Summit County Real Estate Blog

The correlation between grief and the short sale process

2010-03-03T14:45:00Z

5 Stages of Grief in a Short Sale As a former Social Worker I am reminded of Elizabeth Kubler-Ross book "On Death and Dying' and the five stages a terminally ill patient goes through when informed of their life threatening illness. The five stages she identifies in her book are: Denial ( this isn't happening to me!) Anger( why is this happening to me?) Bargaining ( I promise I'll be better person if...) Depression ( I don't care anymore) Acceptance ( I'm ready for whatever...(read more)

Why now is a great time to buy real estate!

2010-01-11T17:26:00Z

Check out this clip! CNBC’s Ron Insana, author of “How to Make a Fortune From the Biggest Bailout in U.S. History,” has tips for gaining back some of the investments your retirement savings may have lost in the last year. http://today.msnbc.msn.com/id/26184891/vp/34724700#34724700...(read more)

Halloween a huge success on Frisco Main Street

2009-12-09T17:34:00Z

Our Century 21 office handed out more than 1200 pieces of candy during the recent Treat Street on Main on October 31st. I have attached some pictures of the fun for you all to see....(read more)

Florida Attorney General halts foreclosures from Taylor Bean and Whitaker

2009-08-26T23:24:00Z

TALLAHASSEE, Fla. – Aug. 24, 2009 – Florida’s Office of Financial Regulation took more action Friday against Ocala-based Taylor, Bean & Whitaker Mortgage Corp., ordering the company to cease foreclosures, late charges and adverse reports to credit bureaus about customers. It is state regulators’ second move this month involving the Ocala operation. On Aug. 7, they ordered Taylor Bean to cease mortgage lending activities after federal housing officials announced it was...(read more)

Amy Smits receives new Short Sale and Distressed Property designation CDPE

2009-07-15T19:42:00Z

AMY SMITS EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE Amy Smits of CENTURY 21 Gold in Frisco, CO has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when distressed homeowners are in, or attempting to avoid the foreclosure process. Short sales allow the cash-strapped seller to repay the mortgage at the price that...(read more)

The importance of staging

2009-04-27T20:00:00Z

“I wish we had staged my house sooner!” I hear this all the time from clients after I’ve staged their condo/house for sale. Most recently at a $6.2 million listing in Breckenridge, but also at a $100,000 condo in Boulder. Unfortunately, many homeowners employ the following strategy: We’ll list the home vacant or tired-looking, then we’ll wait and see if it sells before we decide to stage it. All realtors can tell you that the traffic of potential buyers is greatest when...(read more)

Synapsis of Second Home and Investors from the National Association of Realtors Survey

2009-03-31T19:45:00Z

Here is some great info from a survey that was just completed. The typical vacation-home buyer in 2008 was 46 years old, had a median household income of $97,200, and purchased a property that was a median of 316 miles from their primary residence; 35 percent were within 100 miles and 36 percent were 500 miles or more. When asked about their reasons for purchasing a vacation home, 89 percent of buyers wanted to use the home for vacation or as a family retreat; 27 percent to diversify investments;...(read more)

How not to sell your house.

2009-03-25T18:10:00Z

Oh how true this is! http://realestate.msn.com/slideshow.aspx?cp-documentid=16430909...(read more)

53 Hunkidori Ct.

2009-03-20T15:55:00Z

• 977 sq. ft., 2 bath, 2 bdrm single story - MLS® $629,000

Keystone, Summit County - Rare 2 bedroom lock-off. Live or vacation in one and rent the other. All the amenities you would expect in River Run. Overlooks the pool. Underground parking w/ convenience of an elevator. Ski lockers. Steps away from the new gondola! Rentals!!!!!!!!!

Property information

765 Mountain View Dr.

2009-03-20T15:54:00Z

• 1,792 sq. ft., 2 bath, 3 bdrm 2 story - MLS® $319,900

Fairplay, Park County - Great 3 bedroom 2 bath home in Valley of the Sun. Big wrap around deck with nice mountain views and easy access to HWY 9. Sound proof insulation between levels. Fully furnished to sleep 10 people. Too many improvements to list~

Property information

146 Broken Lance Ln.

2009-03-20T15:53:00Z

• 897 sq. ft., 1 bath, 1 bdrm single story - MLS® $307,000

Breckenridge, Summit County - What a location! Views! Rentals! In town, near base of Peak 9 pool & hot tubs. One bedroom + spacious loft. Gas log fireplace, top corner unit. Deck off living room. Hardwood floors, infloor heat in tiled bathroom. WiFi includedMountain Views! Light and Bright Priced to Sell!

