Mariana Wagner

Foreclosure Information Category

Foreclosure SUCKS – You Have Options

Foreclosure SUCKS!

You Have Options … You Can Sell Your Home for LESS Than You Owe.

Did you know that there are hundreds of people RIGHT NOW, in Colorado Springs, that cannot afford their mortgage payments anymore? Maybe this is you.

• Maybe your mortgage rate went up, making your mortgage payment jump into the stratosphere – to a  payment that you could NEVER afford.
• Maybe you lost your job, got downsized or got a cut in pay. Or maybe, you just never got that raise that you were promised.
• Maybe you are going through an incredibly difficult time in your life that no one will ever really understand. Death. Illness. Divorce…

If any (or all) of these apply to you, then you are probably looking at foreclosure. STARING at foreclosure.

Foreclosure SUCKS. It stresses you out. It makes it hard to breathe. It makes it hard to sleep at night. It makes you feel bad about yourself. It makes you not want to look at your friends and neighbors in the eye. It ruins your credit. It could make you ineligible to ever be a home owner again.

Well … YOU HAVE OPTIONS.

You don’t have to come up with THOUSANDS of dollars in back payments. You don’t have to mail your keys to your bank. You don’t have to leave them on the counter and walk away. You don’t have to live with the fear that someone is going to knock on your door at any moment and boot you and your family to the curb.

Right now, there are a lot of people in your situation. Because of this, mortgage banks (LIKE YOURS) are working with a few local real estate agents to SELL YOUR HOME FOR LESS THAN YOU OWE … to avoid foreclosure. This is called a “Short Sale” and is an EXCELLENT option, instead of foreclosure.

Now, not all real estate agents are certified to work with banks to get this done. In fact, there are VERY FEW real estate agents in Colorado Springs who even know what they are doing with short sales, so you will need to be careful. You need a real estate agent who:

• Will NOT charge you for their services,
• Has ample experience negotiating with banks to short sale properties, and
• Has a team of professionals DEDICATED to working with you to push back your foreclosure date and get your home SOLD before it forecloses

The Wagner iTeam at Keller Williams Realty can help you. Derek and Mariana Wagner are Certified Distressed Property, Colorado Springs Short Sale Experts with an entire Short Sale department that works closely with our seller clients (like you) and their mortgage banks. We are dedicated to helping our sellers who are facing foreclosure, at NO COST TO THEM. We know what we are doing and we can help you. 719.434.7525

And don’t worry, we will give you a professional “For Sale” sign – We will never embarrass you by putting a big “Foreclosure” or “Short Sale” sign in your yard.

If you cannot afford your mortgage payments anymore, or are already falling behind … Please call us right away. The sooner we can get the ball rolling, the sooner you can get ON WITH YOUR LIFE and start breathing … and LIVING again.

Read Also:

• Colorado Springs Short Sale Scam is Mortgage Fraud
• Colorado Springs Home Owners Beware of Foreclosure Assistance SCAMS

Wagner iTeam at Keller Williams Realty 719.434.7525
[email protected]

Colorado Springs Foreclosure Information

October 21st, 2008 by Mariana Wagner | 3 Comments »

Colorado Springs Mortgage Update – Buying a HUD Repo in Colorado Springs for Just $100 Down

Did you know that you can buy a HUD Repo in Colorado Springs for just $100 down? Well, you can. HUD is the U.S. Department of Housing and Urban Development and they have several homes for sale in Colorado Springs.

What is a HUD Repo?

A HUD repo is a home that is “acquired by the Federal Housing Administration (which is part of HUD) as a result of foreclosure actions.” (Source: HUD website)

Like banks, HUD is not in the business of OWNING homes, so they will do whatever it takes to sell them. One of the ways that they do this is by allowing people to purchase HUD Repos for just $100 down. This is an excellent option for people looking to buy a home for sale in Colorado Springs without having to save up the 3% – 20% down that it takes for most loans today.

Where Do I Find HUD Repo Homes in Colorado Springs?

There is a special website that lists all HUD Repo Homes in Colorado Springs and surrounding areas. Here’s what you need to do:

1. Check it out: HUD Repo Homes for Sale.
2. Make a list of the homes that look interesting to you.
3. Email your list of homes to [email protected]. (Or call us at 719.434.7525)
4. We will send you a full detailed MLS sheet on each home and set up a time that you can physically view the property.

