Buying Denver real estate can be a lengthy process, especially when buying a Denver short sale or a foreclosure property where the motto is hurry up to wait.  The lengthiness can be frustrating, especially when you have completed everything asked of you.  For example, filling out loan paper work can lead to weeks of waiting to hear whether or not you have been approved.  The question is, is there anything you can do to speed up the process?

The best way to quicken the pace of a real estate transaction or loan approval is to make sure that all of your Is are dotted and your Ts are crossed.  Any forms that are missing information can hold the entire real estate process up, especially in a short sale transaction.

New legislation has been passed to improve the short sale process and the length of time it takes to get a deal done.  Using a Denver REALTOR® who has experience with short sales can definitely help speed the process along as well.

The bottom line is that organization and preparation will speed the Denver real estate process up, but patience remains a virtue.  Choosing an experienced REALTOR® to work with is one of your best lines of defense, ensuring a smoother and quicker process from start to finish.

For more information on what you can do to speed up the Denver real estate process, please contact TeamCox Realtors at 303-400-6060.

 Sourced from: Internal Kinetic Real Estate Library

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There was more good news released last week on the Colorado foreclosure front. The report from the Colorado Division of Housing revealed the following:

• Both foreclosure filings and sales at auction were down in October 2011 when compared to October 2010.
• Filings rose to the second-highest filings total reported in 9 months, but were down 3.3 percent from September’s total.
• Foreclosure sales at auction fell to the lowest total recorded since April 2008.
• Auction sales were down 28 percent over October last year and that foreclosure sales fell from more than 1,300 in 2010 to around 940 from last year.
• New foreclosure filings foreclosure filings in October decreased 23.2 percent with totals falling from 3,059 to 2,350.

Thankfully, the downward trend in foreclosures is expected to continue. However, as the holidays approach, TeamCox Realtors realizes that there are still many struggling Denver homeowners out there. If you are in trouble, please contact us at 303-400-6060, so we can help you. We are trained Certified Distressed Property Experts, who are experts in helping distressed Denver homeowners avoid foreclosure through short sales, loan modifications and more.

This is great news for the health of the Denver real estate market, which continues to rebound.

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As a follow-up to the post, “Will Obama’s New Mortgage Plan Help Colorado?,” TeamCox Realtors wanted to add a few more thoughts.

Will the government’s latest effort really help our beleaguered housing industry? We remain skeptical of it. Last week, President Obama announced stepped-up refinancing plan to let qualified homeowners refinance mortgages, regardless of how much their homes have dropped in value. This is an expansion of the current HARP program that has only assisted 20% of those the government were trying to help. That is an 80% failure rate! We question what the new ground rules will be with this new program as we have not heard all the details yet but they are promised by November 15th! I will pass those along to you as soon as I have them. This program will only be for those borrowers who have loans serviced by Fannie Mae or Freddie Mac.

Here is what we do know:

• The current LTV must be over 80%
• Borrowers must be current on their mortgage; not have missed any mortgage payments in the last six months and not have missed more than one payment in the last 12 months.
• Homeowner’s must have a FNMA or FHLMC mortgage dated prior to 5/31/2009.If you are a distressed homeowner in Denver, there are many options for you. Please contact TeamCox Realtors at 303-400-6060 if you need help. We are trained to help homeowners avoid foreclosure in Denver.

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President Obama unveiled a new mortgage plan last week, aimed at reducing monthly mortgage payments for distressed homeowners who owe more than their properties are worth (more than 125 percent of the value of their home). He announced steps for these homeowners to refinance their loans at low rates (around 4 percent).

Is this plan going to help distressed Denver homeowners? Not necessarily. One million borrowers may qualify across the county, but this is only 10 percent of people who need help. Why? The program is limited to those who owe more than 25 percent above the current value of their homes and there are many other obstacles, inlcluding qualification barriers and high upfront costs.

