Short Sale Myths

Short Sale Myths
Being a full time, professional Realtor I am reminded daily that Short Sales aren’t going away anytime soon. Unfortunately, neither are some of the myths that surround short sales. Below are some of the myths Short Sale buyers and sellers will probably encounter in today’s market! Myth 1: The standard short sale or process Fact: There is no such thing as typical, “normal,” or standard when it comes to short sales. Some of the questions I am asked daily are: What’s the standard amount of time for the bank to apprive or deny a short sale? How much, in general, is a bank...
read more

WARNING: Bankruptcy isn’t a FIX-ALL!

WARNING: Bankruptcy isn’t a FIX-ALL!
So I woke up to quite a few emails today asking me about an article CNN had run on their money site. You can view the article HERE. People want to know if they would be able to keep their home by filing for bankruptcy. As I have stated on the Alternatives page of this site, a Bankruptcy, more often than not, will most likely only delay a foreclosure. Of course each case is different and if you have questions, you should consult a bankruptcy attorney. Disclaimer aside, below are the reasons I have found as to why a bankruptcy will only delay a foreclosure. A Chapter 7 bankruptcy will relieve a debtor...
read more

Lender modifications outpacing Government modifications!

Lender modifications outpacing Government modifications!
Lender Modifications outpacing HAMP modifications Recent Statistics show lenders’ modifications, sometimes referred to as alternative modifications, are outpacing HAMP modifications. Despite the federal government backing the Home Affordable Modification Program (HAMP) with $50 billion dollars the program has only produced 389,198 modifications since it’s inception in spring 2009 through June of this year. Lender modifications are happening far more frequently! According to Hope Now, lenders in 2010 alone have completed more than 800,000 modifications. Newer modifications are showing better...
read more

Colorado Loan Modifications Drop 24%

Colorado Loan Modifications Drop 24%
Home Affordable Modification Program (HAMP) active trial modifications in  Colorado dropped to 4,870 in June. That is a decrease of 24% from May. 60% of the trial modifications that dropped out had been in the program 6 months or more. One of the reasons for the dropout appears to be homeowner’s frustration of having to continually resubmit paperwork. Shannon Peer, director of housing counseling for Brothers redevelopment which runs the Colorado Foreclosure Prevention hotline, recently commented: “… we are seeing a much larger percentage of people who get frustrated by having to...
read more

Federal foreclosure efforts failing

Federal foreclosure efforts failing
WASHINGTON — “The Obama administration’s effort to help those at risk of losing their homes is failing to aid many and could spur a rise in foreclosures that would further depress the housing industry.” Alan Ziebel, an AP writer, published a brief article today discussing the troubles with the federal foreclosure programs. It’s a brief article and worth reading. It does a good job of highlighting exactly how foreclosure affect new home construction and real estate pricing. “As a result, the economic rebound could suffer. Each new home built creates, on average, the...
read more