Property information

3401 Ryan Gulch Rd.

2009-03-20T15:52:00Z

• 1,030 sq. ft., 2 bath, 3 bdrm single story - MLS® $289,000

Wildernest, Silverthorne - Walk into equity in this Fixer upper or fix and flip 3 bedroom, 2 bath condo with great views from the large deck, a huge storage closet, wonderful open floor plan and a washer and dryer in the master bathroom. This property is perfect for that get awayweekend, or a wonderful family home. Lowest priced 3 bedroom in Wildernest!

Property information

8021 Ryan Gulch Rd

2009-03-20T15:48:00Z

Cheapest 2Bd in Summit CO

• 552 sq. ft., 1 bath, 2 bdrm single story - MLS® $185,000

Wildernest, Silverthorne - Located in the heart of Wildernest this condo is a fantastic buy. Vaulted ceilings, top floor solitude all add up to an amazing value at only $185K. Cash flow from day one if you choose to rent it or a great weekend getaway if you are from the Front RangeLocals will find the location perfect for hopping on the Summit Stage or heading to the slopes. Don't wait....this one won't last long!

Property information

Here is the short version of the $8000 tax credit

2009-03-19T23:45:00Z

Buy a home between January 1, 2009 and December 1, 2009.
Get $8,000 Federal Tax Credit when you file your 2009 Tax Return (or sooner, see below).
This does not have to be repaid. (UNLESS: You sell the home within 3 years)
If you and your spouse make a combined income of less than $150,000 annually, or if you are single and make less than $75,000 annually, you qualify for the full $8,000 tax credit. If your income is higher, you may qualify for a partial tax credit.
You may not have owned a home during the past 3 years to qualify. If you're married, your spouse can't have owned a home either.
The credit is 10% of the purchase price of the home, up to $8,000 . If you buy a home with a purchase price of at least $80,000, you get the full $8,000 credit.
The tax credit is refundable. That means that if you owe no taxes, you can choose to have the government send you the $8,000 as a refund.
You can elect to claim the tax credit on your 2008 return , meaning you can get the credit this year, even though you didn't buy the home until 2009. This may be helpful to those who know that they will make more than $150,000 combined in 2009.
If you closed on a home early in 2009 and have already filed your 2008 return, you can submit an amended return.
If you bought your home between April 9, 2008 and December 31, 2008, you cannot claim the $8,000 tax credit that does not have to be repaid. You can still claim the $7,500 tax credit that has to be repaid over 15 years.

While you are at the NAHB site, you can check out other links that will take you to explanations of other provisions of the stimulous package. This is a great resource for getting some answers to your other questions about the stimulous plan.

For purposes of the tax credit, a first time homebuyer is someone who has not owned a home for three years from the date of closing on a new home . If you or anyone you know would qualify, and be in a position to take advantage of this incentive, it is an absoluutly FABULOUS gift of $8000 that may never come your way again! If you don't owe $8000 in income tax, you will get a check from the government with no restrictions on what you do with it, and no requirement to pay it back.

Questions and Answers about the Homeowner Stability Initiative

2009-03-19T16:31:00Z

Questions and Answers for Borrowers about the
Homeowner Affordability and Stability Plan

Borrowers Who Are Current on Their Mortgage Are Asking:

What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?

Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.

I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?

Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.

How do I know if I am eligible?

Complete eligibility details will be announced on March 4th when the program starts. The criteria for eligibility will include having sufficient income to make the new payment and an acceptable mortgage payment history. The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.

I have both a first and a second mortgage. Do I still qualify to refinance under the Homeowner Affordability and Stability Plan?

As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible to refinance under the Homeowner Affordability and Stability Plan. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.

Will refinancing lower my payments?

The objective of the Homeowner Affordability and Stability Plan is to provide creditworthy borrowers who have shown a commitment to paying their mortgage with affordable payments that are sustainable for the life of the loan. Borrowers whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Borrowers who are paying interest only, or who have a low introductory rate that will increase in the future, may not see their current payment go down if they refinance to a fixed rate. These borrowers, however, could save a great deal over the life of the loan. When you submit a loan application, your lender will give you a "Good Faith Estimate" that includes your new interest rate, mortgage payment and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.

What are the interest rate and other terms of this refinance offer?

The objective of the Homeowner Affordability and Stability Plan is to provide borrowers with a safe loan program with a fixed, affordable payment. All loans refinanced under the plan will have a 30 or 15 year term with a fixed interest rate. The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by the lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans will have no prepayment penalties or balloon notes.

Will refinancing reduce the amount that I owe on my loan?

No. The objective of the Homeowner Affordability and Stability Plan is to help borrowers refinance into safer, more affordable fixed rate loans. Refinancing will not reduce the amount you owe to the first mortgage holder or any other debt you owe. However, by reducing the interest rate, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.

How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?

