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Archive for January, 2009
Moving to Ft. Carson? Here’s some info for our new soldiers and their families
Moving to Ft. Carson soon?
Here are some helpful sites and info to make it as smooth as possible.
- look for the statue of Kit Carson also located by the main gate
Ft. Carson Army Base is also known as The Mountain Post and is located in the southwestern part of Colorado Springs. The main gate is located at I-25 and South Academy, though there are many gates to the base. The base extends past Fountain, where they are building a new improved gate (Gate 20) for all the new soldiers and their families who will be relocating here.
Quite a few of you will probably live on base and you might like to know what the housing it like. Feel free to check out the housing page. Don’t forget to check out the wonderful info located on the about page. If you plan on living off base and would like to purchase a home or get more info on the possibility of owning a home, please take a look at searching for homes.
Children on Ft. Carson attend Read the rest of this entry »
5 reasons townhomes make an easy transition from apartment life
Interested in buying a townhome or a condo?
Search for TownHomes in Colorado Springs
Low interest rates, great prices, and new tax credits have many apartment dwellers considering making a their first home purchase. But some buyers are on the fence; they may not like the idea of cutting the grass every summer weekend or shoveling a driveway before going to work on a Colorado Springs winter day. 
They may want to consider a townhome, where they can receive the tax benefits of home ownership but retain some of the worry free aspects of apartment life!
In Colorado Springs, there are a wide range of condos and townhomes to choose from. There are some starting as low as $55,000 and going as high as $3,000,000 for a luxury condo located in the Broadmoor Hotel. If you would like to receive a hand-picked list of some of our favorite complexes in the area, email us. KTorline@msn.com
Here are five reasons that a townhouse or a condo might be the perfect first home:
- No Yardwork! In most cases the association is responsible for cutting the grass , trimming the trees, and removing the snow. Read the rest of this entry »
Scary times for new homes buyers in Colorado Springs
Buying a new Home in Colorado Springs?
In 2008, single family home construction in Colorado Springs continued to be extremely slow, and 
several regional and national home builders cut operations or closed up shop in the Springs. The latest to exit the market is John Laing Homes.
According to several Associated Press articles, John Laing Homes, has suspended home construction in Colorado Springs while it reviews its finances. They are currently owned by a Dubai developer, Emaar Properties, who bought them for $1.05 billion in 2006. Emaar is Dubai’s largest publicly listed developer. It is nearing completion on what is already the world’s tallest building in the Persian Gulf boomtown and is developing projects throughout the Arab world.
Last week, John Laing issued a statement saying Read the rest of this entry »
Colorado Springs Downtown — 2008 Pricing ONLY down 5% in Central Area
Colorado Spring Real Estate
Market Report for Central Colorado Springs – Single Family Homes
Search for Homes in Downtown Colorado Springs
The Central part of Colorado Springs housing market continues
to be a NEUTRAL Market, as there is currently a 5 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET“. Sales are only down 16% from 2007, but average pricing is only down 5% from 2007.
Recap of December Activity
- Homes Sold in the last month: 59
Recap of 2008, 2007, 2006, 2005, and 2004
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Number of Homes Sold | 933 | 1120 | 1293 | 1447 | 1349 |
| Average List Price | $173,096 | $182,374 | $182,148 | $170,601 | $157,908 |
| Average Sold Price | $169,950 | $179,900 | $177,000 | $168,000 | $156,400 |
| Sales Price to List Price | 98.4% | 98.7% | 99.2% | 99.5% | 99.3% |
| Average Days on Market | 88 | 81 | 62 | 58 | 52 |
| Average # of homes sold per month | 77.8 | 93.3 | 107.8 | 120.6 | 112.4 |
Current Report as of 1-15-09 in Central Area
- Active listings: 393
- Under Contract and Pending : 73
- Absorption Rate: 77.8 homes per month, a 5 monthly supply of houses currently on the market
8 Things You Must Know About VA Short Sales
VA Short Sales
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
Colorado Springs has a high military population with both active duty and retired personnel. Fort Carson Army Base, the Air Force Academy, Peterson AFB & Schriever AFB, Cheyenne Mountain AFS and NORAD. are all located in the Colorado Springs Area.
The area is continuing to see an increase in short sales for GI borrowers when they must relocate during 
their PCS moves (permanent change of station). VA Short Sales are called “Offers in Compromise“, “Compromise Claims” or “Compromise Sales”. The VA may accept a Compromise Sale if the cost to the VA is determined to be less than that of foreclosure.
