Foreclosure Information | Colorado Springs Real Estate Connection

New Law Protects You, as a Tenant, if You Are Renting a Colorado Springs Home that is in Foreclosure

Help for renters of Colorado Springs foreclosure homes

A new law went into effect on May 20th, 2009 that protects renters from being homeless when their rented home goes into foreclosure. This is a part of the Helping Families Save Their Homes Act of 2009.

If you are renting a Colorado Springs home and your landlord has stopped paying their mortgage and the home is now in foreclosure, you NOW have options. As long as you are a good tenant and still paying your rent on time, you will have AT LEAST 90 days notice before having to find a new home.

To See if Your Rental Home is in Foreclosure, Read: Colorado Springs Renters Beware - Make Sure Your Landlord is Paying Their Mortgage or YOU Could Be Homeless!

In fact, if the home goes into foreclosure and you have a written lease agreement, and the new home buyer does NOT want to live in the property, you MAY even be able to finish out the term of your lease before moving! (See details below…)

Here are the basics of the new law:

“Under the new law, which went into effect on May 20th, tenants will have to receive 90-days notice prior to being evicted, when their rental home is foreclosed upon. In addition, tenants must be allowed to stay in the property through the end of their lease, with two exceptions:

The new owner wants to occupy the property as a personal residence, and

There is no lease (month to month), or there is a lease but state law allows the lease to be terminated at any time upon notice.

Even under these exceptions, the tenants must be given 90-days before they can be evicted. Notification must be provided by the “immediate successor in interest”. In some cases, this notification will come from the bank (when they assume the home), and in other cases it may be the new owner. Much will depend upon state law.

A number of states have existing laws protecting tenants. This law will preempt existing state law, except where the state law offers greater protection.

The protections of this law apply only to “bona fide” tenants – who have:

a written contract,

the lease was the result of an arms-length transaction, and

the rent is not substantially less than the fair market rent for the property.

**Under any conditions, tenants may still be evicted if they violate the lease terms. These provisions expire on December 31, 2012.” - National Association of Realtors

To see if and how these terms apply to you, as a tenant, please contact a reputable Real Estate Attorney. We recommend Jonathan Goodman at 303.494.3000

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

Posted on July 3rd, 2009 by Mariana Wagner

You Can NOW Refinance Your Home if You Owe 125% of Current Value

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Are you underwater on your Colorado Springs home mortgage? Now you may have the opportunity to refinance into better rate and terms even if you owe more than your home is worth.

“WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced an expansion of the Obama Administration’s Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgage. Under authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year.” - U.S. Department of Housing and Development, July 1, 2009

If this is a program that will help YOU, please contact a reputable local mortgage professional to get the ball rolling.

One great local lender team that we work with is the Pam Childs Team (Pam Childs or Trace Lee) with Bank of America. They can answer all your questions: 719.229.7302 or 719.785.7105

Posted on July 2nd, 2009 by Mariana Wagner

When Was Colorado Springs Founded? [TRIVIA]

3 Tips on How to Refinance Your Colorado Springs Home to Avoid Foreclosure

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Can you no longer afford the mortgage payments on your Colorado Springs home?
Are you afraid your bank will foreclose on your home?
Do you want to KEEP your home?

If you answered “YES” to these questions, you may be able to get help.

Here are some tips for possibly lowering your mortgage payment, avoiding foreclosure and KEEPING your home.

1. DO NOT PAY ANYONE to help you “modify” your mortgage.

Unfortunately, in times like these, there are “scammers” out there trying to take advantage of Colorado Springs homeowners in desperate situations. They charge and up front “fee” and then RARELY (if ever) follow through with helping the homeowner. Now the homeowner is out even MORE cash and may still lose their home to foreclosure.

Read the FTC Report: Federal and State Agencies Crack Down on Mortgage Modification and Foreclosure Rescue Scams

If you are interested in possibly modifying your loan to a payment/interest rate that you can better afford, YOU need to call your bank YOURSELF … for FREE. (Or see Below: Don’t Know Where to Start?]