To determine if your loan is owned or has been securitized by Fannie Mae or Freddie Mac and is eligible to be refinanced, you should contact your mortgage lender after March 4, 2009.

When can I apply?

Mortgage lenders will begin accepting applications after the details of the program are announced on March 4, 2009.

What should I do in the meantime?

You should gather the information that you will need to provide to your lender after March 4, when the refinance program becomes available. This includes:

information about the gross monthly income of all borrowers, including your most recent pay stubs if you receive them or documentation of income you receive from other sources
your most recent income tax return
information about any second mortgage on the house
payments on each of your credit cards if you are carrying balances from month to month, and
payments on other loans such as student loans and car loans.

Borrowers Who Are at Risk of Foreclosure Are Asking:

What help is available for borrowers who are at risk of foreclosure either because they are behind on their mortgage or are struggling to make the payments?

The Homeowner Affordability and Stability Plan offers help to borrowers who are already behind on their mortgage payments or who are struggling to keep their loans current. By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.

Do I need to be behind on my mortgage payments to be eligible for a modification?

No. Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.

How do I know if I qualify for a payment reduction under the Homeowner Affordability and Stability Plan?

In general, you may qualify for a mortgage modification if (a) you occupy your house as your primary residence; (b) your monthly mortgage payment is greater than 31% of your monthly gross income; and (c) your loan is not large enough to exceed current Fannie Mae and Freddie Mac loan limits. Final eligibility will be determined by your mortgage lender based on your financial situation and detailed guidelines that will be available on March 4, 2009.

I do not live in the house that secures the mortgage I’d like to modify. Is this mortgage eligible for the Homeowner Affordability and Stability Plan?

No. For example, if you own a house that you use as a vacation home or that you rent out to tenants, the mortgage on that house is not eligible. If you used to live in the home but you moved out, the mortgage is not eligible. Only the mortgage on your primary residence is eligible. The mortgage lender will check to see if the dwelling is your primary residence.

I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible?

Yes. Mortgages on 2, 3 and 4 unit properties are eligible as long as you live in one unit as your primary residence.

I have two mortgages. Will the Homeowner Affordability and Stability Plan reduce the payments on both?

Only the first mortgage is eligible for a modification.

I owe more than my house is worth. Will the Homeowner Affordability and Stability Plan reduce what I owe?

The primary objective of the Homeowner Affordability and Stability Plan is to help borrowers avoid foreclosure by modifying troubled loans to achieve a payment the borrower can afford. Lenders are likely to lower payments mainly by reducing loan interest rates. However, the program offers incentives for principal reductions and at your lender’s discretion modifications may include upfront reductions of loan principal.

I heard the government was providing a financial incentive to borrowers. Is that true?

Yes. To encourage borrowers who work hard to retain homeownership, the Homeowner Affordability and Stability Plan provides incentive payments as a borrower makes timely payments on the modified loan. The incentive will accrue on a monthly basis and will be applied directly to reduce your mortgage debt. Borrowers who pay on time for five years can have up to $5,000 applied to reduce their debt by the end of that period.

How much will a modification cost me?

There is no cost to borrowers for a modification under the Homeowner Affordability and Stability Plan. If you wish to get assistance from a HUD-approved housing counseling agency or are referred to a counselor as a condition of the modification, you will not be charged a fee. Borrowers should beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent loan, especially if they require a fee in advance.

Is my lender required to modify my loan?

No. Mortgage lenders participate in the program on a voluntary basis and loans are evaluated for modification on a case-by-case basis. But the government is offering substantial incentives and it is expected that most major lenders will participate.

I'm already working with my lender / housing counselor on a loan workout. Can I still be considered for the Homeowner Affordability and Stability Plan?

Ask your lender or counselor to be considered under the Homeowner Affordability and Stability Plan.

How do I apply for a modification under the Homeowner Affordability and Stability Plan?

You may not need to do anything at this time. Most mortgage lenders will evaluate loans in their portfolio to identify borrowers who may meet the eligibility criteria. After March 4 they will send letters to potentially eligible homeowners, a process that may take several weeks. If you think you qualify for a modification and do not receive a letter within several weeks, contact your mortgage servicer or a HUD-approved housing counselor. Please be aware that servicers and counseling agencies are expected to receive an extraordinary number of calls about this program.

What should I do in the meantime?

You should gather the information that you will need to provide to your lender on or after March 4, when the modification program becomes available. This includes

information about the monthly gross income of your household including recent pay stubs if you receive them or documentation of income you receive from other sources
your most recent income tax return
information about any second mortgage on the house
payments on each of your credit cards if you are carrying balances from month to month, and
payments on other loans such as student loans and car loans.

My loan is scheduled for foreclosure soon. What should I do?