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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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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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.

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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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The Colorado Division of Housing released its monthly foreclosure report last week, and there is good news to report! Foreclosure sales in January 2011 (1,917) in Colorado’s 12 largest counties decreased 21.8 percent from January 2010.  In Denver, foreclosure sales fell 25 percent last month from January 2010, but increased 19.2 percent from December 2010.

Foreclosure filings, the first stage in the foreclosure process that usually results in a foreclosure sale, or is halted by lender negotiations, are declining. January foreclosures filings (2,669) in Colorado’s urban counties decreased 1.1 percent from last year, and fell 6.7 percent from December 2010. Denver saw a similar trend with a 16 percent year-over-year decrease in foreclosure filings.

Unfortunately, officials from the Division of Housing warned in the report that the foreclosure crisis in Colorado is far from over.

If you are a distressed homeowner in Denver, please contact TeamCox Realtors at 303-400-6060. We are trained CDPEs, or Certified Distressed Property Experts, and can assist you with Denver short sales or a loan modification to avoid foreclosure.

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There is good news on the Colorado foreclosure front this Christmas. Foreclosures in Colorado’s 12 most populated counties declined last month, according to the Colorado Division of Housing. The number of foreclosures in Colorado’s largest counties decreased 4.2 percent to 2,932 from 3,059 from October to November.

Unfortunately, these numbers may provide a bit of false hope since many lenders still had a backlog of foreclosures to process after foreclosure sales were halted this fall. Overall, though, Colorado, has experienced a decreasing foreclosure rate from last year, which is good news for the overall Denver real estate market.

If you are looking to avoid foreclosure in Denver, please contact TeamCox Realtors.  We are trained CDPE specialists, or “Certified Distressed Property Experts,” who specialize in helping distressed Denver homeowners. The holidays can be a particularly stressful time financially, so please contact us at 303-400-6060, if you need help with Denver short sales, or doing a possible loan modification.

Colorado Foreclosure Update

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Where are the most short sales in Denver?

According to a recent article in the Business Journal, at the end of the first quarter of this year, there were 2,492 single-family short sales in the Denver real estate market. Which county had the most short sales listed for sale?  Arapahoe County had the most listed short sales (624), and was followed by Adams (581), Denver (497), Jefferson (393) and Douglas (387) counties. Adams County saw a 34 percent decrease in the number of short sales, which was the largest drop. Short sales continue to plague Arapahoe County, which had the smallest decrease at 2 percent.

Many Denver real estate experts expect to see more short sales in 2010 than in 2009 as more sellers become aware of the process, and new government guidelines make short sales easier.

If you are a distressed homeowner in the Denver area, please contact Arapahoe-county based TeamCox Realtors at 303-400-6060 for assistance. We are Certified Distressed Property Experts, or CDPEs, trained to help homeowners avoid foreclosure in Denver. There are many options to explore before going through a harrowing foreclosure, including loan modification,  Denver short sale, and many more. We are here to help, so please give us a call at the first sign of trouble paying your mortgage.

Short Sales in Denver

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Several states, including California, Florida, Michigan, and Arizona, plan to bail out their troubled homeowners, using a total of $1.4 billion that the Obama Administration is allotting them. The money will go to help unemployed and underwater homeowners with their mortgage troubles. The plans vary by state, but have two things in common – paying all of part of troubled homeowners’ mortgages for up to two years, and paying down underwater loan balances. Several other states, including Nevada and North Carolina, are also receiving federal funds, but their plans are unknown at this time.

This new plan is obviously very controversial. Advocates for it say it is best to stall the foreclosure crisis that is dragging down property values across the country. Opponents say that it is enabling people to not pay their mortgages and it is immoral.

No luck right now for distressed homeowners in Denver. If you need help avoiding foreclosure in Denver, please contact Team Cox Realtors at 303-400-6060. As trained CDPEs, or Certified Distressed Property Experts, we specialize in helping homeowners find other options other than foreclosure, including Denver short sales, or loan modifications.

How do you feel about this? We want to hear from you so please comment below!

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There were some new short sale guidelines implemented last month that are already having a large impact on Denver short sales. While they do not apply to Fannie Mae and Freddie Mac loans, they do apply to any lender participating in the Obama Administration’s Home Affordable Modification Program, including Bank of America and JP Morgan Chase.  The new guidelines (implemented at the beginning of April) include:

-Banks must now respond to a short sale offer within 10 days. This is a huge relief to Denver buyers and sellers who have waited up to six months for a response in some cases.

-Denver short sale sellers will now receive a $3,000 relocation allowance. They are also relieved of any responsibility for the remaining debt.

- As of April 5th, lenders now receive $1000 to cover administrative expenses and any second lien holder will also get $1,000.

For information on short sales in Denver, please contact TeamCox Realtors at 303-400-6060. We are trained Certified Distressed Property Experts, or CDPEs,specializing in helping distressed Denver homeowners avoid foreclosure in Denver.

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Short Sales in Denver

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