Are you facing foreclosure? Did you get laid off, and the payments are too much handle? There are some options you may want to explore before you "give up".
First, call your lenders and ask what options they may have. There is a chance they may drop the interest for a year, to get you on track to keep you in the property. If that doesn't work, try a "short sale", which means selling your home at the market value, which is lower than what you owe the lender. The lender needs to "approve it", and there could be requirements to sign a personal deficiency judgement prior to the bank approving a short sale. This still keeps you from showing a foreclosure on your credit.
Some myths on loan modifications:
1. "The banks want my house." No, they don't. They have piles of properties that could potentially come back to them, and they are not in the business of owning property, just financing them. They make money when you make payments. When payments stop, not only do they NOT make money, they incur legal fees, possible rehabing, and then Realtor fees of selling it, at a loss.
2. "My credit is bad, I cannot qualify" When lenders do loan modification, you do not need to "requalify", they simply change the terms and perhaps reduce the balance of a loan you already have. You don't "close" again, therefore, no qualifying, no closing costs, etc. A successful loan modification will actually improve you credit score over time, allowing a homeowner to make payments, keep current, and stay out of foreclosure.
3. "I haven't missed any payments" Some banks/lenders would rather talk with you BEFORE you get behind in payments. Some do need to wait until you are late on 1 or more payments. Lending regulations have been changing severely in the last few months to work with the current credit/housing issues facing many homeowners today. Your best bet is to call your lending institution at the onset of a layoff, etc. and discuss all options you may have.
4. "I would be better off walking away or filing bankruptcy" Both of these options seriously affect your long term credit. When a foreclosure is on your credit history, banks view that as a serious credit risk down the road. Especially, when you want to buy another home. Again, personal deficient judgements can be filed against you, even if you allow your home to go into foreclosure.
5. "Its too late, already have received foreclosure notice" UNTRUE. Banks/lenders today are delaying this sale date to allow current homeowners to get current, talk about options of reducing interest rates/payments, and would rather KEEP you in the home. Again, short sale options are available also. After the sale date, banks/lenders incur more legal fees, and usually sell at a reduced price at that point.
If you have further questions, please contact me, or I can give you other options available to KEEP you in your property.
Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
www.JoanCox.com
Thursday, January 29, 2009
Wednesday, January 28, 2009
Aurora - Foreclosed/Vacant Properties
Aurora City Council passed a measure Monday, January 26th, forcing banks and lenders to maintain foreclosed and abandoned properties in Aurora or face fines. With the many vacant and abandoned properties throughout the City, something was needed to be done to maintain these neighborhoods.
Aurora has experienced an abundance of foreclosures in 2008, and is expected to grow.
With this new measure, banks/lenders are required to complete a monthly inspection list to ensure these new codes and standards are adhered. It is expected for banks/lenders to register vacant or abandoned properties with City of Aurora, and failure to do so could result in a fine of $200 per property.
With this new measure, could result in banks needing to access properties while tenants still living in a property, which will increase their legal and financial exposure. This should help these properties from looking vacant/abandoned, therefore reducing the likdlihood of criminal activity in these neighborhoods.
Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
www.JoanCox.com
Aurora has experienced an abundance of foreclosures in 2008, and is expected to grow.
With this new measure, banks/lenders are required to complete a monthly inspection list to ensure these new codes and standards are adhered. It is expected for banks/lenders to register vacant or abandoned properties with City of Aurora, and failure to do so could result in a fine of $200 per property.
With this new measure, could result in banks needing to access properties while tenants still living in a property, which will increase their legal and financial exposure. This should help these properties from looking vacant/abandoned, therefore reducing the likdlihood of criminal activity in these neighborhoods.
Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
www.JoanCox.com
Monday, January 26, 2009
Builder News - John Laing
According to Denver Business Journal, John Laing has suspended construction in the Denver metro area, and laid off staff in Colorado. According to current buyers waiting for their new home to be built in Stapleton, they recently received a call stating their contruction stopped with just a shell form (walls & roof). They are currently living in a rental after selling their previous home. They are currently awaiting their deposit to be returned from John Laing Homes.
Stapleton's building has remained strong, but will be minorly affected by this builder leaving their group of Forest City Stapleton, Inc. Laing has sent a statement back to Denver Business Journal stating, the homebuilder as a whole, has reduced its workforce, but "operations have not ceased." Part of this statement also included "deposit are secure." They did not have further comments about its Denver-area operations. Currently, they build in Denver as well as Gold Hill Mesa in Colorado Springs.