According to a recent Denver Post article, the program will have limited impact in Colorado since it hasn’t experienced a severe real estate downturn. Thankfully, it’s hard to find Colorado homeowners who owe more than 125 percent of the value of their homes. The program will have a stronger impact on states like California, Arizona and Florida, where home values have fallen dramatically over the past few years.

Despite this, nearly 21 percent of mortgages in Colorado are under water, or worth less than the amount owed, so while this new program may not be the answer, there are many other options.

TeamCox Realtors - Denver real estate specialists – is a Certified Distressed Property Expert, or CDPE. We are trained to help distressed Denver homeowners explore all of their options to avoid foreclosure, including short sales, loan modifications and much more. If you are having trouble with your mortgage, or owe more than your home is worth, please contact us at 303-400-6060.

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There is good news on the Denver real estate front! A recent RealtyTrac report reveals that while Colorado still has the tenth highest foreclosure rate in the country, foreclosures continue to decline across the state.  In September, there were 4,855 Colorado foreclosure filings, which equates to one out of every 447 housing units. This is the tenth highest foreclosure rate in the country. While this is one “top ten” list we don’t want to be included on, Colorado once topped this dreaded list at the onset of the real estate meltdown.

The national foreclosure rate is also declining with foreclosure filings on 214,855 properties in September, which is a 6 percent decrease from August and a 38 percent decrease from September 2010. Nevada had the highest foreclosure rate in the country in September (one out of every 44 households).

While it is great news that Colorado’s foreclosure rate is falling, we realize that there are still many distressed Denver homeowners. If you are having trouble making your monthly mortgage payment, please contact TeamCox Realtors at 303-400-6060. We are trained Certified Distressed Property Experts, or CDPEs, and are here to help you explore your options, including short sales or loan modifications.

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There is good news on the Denver real estate front! According to recent numbers released by the Colorado Division of Housing, Colorado foreclosures fell 28.2 percent during the first half of 2011 (15,34 foreclosures) from the first half of 2010 (21,369 foreclosures).

While this is encouraging news, we realize that there are many distressed Denver homeowners still out there and that there are many Colorado foreclosures still in the pipeline.

TeamCox Realtors has undergone extensive training to become a Certified Distressed Property Expert (CDPE). We help Denver homeowners explore their options to avoid foreclosure, including short sales, loan modifications, etc. Please contact us at 303-400-6060 so we can discuss your options – one Colorado foreclosure is too many.

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The national mortgage delinquency rate (the rate of borrowers 60 or more days past due) decreased for the sixth consecutive quarter, dropping to 5.82 percent at the end of the second quarter in 2011 according to a quarterly analysis of credit-active U.S. consumers by TransUnion.

Although mortgage delinquencies were expected to continue to drop, the Q2 2011 TransUnion data released recently shows mortgage delinquency rates improved on a quarterly basis by 5.98 percent, more than any time since the recession officially ended two years ago.

“While relatively low home prices and high unemployment continue to exert upward pressure on delinquency rates, they are more than offset by the impact of more conservative lending policies reflecting consumers with higher credit scores,” says Tim Martin, group vice president of the U.S. Housing Market in TransUnion’s financial services business unit. “Not only are these consumers less likely to default if house prices continue to edge downward throughout the year, but their willingness to repay their debt obligations in the face of high unemployment rates is greater. It is because of these dynamics that lenders today take a much closer look at the borrower’s income history and overall debt situation than before the recession began in 2007.”

Between the first and second quarters of 2011, 49 states and the District of Columbia experienced declines in their mortgage delinquency rates with Vermont being the only state to experience an increase. On a more granular level, 79 percent of metropolitan areas saw declines in their mortgage delinquency rates in Q2 2011. This is an improvement compared to Q1 2011 when 68 percent of metropolitan statistical areas (MSA) experienced a decline their mortgage delinquency rates. In Q4 2010, only 44 percent of MSAs experienced such a decline.

TransUnion forecasts that mortgage borrower delinquency rates will continue to drift downward for the remainder of 2011, as economic conditions begin to slowly recover and tighter lending standards offset the impact of falling home prices.

