Check out my video at the base of the Steamboat Springs, CO Ski Area
Friday, November 19, 2010
Monday, November 15, 2010
Loan Value Group rewards responsible homeowners in new strategic default mitigation platform
Earlier this year the Loan Value Group introduced a special incentive program for homeowners who continue to make their monthly mortgage payments. The program targets the strategic default which is the process when borrowers who actually have the ability to make their mortgage payments seize doing so because their home is under watter and they are trying to get their bank to approve a modification or a short sale. This has a negative impact on the borrowers credit history but many homeowners today are making this tough choice. Strategic defaults account for about 25-30 % of the loans currently in default nationwide.
The program is free of cost for the homeowner and it doesn't change the conditions on his mortgage. Here is how this program works:
~ qualifying homeowner is presented with initial responsible homeowner reward amount
~ homeowner needs to make their monthly mortgage payments on time in order to keep the reward status active
~ for a fixed period of time additional amounts will be added to the initial reward amount for each month the homeowner maintains active status
~ Once and ONLY when the mortgage balance is paid in full either by the sale of the home, refinance or paying off the mortgage, the homeowner is entitled to the reward funds.
Many factors are taken under consideration when qualifying homeowners. Negative equity, income, geography and number of other factors are reviewed when determining the reward amount which is typically 8-10% of the original loan amount. I know, that could be a substantial amount. That is exactly what I thought when I first read about the program and that is why I made the call to Loan Value Group.
In my opinion this program will be a Win-Win for everyone involved in the mortgage process as it aligns the interests of borrower, lender, mortgage insurers, investors, even state and local municipalities.
To learn more about the program, please visit their official website.
The program is free of cost for the homeowner and it doesn't change the conditions on his mortgage. Here is how this program works:
~ qualifying homeowner is presented with initial responsible homeowner reward amount
~ homeowner needs to make their monthly mortgage payments on time in order to keep the reward status active
~ for a fixed period of time additional amounts will be added to the initial reward amount for each month the homeowner maintains active status
~ Once and ONLY when the mortgage balance is paid in full either by the sale of the home, refinance or paying off the mortgage, the homeowner is entitled to the reward funds.
Many factors are taken under consideration when qualifying homeowners. Negative equity, income, geography and number of other factors are reviewed when determining the reward amount which is typically 8-10% of the original loan amount. I know, that could be a substantial amount. That is exactly what I thought when I first read about the program and that is why I made the call to Loan Value Group.
In my opinion this program will be a Win-Win for everyone involved in the mortgage process as it aligns the interests of borrower, lender, mortgage insurers, investors, even state and local municipalities.
To learn more about the program, please visit their official website.
Monday, November 8, 2010
Sunray Meadows in Steamboat Springs, CO
As your local Realtor and a resident of Sunray Meadows I'm excited to keep everyone up to date on what is happening in our neighborhood. With three successfully closed sales in the subdivision since July of this year, there seems to be a lot of activity on the market.
Those sales were:
~2bd/2ba, 1149 sq.ft., short sale, $285,000
~3bd/2ba, 1268 sq.ft., short sale, $300,000
~2bd/2ba, 1153 sq.ft., not a short sale, $310,000
There are also three currently pending sales with one of them being a short sale.
Wondering what that is...?
Short Sale is the process in which the bank agrees to take less than what is owed to them. Those type of transactions usually occur when the owner is under financial duress and when the current market value of the home is far below the current principal balance of the mortgage. The borrower needs to have a valid and qualifying hardship event in his life in order to get approved by his lender. Each bank institution has different criteria on what those qualifying events are.
There are also six currently active listings on the market as of the date of this blog post. Here are the details:
~1bd/1ba, 860 sq.ft., not a short sale, $220,000
~2bd/2ba, 1149 sq.ft., short sale, $240,000
~2bd/2ba, 1149 sq.ft., short sale, $255,000
~2bd/2ba, 936 sq.ft., not a short sale, $279,000
~2bd/2ba, 1060 sq.ft., short sale, $285,000
~3bd/2ba, 1154 sq.ft., not a short sale, $345,000
Just about a year ago there were over a dozen properties for sale in Sunray Meadows and being down to what they are is good news for anyone who owns in the subdivision, including myself.
There were two investors in the project with family ties and each one of them owned four residences. Unfortunately they purchased at the very peak of the market and most of those properties became distressed. Over the course of the last year and a half most of the mentioned above properties were nicely absorbed by the market and the situation in Sunray Meadows is much healthier now.
I wanted to use this opportunity to state how happy I am with our HOA and our president (Mandy) for all the hard work they put day to day and making living in Sunray Meadows so enjoyable.
Those sales were:
~2bd/2ba, 1149 sq.ft., short sale, $285,000
~3bd/2ba, 1268 sq.ft., short sale, $300,000
~2bd/2ba, 1153 sq.ft., not a short sale, $310,000
There are also three currently pending sales with one of them being a short sale.
Wondering what that is...?
Short Sale is the process in which the bank agrees to take less than what is owed to them. Those type of transactions usually occur when the owner is under financial duress and when the current market value of the home is far below the current principal balance of the mortgage. The borrower needs to have a valid and qualifying hardship event in his life in order to get approved by his lender. Each bank institution has different criteria on what those qualifying events are.
There are also six currently active listings on the market as of the date of this blog post. Here are the details:
~1bd/1ba, 860 sq.ft., not a short sale, $220,000
~2bd/2ba, 1149 sq.ft., short sale, $240,000
~2bd/2ba, 1149 sq.ft., short sale, $255,000
~2bd/2ba, 936 sq.ft., not a short sale, $279,000
~2bd/2ba, 1060 sq.ft., short sale, $285,000
~3bd/2ba, 1154 sq.ft., not a short sale, $345,000
Just about a year ago there were over a dozen properties for sale in Sunray Meadows and being down to what they are is good news for anyone who owns in the subdivision, including myself.
There were two investors in the project with family ties and each one of them owned four residences. Unfortunately they purchased at the very peak of the market and most of those properties became distressed. Over the course of the last year and a half most of the mentioned above properties were nicely absorbed by the market and the situation in Sunray Meadows is much healthier now.
I wanted to use this opportunity to state how happy I am with our HOA and our president (Mandy) for all the hard work they put day to day and making living in Sunray Meadows so enjoyable.
Wednesday, November 3, 2010
Just released September real estate sold statistics in Steamboat Springs and Routt County by area. It looks like the Ski Mountain area has grasped the lead yet once again. To view the homes by area simply click onto the following links:
West of Steamboat
Fish Creek Area
South Routt Area
Downtown Steamboat Springs
Hayden Area
North Routt
South Valley
Mountain Area
Thank you for visiting my blog and I hope you find this information helpful. Please contact the blog host with any questions.
West of Steamboat
Fish Creek Area
South Routt Area
Downtown Steamboat Springs
Hayden Area
North Routt
South Valley
Mountain Area
Thank you for visiting my blog and I hope you find this information helpful. Please contact the blog host with any questions.
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