Shelli Dore’s Real Estate Blog

Posts Tagged ‘Coloraodo

The Treasury Department unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can’t get a price high enough to pay off their mortgages. Homeowners will even get $1,500 to help cover their moving costs.

The plan is designed to help homeowners who don’t have the income or debt levels to qualify for a loan modification under the Obama administration’s $75 billion Making Home Affordable program.

The plan establishes timelines, a standard process and documents, and cash incentives for participation.

“There’s always efficiency with uniformity,” said Vicki Vidal of the Mortgage Bankers Association. “It makes it easier for the parties involved to know what to expect.”

“Short sales” reduce the damage to the borrower’s credit record and save the lenders the cost of foreclosure. Short sales also help property values because the sales price is usually higher than what it would be in a foreclosure auction.

To qualify under the new guidelines:

• The property must be the home owner’s principal residence.

• The homeowner is delinquent on the mortgage or default looks likely.

• The loan was made before Jan. 1 this year and is less than $729,750.

• The borrower’s total monthly mortgage payment exceeds 31 percent of before-tax income.

Posted: 12/02/2009 01:00:00 AM MST
The Associated Press
www.denverpost.com

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Your friend in the real estate business,

Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

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Your friend in the real estate business,

Shelli Dore

Friend me on Facebook!
Connect with me on LinkedIn!
Follow me on Twitter!

…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

If you are looking for something fun to do, consider a trip to the Cheyenne Mountain Zoo!  The setting is gorgeous and you can get up close to almost every animal.  Really amazing!

 

It was reported last week that foreclosure filings FELL 10% from December to January. Foreclosure prevention efforts by lenders and the government seem to be having an impact.

In addition, Treasury Secretary Geithner announced last Tuesday a $50 billion initiative to help borrowers stay in their homes. Expect specifics in a few weeks.

We also had the median price for single family resale homes dropping in a majority of metro areas, year over year. But Q4 sales increased in six states, a sign that prices are adjusting to levels buyers don’t want to pass up.

We even had home prices RISING in ten metro areas across the country.

On Tuesday The Wall Street Journal reported the number of homes listed for sale declined 2.5% in January in 29 major metro areas. This is particularly encouraging because January is a month when the inventory normally increases after the holiday sales lull.

Finally, interest rates on fixed-rate mortgages dropped last week. Freddie Mac’s weekly survey of conforming mortgages reported that 30-year fixed-rate mortgages averaged 5.16% for the week ending February 12, down from 5.25% the previous week. To get this rate, borrowers had to pay an average of 0.7 points.

The 30-year fixed rate is now down almost 1.5% from its peak last year!

Now is a great time to buy!  Please do not hesitate to contact me with any questions.


Your friend in the Real Estate business,

Shelli Dore
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RISMEDIA, February 13, 2009—Understandably, homeowners who apply for a loan modification tend to get a little antsy and perhaps even annoyed when they apply for a loan modification and then fail to hear anything for several weeks… Continued

Your friend in the Real Estate business,

Shelli Dore

Find me on Facebook!
Connect with me on LinkedIn!

…Remember!  The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first!  I can help make sure your friends, family members and work associates are very well taken care of.


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