“Mortgage delinquencies have shown six straight quarters of improvement and the pace of the improvement seems to be picking up speed. This is encouraging news. However, at their current level, nearly three times the pre-recession ‘norm,’ and the current pace of improvement, we may not see ‘normal’ delinquency rates until the end of 2015,” says Martin.

If you are a distressed Denver homeowner, please contact TeamCox Realtors – Denver real estate specialists - at 303-400-6060. Our team  has undergone extensive training in helping Denver homeowners avoid foreclosure. We will help you explore your options and get back on track once again.

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Colorado’s foreclosure picture continues to improve. Realty Trac recently released updated numbers, revealing that Colorado’s foreclosure activity (during the first six months of 2011) fell 14.7 percent from last year. Colorado’s current foreclosure rate is one out of every 84 housing units.

This is great news regarding the health of the Denver real estate market. The bad news is that foreclosures continue to plague Colorado more than most states, ranking ninth in the number of foreclosures across the country. This trend has lingered since the beginning of the housing crisis – Colorado once topped the nation in its number of foreclosures.

One foreclosure is too many since there are many options to avoid foreclosure, including loan modification, a short sale, etc. For more information on foreclosures in the Denver real estate market, please contact TeamCox Realtors at 303-400-6060. As a trained Certified Distressed Property Expert (CDPE), we specialize in helping distressed Denver homeowners avoid foreclosure.

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There is some good news on the Colorado foreclosure front! The Colorado Division of Housing released a report this week, revealing that new Colorado foreclosure filings fell to 8,115 during the first quarter, a 27 percent decrease from the first quarter of 2010 (11,136 filings).  Foreclosure filings are at the lowest level since the third quarter of 2008, and have fallen 35 percent below 2009’s third quarter total, which was the peak of the foreclosure crisis.

Although this is positive news for the Denver real estate market, there are still many distressed homeowners out there. If you are struggling to make your monthly mortgage payment, please contact TeamCox Realtors at 303-400-6060. TeamCox Realtors has undergone the extensive training as CDPEs, or Certified Distressed Property Experts. We are here to get you back on the right track.

Avoid Foreclosure in Denver

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According to a recently released RealtyTrac report, Colorado’s foreclosure rate has not fallen as quickly as other states, leaving it stuck in the ninth worst spot in the nation. In Colorado, one out of every 157 homes is in some state of foreclosure activity, compared to one out of every 191 homes nationally. Sadly, only 7 percent of homes facing foreclosure in Colorado are ever listed with a Realtor.

If you are facing foreclosure, it is crucial that you communicate with your lender, and make an attempt to sell the home. A short sale looks far better on a borrower’s credit report than a bank foreclosure, making it a far easier obstacle to overcome down the road.

As 2011 chugs along, we are hopeful that this will be the last year of runaway short sales and foreclosures.  We are very encouraged by some positive signs we are seeing, but there are many homeowners still out there who are stressed with not being able to meet their monthly mortgage payment. They find themselves in a position that they never thought they would be in, not necessarily from a “bad” mortgage that a lender instigated, but from an unforeseen illness, a divorce, or a job loss.

 If you, or someone you know, are among the millions of homeowners facing the prospect of foreclosure, understand that you are not alone. Unfortunately, too many distressed homeowners proceed without assistance or advice from a trained short sale expert. The situation goes from bad to worse when a desperate homeowner is taken advantage by an unreputable business that collects up front money, delivering nothing in return.  Now more than ever, you need to find an advocate for you and your family’s interests, one who is prepared to handle your specific needs.

As real estate professionals with the Certified Distressed Property Expert (CDPE) Designation, TeamCox Realtors has undergone extensive training to understand the options, solutions, and effective methods for dealing with homeowners facing hardships. Don’t risk your financial future and the potential sale of your home with an agent who does not have all the solutions. As CDPEs, we fully understand that saving a home can save a life, which can save a family, which can save a future.

 If you are a distressed Denver homeowner, please contact us at 303-400-6060 so we can help you get back on track.

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