Linda Mamet, Laing's sales and market vice president stated "is currently reviewing all potential options to meet its capital requirements. Any decision (made) to this effect will be communicated to all stakeholders in a timely and appropriate manner."
John Laing Homes is owned by Emaar Properties PJSC of Dubai, United Arab Emirates. Laing Homes was founded in Great Britain in 1848, starting construction in U.S. in l984. This also spun off Watt Homes to form WL Homes LLC. Emaar Properties acquired Laing Homes in 2006 for $1.05 billon cash. In Newport Beach, California, the Builder magazine name Laing, America's best builder in 2006.
Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point RE, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
Stapleton's building has remained strong, but will be minorly affected by this builder leaving their group of Forest City Stapleton, Inc. Laing has sent a statement back to Denver Business Journal stating, the homebuilder as a whole, has reduced its workforce, but "operations have not ceased." Part of this statement also included "deposit are secure." They did not have further comments about its Denver-area operations. Currently, they build in Denver as well as Gold Hill Mesa in Colorado Springs.
Linda Mamet, Laing's sales and market vice president stated "is currently reviewing all potential options to meet its capital requirements. Any decision (made) to this effect will be communicated to all stakeholders in a timely and appropriate manner."
John Laing Homes is owned by Emaar Properties PJSC of Dubai, United Arab Emirates. Laing Homes was founded in Great Britain in 1848, starting construction in U.S. in l984. This also spun off Watt Homes to form WL Homes LLC. Emaar Properties acquired Laing Homes in 2006 for $1.05 billon cash. In Newport Beach, California, the Builder magazine name Laing, America's best builder in 2006.
Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point RE, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
Sunday, January 25, 2009
Pledges for Pets
The annual telethon for the Dumb Friends League is on today, and are encouraging donations for pets with no homes. Each pet in the shelter costs around $300 to the shelter, and they do not charge this when you adopt a pet. The adoption fees they charge include - neutering/spaying, microchipping, all shots and are adopted healthy!
Did you know --- the over 65 crowd can adopt a pet FREE? Do you know someone who needs a pet to keep them company? Animals can be the best of companions, especially if a person has lost their spouse!
There are locations - Quebec & Evans in Denver, and the Buddy Center in Castle Rock - Founders Parkway & I-25!
Go visit these centers, and make a donation, or better - ADOPT A NEW PET! www.ddfl.org
Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
www.JoanCox.com
Did you know --- the over 65 crowd can adopt a pet FREE? Do you know someone who needs a pet to keep them company? Animals can be the best of companions, especially if a person has lost their spouse!
There are locations - Quebec & Evans in Denver, and the Buddy Center in Castle Rock - Founders Parkway & I-25!
Go visit these centers, and make a donation, or better - ADOPT A NEW PET! www.ddfl.org
Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
www.JoanCox.com
Friday, January 23, 2009
Going GREEN
Keeping the environment safe, being green really helps! The following suggestions are ways you can be GREEN. Some of these suggestions actually help you save money in our recession! Save our planet, and save green in your wallet all at the same time!
1. Recycle. You can recycle glass and plastic, but did you know you can recycle furniture? Near new shops and Craigslist are great places to buy and sell furniture! This keeps unwanted furniture out of the landfill. If you are thinking of buying new furniture, ask about renewable and environmentally friendly materials.
2. Appliances that are energy efficient. If you have the funds, invest in new appliances that are energy efficient. The new refrigerators can save you $150 year in energy use.
3. Unplug when not needed. Did you know even when the lamp isn't on, if it is plugged in, can use electricity? Unplug everything if not in use, especially tvs, computers, and all electronics, including your dryer.
4. Use your own cleaning solutions! Did you know vinegar and water works VERY well to clean most projects, AND still remains GREEN? The cleaning products purchased in the store could be toxic, plus vinegar is cheaper!
5. Thermostat, turn it down! Turn down the furnace to the lowest temperature you can be comfortable with, and turn up in the summer. Every degree can make a significant difference in your electricity bill.
6. Hardwood flooring. Bamboo trees renew themselves in less than a tench of the time has most hardwood trees. Just know, there are differeent bamboo flooring, some of which is MUCH softer, and the durability is not like the harder floors.