How Do I Make an Offer on a Colorado Springs HUD Repo?

There is a detailed process involved in making an offer and actually BUYING a HUD Repo. It is always best to have a competent Colorado Springs real estate agent guide you through the process and make sure that all your paperwork is in order and that your best interests are met. (And in most cases their representation is FREE to you!)

Like buying a bank owned home for sale in Colorado Springs, you will need patience. Buying a HUD Repo is not like buying a home from a traditional home seller. You will be buying the home from the government, and we ALL know that there is always all kinds of red tape involved in ANY process involving the government.

Also, there is absolutely NO guarantee of the condition of a HUD Repo home. So, it is extremely important that you get an inspection of the home BEFORE closing. Now, HUD will generally not complete any repairs, but at least you will know what you are buying … and can cancel the contract if an inspection yields way more than you are willing to take on.

However, a HUD Repo is usually sold for well under the comparable market price for a similar home in the area, and you can do it for just $100 down! So, buying a Colorado Springs HUD Repo can be an EXCELLENT opportunity to take advantage of the current Colorado Springs real estate market and be a homeowner.

October 18th, 2008 by Mariana Wagner | 3 Comments »

Writing an Offer on a Bank Owned or REO Property in Colorado Springs

With the rise in foreclosures in the Colorado Springs real estate market, many of our buyer clients are finding homes that they want to buy that are now Bank owned. These properties are also known as REO (Real Estate Owned) homes.

Search All Colorado Springs
Bank Owned Homes Available Now

A bank owned or REO home in Colorado Springs means that the home went through the entire foreclosure process and are now owned by the lender who originally held the mortgage. Similar properties include:

• VA Repo Homes in Colorado Springs: These are homes that were mortgaged by a VA (Vetran’s Affairs) Loan. When the home foreclosed, the VA reclaimed the home and is now trying to sell it to recoup some of their losses.
• HUD Repo Homes in Colorado Springs: These homes were reclaimed and now owned by HUD – Housing and Urban Development.

Writing offers on a VA or HUD Repo home in Colorado Springs requires more paperwork and different processes than writing an offer on a bank owned or REO home for sale. This article is aimed at writing offers on Bank Owned and REO Homes.

I was just reading an excellent post about this, over on Agent Genius: 20 Things You Should Know When Writing on a R.E.O. Property. (MUST READ) This post is written by a former Foreclosure Team Leader and Senior High Risk Property Analyst at J.P. Morgan Chase default department. Rocky has explicit knowledge about what it takes to successfully write an offer on a REO or Bank Owned home.

Some of the things that he targets in this post, include:

• Patience: If you are looking to buy a Bank Owned or REO home in Colorado Springs, be prepared to wait a week or 2 for an initial response, wait another week or so for a fully signed contract, and wait however long it may take to settle on a final closing date.
• Thoroughness: Make sure that you are working with your Colorado Springs Buyer Agent to submit a complete offer with ALL needed addendums, disclosures, etc. Otherwise the bank may ignore you and your offer completely. They are too busy to look at incomplete offers. Also, make sure that your funding is in order, and that you have a pre-approval letter (or better yet an APPROVAL letter from your lender) that you can submit with your offer.
• Responsibility: A bank will almost NEVER agree to fix anything. Most bank owned and REO homes in Colorado Springs are sold “as is” … This does NOT mean that you cannot GET an inspection. It just means that you even though you can request something to be fixed, many times the bank will not do it. As a home buyer, you will need to be ready take full responsibility for inspections and repairs. Or, if after an inspection, you are not comfortable with the condition of the home, talk with your real estate agent about canceling the contract.
• Reward: If you are patient, thorough and responsible, chances are you will be the proud new homeowner of a home for LESS than market value – taking advantage of the current Colorado Springs real estate market and the fact that Banks are NOT in the business of owning homes. They would rather sell them FAST for less money.

So, if you are interested in making an offer on a bank owned or REO property in Colorado Springs, let us know! We work closely with many banks, lenders and other Colorado Springs real estate agents who represent banks. We can help you put together a rock-solid offer that will almost guarantee your acceptance of your offer by the bank.

