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With the current housing crisis and record amounts of foreclosures, the state of Colorado has implemented some new laws to protect homeowners and to give them more options in keeping their homes. Up until 2008, when you were 90 days late on a mortgage in Colorado, you would more then likely have your mortgage note accelerated with a notice of demand for payment sent to your home from your lender. If you did not respond to the property, your home was sold at auction, and you were given 75 days to redeem your property after the foreclosure sale. In today’s market, the Colorado foreclosure proceedings have changed drastically where you are first given a notice of demand, and your foreclosure sale for non-agricultural property is 110 – 125 days after the notice is sent to you. This gives the homeowner ample time to save their home, conduct a short sale to avoid foreclosure, or possibly even re-modify the terms of their note. This is essential to creating a balance amongst neighborhoods in my opinions where there are a lot of foreclosures. If you can give the homeowner options to save their home, this will avoid having the property purchased for pennies on the dollar at auction. If I bought my home for $250K, and my neighbor foreclosed and someone bought his property for $200K, I just lost $50K in equity if they are the same model home and square footage.
If you have any questions regarding loan modifications or how to avoid a foreclosure, please do not hesitate to contact us. We are here to help.
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There is no question that we are living in a new mortgage market. Gone are the days of 100% financing even for people with great credit and good incomes. Many of the banks we have done business with in the last 3 years have failed. 297 to this date to be exact, with more on the brink of collapse. Many of the nation's largest institutions are now merging to become the sole source of obtaining money in this market. Bank of America acquired countrywide, JP Morgan Chase buys Washington Mutual, and now the government is getting involved. Will this economy ever be loose again with it's credit policies. Definetely not! Unless they want to put us back into a recession like the one we are in now.
There is hope though, and currently it has 3 little letters. FHA. Fair Housing Administration loans will lend up to 97% on a new home purchase, with very competitive interest rates. It is up to the borrower to have that 3% down, however you can get a gift from a family member, so it really could be looked at, as a no money down loan. They are great
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