7. Paint. Standard paint have toxics that are released when used into the air when wet and sometimes when dry. Buy zero or low VOC paint, and will reduce these toxins.
8. Trash. Aim for zero trash, this comes under the same category as RECYCLE. Compost your leftover food, reuse plastic bags and use cloth bags for your grocery shopping.
9. Light bulbs. Fluorescent light bulbs are 66% more energy efficient than standard light bulbs. They are slightly more expensive, but far outlast the standard bulbs.
10. Bill pay online. Contact your catalog companies and ask to be removed from their mailing lists. Don't print, except when absolutely required to save our trees.
Are you currently GREEN?
Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
http://www.joancox.com/
1. Recycle. You can recycle glass and plastic, but did you know you can recycle furniture? Near new shops and Craigslist are great places to buy and sell furniture! This keeps unwanted furniture out of the landfill. If you are thinking of buying new furniture, ask about renewable and environmentally friendly materials.
2. Appliances that are energy efficient. If you have the funds, invest in new appliances that are energy efficient. The new refrigerators can save you $150 year in energy use.
3. Unplug when not needed. Did you know even when the lamp isn't on, if it is plugged in, can use electricity? Unplug everything if not in use, especially tvs, computers, and all electronics, including your dryer.
4. Use your own cleaning solutions! Did you know vinegar and water works VERY well to clean most projects, AND still remains GREEN? The cleaning products purchased in the store could be toxic, plus vinegar is cheaper!
5. Thermostat, turn it down! Turn down the furnace to the lowest temperature you can be comfortable with, and turn up in the summer. Every degree can make a significant difference in your electricity bill.
6. Hardwood flooring. Bamboo trees renew themselves in less than a tench of the time has most hardwood trees. Just know, there are differeent bamboo flooring, some of which is MUCH softer, and the durability is not like the harder floors.
7. Paint. Standard paint have toxics that are released when used into the air when wet and sometimes when dry. Buy zero or low VOC paint, and will reduce these toxins.
8. Trash. Aim for zero trash, this comes under the same category as RECYCLE. Compost your leftover food, reuse plastic bags and use cloth bags for your grocery shopping.
9. Light bulbs. Fluorescent light bulbs are 66% more energy efficient than standard light bulbs. They are slightly more expensive, but far outlast the standard bulbs.
10. Bill pay online. Contact your catalog companies and ask to be removed from their mailing lists. Don't print, except when absolutely required to save our trees.
Are you currently GREEN?
Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
http://www.joancox.com/
Thursday, January 22, 2009
NAR & Housing Crisis
The National Association of Realtors have welcomed our new President Barack Obama with open arms, and will assist in the improvement of our current housing crisis across the country. With 1.2 million Realtors in the U.S., the President of NAR, Charles McMillan will work with Congress to implement policies to decrease the number of preventable foreclosures. Some policies include reducing mortgage payments, and reducing current interest rates to assist homeowners to remain in their properties and maintain current abandoned properties, to keep neighborhoods maintained. This is expected to reducing the number of foreclosures and strengthen existing home sales.
NAR will continue to focus on policies that will bring buyers back to the market to reduce inventory, and stabilize home prices. This can only happen if we can improve the housing market and the nation's economy.
Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
NAR will continue to focus on policies that will bring buyers back to the market to reduce inventory, and stabilize home prices. This can only happen if we can improve the housing market and the nation's economy.
Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
Denver's Recession
In today's news, Tom Clark with the Metro Denver Economic Development Corp. has said we could run another 6-12 months, but Colorado is spared with its full wrath! Most states across the country should see some recovery in 3rd quarter 2009, and some not until 4th quarter 2009.
With over $1 trillion in losses that have been written off by banks across the country, still another $1 trillion in write-offs are still expected. The stimulus program that is being injected by banks should help this concern.
In Denver, Development Research Partners in Littleton expects to see flat retail sales and negative job growth of .4 percent this year, but the country's outlook is 3.5 decrease in retail sales and 1.1% decline in jobs. This sets Colorado far ahead of most states, again.
Colorado is on record for the fifth-best rate of job growth in the country last year. The hardest hit sectors have been the financial services and durable-good manufacturing industries. Colorado never experienced the large double digit increases in home prices as some locations across the country has experienced over the last ten years, such as California, Arizona and Nevada. VectraBank's economic forecaster, Patricia Silverstein expects metro-Denver's median home values to increase 1% this year, making Denver the first in the nation to recover!