Read Also:

• Buying a Colorado Springs Foreclosure or Bank Owned Home
• Bank Owned Homes for Sale in Colorado Springs

Contact the Wagner iTeam:
719.434.7525  or [email protected]

Colorado Springs Foreclosure Information

Search All Colorado Springs
Bank Owned Homes Available Now

October 11th, 2008 by Mariana Wagner | Leave A Comment

Colorado Springs Renters Beware – Make Sure Your Landlord is Paying Their Mortgage or YOU Could Be Homeless!

Some landlords are letting their rental
homes fall into foreclosure.

UPDATE 7/3/09 – READ: New Law Protects You, as a Tenant, if You Are Renting a Colorado Springs Home that is in Foreclosure

If you rent one of the many Colorado Springs homes that are currently rented, you may want to make sure that your landlord is paying their mortgage. Across the country, renters who are paying their rent on time are being evicted from their homes because their landlords are not paying their mortgage payments, and letting their properties fall into foreclosure. These people who were renting these homes come home after work one day to find all their belongings on the front curb, changed locks and no place to call home – all because their landlord quit paying their mortgage and never let their renters know that they would soon be homeless.

It’s horrible, but happening all over the nation right now.

Read Also: Sheriff tells deputies not to help in foreclosures

If you are currently renting a house (or live in a duplex, tri-plex or 4-plex) you may want to make sure that your home is not falling into foreclosure.

So, you may be asking …

“How do I check to see if my rental home is in foreclosure?”

The Colorado Springs Real Estate Connection – Wagner iTeam (we) have created a guide on how to find out if your rental home is in foreclosure, and what to do if it is, in 5 Easy Steps:

Step One: To see if your Colorado Springs home is in foreclosure visit the EL Paso County Public Trustee and click on “Foreclosure Search”:

Step Two: From there, scroll down and enter your street name into the address bar and click “Search”:

If you do not see your address on the next screen, then you are fine. No worries. However …

DON’T FREAK OUT IF YOU DO SEE
YOUR ADDRESS IN THE NEXT SCREEN.

If a property was ever a Colorado Springs foreclosure – even years ago, then it will show up on that next screen. If you DO see your address on the next screen, what you need to do is this:

• Click on the FC# Next to Your Address:

• On the following screen, click on “Basics”:

The next screen will have a sale date on it. If this date is BEFORE the date that you are checking it, you are safe. This just means that the home, at some point in the past, was in foreclosure.

If the date is in the future, then you need to act fast.

• First, contact your landlord and nicely ask them what their intentions are with the property. Remember, they are probably already under a lot of financial stress, so speak carefully. There is always the chance that they are going to catch up with their payments or sell the home to a new landlord before it forecloses. But YOU need to be proactive about this. If you just sit and wait for the home to foreclose, then you could be HOMELESS the minute the home sells at foreclosure… if not before.**Even if your landlord SAYS that he/she has dealt with it, follow up with the El Paso County Public Trustee (by phone) right away to make sure. 719.520.6780
• Second, remind your landlord that it is a crime to accept rent payments from you and NOT make the mortgage payments.
• Finally, give your landlord notice that you will be looking for a new place to live. If you need assistance finding a new home to rent, please contact a property manager to help you with your search.

If you are concerned that your rental home may be going into foreclosure, please call a reputable real estate attorney ASAP: We recommend Jonathan Goodman  at 303.494.3000

UPDATE 7/3/09 – READ: New Law Protects You, as a Tenant, if You Are Renting a Colorado Springs Home that is in Foreclosure

October 9th, 2008 by Mariana Wagner | 5 Comments »

Colorado Springs Short Sale Scam Could Be Mortgage Fraud

PREFACE:

THERE SEEMS TO BE SOME DISSENT AMONG  “INVESTORS” (AKA “OPPORTUNISTS“) REGARDING MY ARTICLE HERE, SO I WILL BE EDITING IT TO REFLECT MY OPINIONS AND TO CLARIFY HOW THIS COULD BE MORTGAGE FRAUD, AS WELL AS SHARE THE MORAL IMPLICATIONS THAT THIS TYPE OF TRANSACTION HAS.

