After 13 years in this wonderful industry, I finally opened my own real estate brokerage! House to Home, Inc., still with Metro Brokers, still the same great service to my buyers and sellers!
I have moved my office to the Marina Square office, just behind The Great Northern Tavern located at Belleview & Ulster in the Tech Center! The office number has changed, but my cell and email contact has not changed - still easily accessible!
I look forward to this new challenge, and continuing to assist buyers and sellers from all over the US!
Joan Cox, GRI,ABR,CRSe-Pro
Broker/Owner
Metro Brokers - House to Home, Inc.
720-231-6373
www.JoanCox.com
Joan@JoanCox.com
Wednesday, August 19, 2009
Monday, August 10, 2009
Loan Modifications
CNN Money accounced this past week, Obama's mortgage relief (loan modifications) are off to a very slow start. Just 9% of delinquent borrowers in trial modifications so far.
There are four million homeowners in line waiting for loans to be reviewed for loan modification, which should reviewed within the next three years. Financial institutions began accepting applications April 2009.
Due to the slow start, the program has had a flood of complaints from borrowers. The administration has ramped up discussions to see 500,00 loan modifications under way by November 1st.
Financial instituions have extended modification offers to over 400,000 borrowers or 15% of those behind in payments. The bulk of trial modifications have been done by a handful of servicers.
Performance was very uneven amoung the 38 servicers participating in this program. Saxon Mortgage Services, a subsidiary of Morgan Stanley let the pack, putting 25% of its delinquent loans into trial modifications, followed by aurora Loan Services with 21%.
MGAC Mortgage which is partly owned by the federal government, put 20% of its delinquent loans into trial modifications.
The major banks - JPMorgan Chase came in first with 20% of late loans, followed by Citigroup - 15%, Wells Fargo and Bank of America lagged with 6% and 5% respectively.
Servicers have been contacted, and they acknowledge they need to improve their performance, saying they were committed to the President's foreclosure prevention plan.
Wells Fargo said it will eliminate its backlog within weeks, stating their began modifying loans owned by private investors end of June, and those owned by Fannie Mae and Freddie Mac in April.
Joan Cox
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com
Joan@JoanCox.com
There are four million homeowners in line waiting for loans to be reviewed for loan modification, which should reviewed within the next three years. Financial institutions began accepting applications April 2009.
Due to the slow start, the program has had a flood of complaints from borrowers. The administration has ramped up discussions to see 500,00 loan modifications under way by November 1st.
Financial instituions have extended modification offers to over 400,000 borrowers or 15% of those behind in payments. The bulk of trial modifications have been done by a handful of servicers.
Performance was very uneven amoung the 38 servicers participating in this program. Saxon Mortgage Services, a subsidiary of Morgan Stanley let the pack, putting 25% of its delinquent loans into trial modifications, followed by aurora Loan Services with 21%.
MGAC Mortgage which is partly owned by the federal government, put 20% of its delinquent loans into trial modifications.
The major banks - JPMorgan Chase came in first with 20% of late loans, followed by Citigroup - 15%, Wells Fargo and Bank of America lagged with 6% and 5% respectively.
Servicers have been contacted, and they acknowledge they need to improve their performance, saying they were committed to the President's foreclosure prevention plan.
Wells Fargo said it will eliminate its backlog within weeks, stating their began modifying loans owned by private investors end of June, and those owned by Fannie Mae and Freddie Mac in April.
Joan Cox
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com
Joan@JoanCox.com
New Rules for Foreclosure
House Bill 1276 is now giving homeowners a 90 day deferement on their foreclosure sale. This means the public auction process will be delayed. This new HB can offer up to 90 days addtional days for the homeowner and their housing counselor to get the home sold, or get into a repayment plan.
When the homeowner is in a foreclosure process, this means the county Public Trustee has received filed documents from the lender, and the lienholder has posted this document physically on the home.
Eligibility does not mean that the homeowner will qualify automatically for this deferement, but a housing counselor can help them make good decisions for their family. Some rules are:
1. The home must be owner-occupied.
2. The home must be a primary residence.
3. The mortgage cannot be greater than $500,000.
4. The homeowner must have some source of income that allows them to make two-thirds of their regular mortgage payment.
5. The homeowner must continue actively working with a HUD-approved housing counselor to negotiate with their mortgage company.
The Colorado Foreclosure Prevention Hotline has information about the 90 day deferment and they can help families if concerned about foreclosure. 1-877-601-4673.
Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com
Joan@JoanCox.com
When the homeowner is in a foreclosure process, this means the county Public Trustee has received filed documents from the lender, and the lienholder has posted this document physically on the home.
Eligibility does not mean that the homeowner will qualify automatically for this deferement, but a housing counselor can help them make good decisions for their family. Some rules are:
1. The home must be owner-occupied.
2. The home must be a primary residence.
3. The mortgage cannot be greater than $500,000.
4. The homeowner must have some source of income that allows them to make two-thirds of their regular mortgage payment.
5. The homeowner must continue actively working with a HUD-approved housing counselor to negotiate with their mortgage company.
The Colorado Foreclosure Prevention Hotline has information about the 90 day deferment and they can help families if concerned about foreclosure. 1-877-601-4673.
Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com
Joan@JoanCox.com
Friday, August 7, 2009
Denver's Housing Market
It was announced in Reuters August 6th, that Denver had the smallest percentage of decrease in pricing for sellers for the month of July! Denver and Raleigh-Durham had the least amount of slashing in the country, and ended up being no more than 5%! That is pretty good, considering what the past year (2008) looked like if sellers HAD to move!
Las Vegas seems to still be the place to purchase, as they slashed approximately 23% off original list price! That still sounds like a buyer's market out there in the heat!
All indicators are still saying Denver is the Place To Be! Our economic indicators, weather and outdoor activities are absolutely fabulous!
Joan Cox
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com
Joan@JoanCox.com
Las Vegas seems to still be the place to purchase, as they slashed approximately 23% off original list price! That still sounds like a buyer's market out there in the heat!
All indicators are still saying Denver is the Place To Be! Our economic indicators, weather and outdoor activities are absolutely fabulous!
Joan Cox
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com
Joan@JoanCox.com
Monday, August 3, 2009
Denver Metro Inventory
Just heads up, if you are a first time home buyer, and in the price range under $200,000, you will need to be patient when looking for your home! MANY buyers are entering the market, snagging these homes quickly!
In this price range, you will find many bank owned, and many short sales available, both needing patience. HUD properties are typically selling for $20-30,000 more than list price. If you are an FHA buyer, you cannot offer more than list price - there is an FHA appraisal on the property. If you have a lease that will expire, you may need to check on the availability of month to month. Short sales can take from 2-12 months to close, depending on what bank you are dealing with.
REMINDER: The $8000 stimulus check is awaiting YOU, but you HAVE to close by 11/30/09! As we close in on this date, the inventory will get slimmer and slimmer!
ARE YOU STILL WAITING FOR THE MARKET TO DROP?
Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
720-231-6373
www.JoanCox.com
In this price range, you will find many bank owned, and many short sales available, both needing patience. HUD properties are typically selling for $20-30,000 more than list price. If you are an FHA buyer, you cannot offer more than list price - there is an FHA appraisal on the property. If you have a lease that will expire, you may need to check on the availability of month to month. Short sales can take from 2-12 months to close, depending on what bank you are dealing with.
REMINDER: The $8000 stimulus check is awaiting YOU, but you HAVE to close by 11/30/09! As we close in on this date, the inventory will get slimmer and slimmer!
ARE YOU STILL WAITING FOR THE MARKET TO DROP?
Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
720-231-6373
www.JoanCox.com
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