sure to do it for the right reasons and you will be fine. For more info on this subject, contact me. I can assist you with buying a home or planning to rent one out. You may also need to evaluate your potential rent amount which might help make the decision in the first place. I am here to help-just call me at 719-264-7777.

By Guest Blogger Rose Kelly

 If you are in a place where you want to buy a home, now may be the right time to start thinking about it. The banks and government are simply overwhelmed with homes that have been repossessed, and it looks like there might be as many as 2 million more homes to come onto the market. Prices in many areas are going to continue to fall, and if you can get credit, mortgage rates are quite low.  You want to meet agents or bankers who are in the “deal flow.” The anecdotal stories of people getting homes for what seem like very good prices, in this depressed market, are all over the internet. There are homes that are certainly below replacement costs in some areas (and not just in the US but in certain parts of Europe as well). While I think home prices should go somewhat lower, we are out of bubble territory. There are starting to be values in the housing market for savvy shoppers. Which of course is what help creates a bottom which I have been writing for many years should happen in 2012-13. So you can be patient, but if you want a home, put in a bid that will make you smile if you get it accepted. No rush. And there are certainly deals for people who can use a little leverage and buy rental property.

Call or email me if you are ready to start the process! I can offer you a free assessment of your mortgage loan options, rates and qualifying options. I look forward to talking with you soon. The market waters are fine-let’s go for a swim!

Rose Kelly

Mortgage Consultant

Professional Mortgage Associates, LLC | 1740 Chapel Hills Drive | Colorado Springs, CO 80920
MAC M1449-011
Phone 719.388.2412| Cell 719.650.8228

rose.m.kelly@promtgassoc.com

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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!