This article is NOT just about buying a property and selling it for a profit. This article is about sticking a hand into the middle of a transaction to grab money out of a pocket of a seller and lender in a distressed situation.

READ MORE:

• Emerging Fraud Trends: Short Payoff Fraud
• NEW Colorado Law Curtails Short Sale Flips

The Colorado Springs real estate market is shifting. There are more Colorado Springs foreclosures than there has been in years, and because of that, there are more short sales.

Read More:

• What is a Short Sale?
• Colorado Springs Home Owners Beware of Foreclosure Assistance SCAMS

Well, with any shifting market, comes people who will take advantage of the kinks in the system it for their own gain. Well, this market is no different.

There is a new scam that is happening in the Colorado Springs real estate market. According to the Pikes Peak Realtor® Services Center,

“The Association has become aware of a scenario that appears to involve concealing important information from lenders. The scenario typically involves an investor/buyer negotiating a purchase contract with a seller/borrower subject to a successful short sale. The investor/buyer then negotiates a short sale with the lender. The investor/buyer simultaneously markets the property for a higher price. Once a new buyer is found, the investor conducts a simultaneous closing–pocketing the difference between the short sale price and the new purchase price. Apparently, the lender is unaware of the new contract for a higher price. In summary, simultaneous closings involving short sales and significant sales price adjustments could be a red flag.“

This COULD BE mortgage fraud and DOES raise a RED FLAG to the FBI. Mortgage fraud is a federal crime and punishable by thousands of dollars in fines and years in prison. The FBI does not take mortgage fraud lightly.

If you are a seller facing a foreclosure on your Colorado Springs home, and you suspect that this may be happening, please report it immediately. (Even if you just suspect it, you should request an investigation.)

FBI Field Office, Mortgage Fraud
Denver FBI Website
White Collar Crime Supervisor
Federal Office Building, Room 1823
1961 Stout Street, 18th Floor
Denver, CO 80294-1823
Phone: (303) 629-7171

If you have any questions about the legality of your home sale, please contact the FBI Field Office.

How ELSE could this be illegal?? Interesting read: FraudProblem.com/short-sale-scam

However shady this is, there are technically-LEGAL ways to work deals like this.

• The investor MUST make a FULL DISCLOSURE of the intent to make a profit off of the immediate re-selling of the home – to both the CURRENT BANK, the FINAL BUYER’s BANK and to the SELLER. (The final lender needs to be “ok” with lending MORE money on a home that just sold for significantly less.)  And to quote a friend of mine:
  “For those out there that say they are doing this “with disclosure” so it is okay….ask yourself if you are REALLY being clear about that disclosure. Vague or ambiguous disclosure is not disclosure.”
• In most cases, the investor CANNOT have a simultaneous close – meaning: The home must belong to the Investor for a period of time before being resold to another Buyer, even if it is only for just 24 hours.
  
• In most cases, the investor MUST have WET (available) FUNDS to purchase the home even WITHOUT a new buyer. Basically, each deal should be able to stand alone.

YES. There are “technically-legal” ways around this and you should contact a competent real estate attorney to figure out the details, if this is the road that you choose to go down.

HOWEVER … just because something is “legal” does not make it right. And (of course) everyone’s definition of “right” varies, but let me share this …

MORAL IMPLICATIONS (as an “investor” AKA opportunist …):

• The original seller WILL BE on the hook, legally and financially for the ENTIRE deficit of the short sale. – A deficit that has now become a sudden “profit” to an “investor”.
  
• The original seller could be on the hook for significantly LESS if they dealt with the final Buyer without the “investor/middleman” sticking their hands in the middle of the transaction.
• Question: How do these people call themselves “investors” when they have NO RISK involved and invest NONE of their own money in the transaction?
  

I understand that this article will STILL anger plenty of people who feel the need to justify their “investing” actions, but so be it.

As a business person, I need to sleep at night with every business decision I make – regardless how “technically legal” it may be. It is the “morally-poor-technically-legal” business decisions, like these, that bring our great country into some of the tragic economic places that we are seeing today.

READ MORE:

• Emerging Fraud Trends: Short Payoff Fraud
• NEW Colorado Law Curtails Short Sale Flips

October 5th, 2008 by Mariana Wagner | 25 Comments »