If you think you have been the victim of a loan modification scam, you can file a complaint with the Federal Trade Commission: Visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357).

Check out our Colorado Springs Real Estate and Mortgage Scams and Fraud Section

2. Contact your bank and ask about refinancing to a lower rate or modifying your mortgage.

Specifically, you may qualify for the Making Home Affordable Act if your loan was insured by Freddie Mac (www.freddiemac.com/mymortgage) or Fannie Mae (www.fanniemae.com/loanlookup):

From their site:

Refinancing
Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home.

Modification
Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income.

For More Information, Visit their Site: http://www.makinghomeaffordable.gov/

3. Contact Your Congressman.

“Several lawmakers whose districts are drowning in foreclosures are taking unprecedented steps to help people stay in their homes, including picking up the phone themselves to negotiate with banks on behalf of their constituents.” - Can’t refinance? Call your congressman (MSNBC 6/5/2009)

If you live in Colorado’s 5th Congressional District (to include Colorado Springs, Fountain, Manitou Springs, Monument, Canon City, Woodland Park, etc.) your congressman is Representative Doug Lamborn.

: Image Courtesy of Wikipedia

Be ready to share the details of your situation and how you think he may be able to help. Have all your loan information available as well as a record of all the attempts YOU made that the bank denied or ignored.

How to Contact the Congressman for Colorado Springs (and the rest of the 5th Congressional District)

Doug Lamborn

WASHINGTON OFFICE - 437 Cannon HOB, Washington, DC 20515
Phone: (202) 225-4422 | Fax: (202) 226-2638

DISTRICT OFFICE - 1271 Kelly Johnson Blvd. Suite 110, Colorado Springs, CO 80920
Phone: (719) 520-0055 | Fax: (719) 520-0840

Don’t Know Where to Start?

If you are overwhelmed and don’t kow where to start … Call the FREE Colorado Foreclosure Hotline:

1-877-601-4673

“The Colorado Foreclosure Hotline connects borrowers with non-profit housing counselors who can provide information on a borrower’s options when facing foreclosure. Counselors can also act as [FREE] facilitators for communication between lenders and borrowers.” - Colorado Department of Local Affairs

Last Resorts - If you cannot refinance or modify the mortgage on your Colorado Springs home, but still want to avoid foreclosure, you may want to consider either SELLING your home (short sale) or renting it out. If this is the case, act immediately. Call us for a FREE, no-obligation, confidential consultation regarding your current situation.

We are a team of Certified Distressed Property Experts and have an EXCELLENT track record of helping folks sell their home to avoid foreclosure: 1.719.434.7525

Times are … interesting. We wish you the best of luck in your situation.

… and don’t forget to breathe.

Posted on June 8th, 2009 by Mariana Wagner

5 Most Expensive Colorado Springs Home Sales for May 2009

Search All Homes for Sale in Colorado Springs Over $1 Million

3. 1585 Old Stage Road, Colorado Springs CO 80906 - Broadmoor

Sales Price: $795,000
Date of Sale: 5/22/2009
Brokers/Companies Involved:
Listing: McGinnis GMAC Real Estate
Buyer: Weichert Realtors Pikes Peak Group
Days on Market: 598 Days

Search All Homes for Sale in the Broadmoor Area

4. 13830 Tewksberry Court, Colorado Springs CO 80908 - Black Forest

Sales Price: $750,000
Date of Sale: 5/08/2009
Brokers/Companies Involved:
Listing: Re/Max Real Estate Group
Buyer: no information
Days on Market: 978 Days

Search All Homes for Sale in the Cathedral Pines, Black Forest

5. 4062 Hodgen Pond Court, Colorado Springs CO 80908 - Settler’s Ranch

Sales Price: $720,000
Date of Sale: 5/27/2009
Brokers/Companies Involved:
Listing: Keller Williams Clients’ Choice Realty
Buyer: Alexander Real Estate Group
Days on Market: 318 Days

Search All Homes for Sale in Settler’s Ranch