For Sale: 4BR/2+1BA Bank Owned Family House in Parker, CO, $292,900

For Sale: 4BR/2+1BA Single Family House in Parker, CO, $292,900

Check out this bank owned home and search more for FREE at http://www.real-estate-denver-colorado.com/.

To talk to an agent, call today (303) 840-9252.

For Sale: 3BR/3BA Single Family House in Parker, CO, $259,900

For Sale: 3BR/3BA Single Family House in Parker, CO, $259,900

Check out more homes like this at http://www.real-estate-denver-colorado.com/. Call us today at (303) 840-9252.

More Short Sale Info

More Short Sale Info

Last Friday we discussed HAFA—Home Affordable Foreclosure Alternatives which is a government program to speed up the short sale process.

Under HAFA borrowers are provided pre-approved short sale terms.

HAFA:

1. works for borrowers that are eligible for HAMP but don't seem to be able to sell their home
   
2. releases the borrowers from future liability on the first mortgage
3. has standard documents and processes
4. allows the borrowers to get pre-approved terms for their short sale before listing the property

When the lender allows the borrower to list the house at less than what is owed, it is considered a short sale. If the borrower cannot sale the house, sometimes they will transfer the title to the lender in what's called a DIL, Deed in Lieu. A Deed in Lieu is considered a friendly foreclosure and as for how it affects the borrowers credit, it's somewhere between a short sale and a foreclosure. The lender has to agree to a DIL.

With either the DIL, HAFA or Short Sale the lender cannot require a cash contribution and cannot pursue the borrower with a deficiency judgment.

If you would like more information on short sales or would like to talk to one of our agents about listing your home, visit our website at http://www.real-estate-denver-colorado.com/.

Short Sale Update—HAFA

A short sale is when a home sale proceeds are less than the balance owed to a lender. The lender ultimately decides to sale the house at a smaller loss versus the home going into foreclosure. Both parties have an interest in avoiding a foreclosure due to the exorbitant fees and what it does to the borrowers credit.


HAFA—Home Affordable Foreclosure Alternatives, is a government program to speed up the short sale process. The lender implementation date was April 5th.

Lenders were requesting a uniform short sale process, forms and guidelines.

The objective of HAFA is: 1) to help HAMP—eligible borrowers/sellers avoid foreclosure—hardship is usually required. 2) Process a short sale or a deed in lieu of a foreclosure.

Requirements for HAMP Elegibility:

1. Loan prior to 2009

2. Principal balance up to $729,750

3. Delinquent or foreseeable default

4. Must be principal residence (unless if owner moved for job)

5. Payment is greater than 31% of gross income

If you would like more information on short sales or would like to talk to one of our agents about listing your home, visit our website at http://www.real-estate-denver-colorado.com/.

For Sale: 4BR/2+1BA Single Family House in Parker, CO, $292,900

For Sale: 4BR/2+1BA LENDER OWNED House in Parker, CO, $292,900

For Sale: 3BR/3BA Single Family House in Parker, CO, $259,900

For Sale: 3BR/3BA Single Family House in Parker, CO, $259,900

For Sale: 3BR/2+1BA Single Family House in Aurora, CO, $303,500

For Sale: 3BR/2+1BA Single Family House in Aurora, CO, $303,500

For Sale: 3BR/2+1BA Single Family House in Commerce City, CO, $160,000

For Sale: 3BR/2+1BA Single Family House in Commerce City, CO, $160,000

Things to Consider When Buying a Home

When purchasing a home, there are many factors that need to be considered. Sometimes as a buyer, the sole focus is the sales price of the home.

The buyer must also consider the following items as well:
- Mortgage Rates
- Moving Costs
- Utility and HOA fees

March showed a six week low for mortgage rates. When considering a new home, sit down with a loan officer and find out what the current rates are and how much home you can afford, while considering other associated costs.

The number of unemployed has affected the housing market. April, the number of jobs in the U.S. improved by 290,000. That’s the biggest increase in four years. This is a good sign to those who are seeking for a new job.


If you have any questions or would like to talk to a loan officer and see a list of hot homes in the Denver area, call David Ruch at (303) 840-9252.

To search our hot homes, open our website at http://www.real-estate-denver-colorado.com/ .