Joan Cox, GRI, CRS, ABR, e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
With over $1 trillion in losses that have been written off by banks across the country, still another $1 trillion in write-offs are still expected. The stimulus program that is being injected by banks should help this concern.
In Denver, Development Research Partners in Littleton expects to see flat retail sales and negative job growth of .4 percent this year, but the country's outlook is 3.5 decrease in retail sales and 1.1% decline in jobs. This sets Colorado far ahead of most states, again.
Colorado is on record for the fifth-best rate of job growth in the country last year. The hardest hit sectors have been the financial services and durable-good manufacturing industries. Colorado never experienced the large double digit increases in home prices as some locations across the country has experienced over the last ten years, such as California, Arizona and Nevada. VectraBank's economic forecaster, Patricia Silverstein expects metro-Denver's median home values to increase 1% this year, making Denver the first in the nation to recover!
Joan Cox, GRI, CRS, ABR, e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
Thursday, January 15, 2009
Denver's Foreclosure rate Declines!
The foreclosure rate in the metro Denver area has seen a decline of 11.8% over 2007 - first time in the last 12 years! The foreclosures filed in the seven county area in 2008 were 24,494, compared to the filings in 2007 of 27,785. Foreclosures have been on the rise every year since the mid 90's. When the economy was strong during the 90's, the increases in foreclosures was minimal.
Realty Trac (a foreclosure tracker) has been quoted to say "it is possible that Colorado has gone through the worst of its foreclosure cycle." Nationally, the foreclosure rate is still recording huge increases. Luckily, Denver is sitting pretty!
The Public Trustee for Adams County is stating the banks are working harder at completing short sales before homeowners are ending in foreclosure, or modifications in interest rates. Some credit has to go to the nonprofit Colorado Foreclosure Hotline, which has helped many families over the past several months. Many homeowners were in touch with the Hotline prior to being 3 months behind in mortgage payments, and in many cases, calling when they first realized there could be some issues getting these paid down the road. These calls to the Hotline have doubled from a year ago, which shows this nonprofit company has been a huge help to families in need.
If you, or someone you know needs the Foreclosure Hotline --- 1-888-995-HOPE or log onto
www.995HOPE.org
Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - Turning Point RE, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
Realty Trac (a foreclosure tracker) has been quoted to say "it is possible that Colorado has gone through the worst of its foreclosure cycle." Nationally, the foreclosure rate is still recording huge increases. Luckily, Denver is sitting pretty!
The Public Trustee for Adams County is stating the banks are working harder at completing short sales before homeowners are ending in foreclosure, or modifications in interest rates. Some credit has to go to the nonprofit Colorado Foreclosure Hotline, which has helped many families over the past several months. Many homeowners were in touch with the Hotline prior to being 3 months behind in mortgage payments, and in many cases, calling when they first realized there could be some issues getting these paid down the road. These calls to the Hotline have doubled from a year ago, which shows this nonprofit company has been a huge help to families in need.
If you, or someone you know needs the Foreclosure Hotline --- 1-888-995-HOPE or log onto
www.995HOPE.org
Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - Turning Point RE, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
Monday, January 5, 2009
Relocation is Up!
According to the most recent DMV data, the relocations are recording most, are from California, Texas and Arizona. It was stated that the fires in California are getting to much for families, and the heat in Arizona and Texas was too much to bear. The various reasons given for the relocations were job growth here in Denver, our climate, quality of life and a sense of reasonable economy, compared to other parts of the country right now. This information was also verified with Denver's Office of Economic Development.
The top ten states showing the most growth were:
Utah, 2.53 percent
Arizona, 2.31 percent
Texas, 2.03 percent
North Carolina, 2 percent
Colorado, 2 percent
Idaho, 1.85 percent
Wyoming, 1.8 percent
Nevada, 1.79 percent
Georgia, 1.71 percent
South Carolina, 1.7 percent
Joan Cox
Metro Brokers - House to Home, Inc.
720-231-6373
The top ten states showing the most growth were:
Utah, 2.53 percent
Arizona, 2.31 percent
Texas, 2.03 percent
North Carolina, 2 percent
Colorado, 2 percent
Idaho, 1.85 percent
Wyoming, 1.8 percent
Nevada, 1.79 percent
Georgia, 1.71 percent
South Carolina, 1.7 percent
Joan Cox
Metro Brokers - House to Home, Inc.
720-231-6373
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