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

Read More: Home Affordable Refi Program Expanded

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

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

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

Looking to relocate to Colorado Springs … or away from here? Moving to a new metropolitan area requires adjustments.  There’s new streets to learn, new weather patterns to get used to, and new social cultures to assimilate.

There’s also new costs.

Just like home values vary by area, so does the Cost of Living.  To visit a doctor in Chicago, as an example, costs a person more than to visit a similar-type doctor in Des Moines. 

Cost of Living adjustments can’t be ignored between two cities because it changes a household’s budget.

And while it’s a challenge to know exactlyhow far your dollar can stretch in a new town, Bankrate.com hosts a helpful Cost of Living Comparison Calculator to make the math a little easier.  With categories such as dry cleaning, groceries and beauty salon, the calculator goes extra deep into the typical costs to a household, and can help families to make more realistic budgets.

The calculator also shows the equivalent household income between any two metropolitan areas.

[Information provided to the Colorado Springs Real Estate Connection courtesy of the mortgage and real estate professionals at Bring the Blog.]

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

• 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.

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

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.

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

Here are the Top 5 most expensive Colorado Springs homes that sold in May 2009. These are all custom luxury homes built between 1938 and 2008.

1. 2466 Stratton Pines Point, Colorado Springs CO 80906 - Stratton Pines

• Sales Price: $1,150,000
• Date of Sale: 5/20/2009
• Brokers/Companies Involved:
  Listing: Re/Max Properties
  Buyer: Re/Max Properties
• Days on Market: 114 Days

Search All Homes for Sale in Stratton Pines, Stratton Reserve and Stratton Forest

2. 640 Paisley Drive, Colorado Springs CO 80906 - Broadmoor

• Sales Price: $1,050,000
• Date of Sale: 5/5/2009
• Brokers/Companies Involved:
  Listing: Re/Max Properties
  Buyer:Re/Max Properties
• Days on Market: 104 Days

Search All Homes for Sale in the Broadmoor Area

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

Search All Homes for Sale in Colorado Springs Between $750k - $1M

Search All Homes for Sale in Colorado Springs Between $600k - $750k

Read Also: Top 5 Most Expensive Colorado Springs Neighborhoods for 1st Quarter of 2009

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

The Colorado Springs Real Estate market is a part of the overall national real estate market. Here is some interesting information on what is going on with home sales across the nation.

As this week’s signal that homebuyers are returning to the market, both Existing Home Sales and New Homes Sales posted improvement versus month-prior figures this April.

According to the National Association of REALTORS, the number of Existing Home Sales rose by 130,000 units in April.

New Home Sales rose by a modest 1,000 units in April.

As a twist in the story, however, although sales activity is rising, the available housing inventory is rising faster.

Versus March 2009, there were 300,000 more homes for sale in April — an increase of 9 percent.  In addition, the “housing supply” rose to 10.2 months, its highest level since October.

This is good news for home buyers, of course, because home prices are a product of Supply and Demand.  Depending on local conditions, buyers may find themselves in a position to demand lower sale prices or additional seller concessions.

The housing market has not fully rebounded but it continues to show signs of strength.  With a few more months like March and April, it’s reasonable to assume that homebuyers will lose some of their leverage for contract negotiation.

When that happens, expect home prices to rise.

[Information provided to the Colorado Springs Real Estate Connection courtesey of the mortgage and real estate professionals at Bring the Blog.]

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