According to the VA web site: “When a homeowner receives an offer based on current market value that is lower than the total amount of the loan payoff, the homeowner can ask VA to approve a compromise sale. VA will review the situation with the mortgage company and if approved, pay the difference between the mortgage balance and the proceeds of sale.
Sometimes the mortgage company can approve the sale on behalf of VA through our Servicer Loss Mitigation Program. In fact, a majority of the mortgage companies now have a Loss Mitigation Department authorized by VA to process VA compromise sales.”
In order to be considered for a Compromise Sale, several factors must be considered as well as there are several steps to complete:
- The property must be sold at market value
- Closing costs Read the rest of this entry »
Monument CO, Sales down 17% in 2007, Pricing down 10%
Market Report for Tri-Lakes, Single Family Homes
Includes Monument and Palmer Lake
Search for Homes in Monument and Palmer Lake The Tri-Lakes housing market continues to be a Buyer’s Market, as there is currently a 13.5 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET“. Sales are down 17% from 2007, but pricing is only down 10% from 2007.
Recap of December Activity
- Homes Sold in the last month: 13
Recap of 2008, 2007, 2006, 2005, and 2004
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Number of Homes Sold | 383 | 469 | 630 | 675 | 673 |
| Average Sale Price | $407,407 | $450,756 | $434,392 | $418,258 | $373,323 |
| Sales Price to List Price | 96 | 97.5% | 98.2% | 98.1% | 98.4% |
| Average Days on Market | 109 | 107 | 94 | 71 | 67 |
| Average # of homes sold per month | 31.9 | 39.1 | 52.5 | 56.3 | 56.1 |
Southwest Colorado Springs, home sales down 25% in 2008
Colorado Spring Real Estate MARKET
Report for Southwest – Single Family Homes
Includes Broadmoor, Cheyenne Meadows, Bluff Bluffs, Quail Ridge
Search for Homes in Southwest Colorado Springs
The Southwest housing market continues to be a BUYERS Market, as there is currently a 8.5 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET“. Sales units are down 25% from 2007, but pricing is only down 10% from 2007.
Recap of December Activity
- Homes Sold in the last month: 41
Recap of 2008, 2007, 2006, 2005, and 2004
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Number of Homes Sold | 440 | 580 | 604 | 801 | 752 |
| Average Sale Price | $357,000 | $394,375 | $381,142 | $371,349 | $329,909 |
| Sales Price to List Price | 95.6% | 96.2% | 96.8% | 96.6% | 97.9% |
| Average Days on Market | 91 | 94 | 84 | 64 | 53 |
| Average # of house sold per month | 36.7 | 48.3 | 50.3 | 66.8 | 62.7 |
Current Report Read the rest of this entry »
Marriage and Mortgages FAQ’s
Colorado Springs Vintage Homes is happy to feature a great article by
Harry Venik with Adams Mortgage, LLC
Related Articles:
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Will VantageScore Bring Consistency?
- Colorado Springs Mortgages — tips for consumers on points
Marriage and Mortgages FAQs
Q: Could one spouse’s bad credit negatively affect the other?
A: If a couple is applying for credit jointly, say for a loan or credit card, then yes. One person’s lower score can negatively impact the interest rate the couple will be offered. This is because every borrower has three credit scores, and lenders use the lowest “middle” credit score of the two borrowers. We have seen many situations in the past in which one borrower was dropped from the application – but only if the lower score belongs to a non-working spouse. This can create a serious issue, however, if the income is needed in order to qualify.
Q: Can one spouse’s low score negatively Read the rest of this entry »
Abandoned Coal Mines Cause Problems
Did you know that a large portion of Colorado Springs
was used for coal mining from the late 1800’s to the 1950’s?
It was mainly done in the area around the Colorado Springs Country Club northwest to Rockrimmon.
Search for Homes in Colorado Springs
Coal has a long history in Colorado and it is currently used to supply approximately 71% of Colorado’s electricity needs.
Federal and State law were enacted in 1977 that require potential surface subsidence to be taken into account in mining plans. But prior to that time, the effect of mining on the surface was not fully considered. Consequently many homes were built over these Read the rest of this entry »
21 reasons short sales fail
Part X of Colorado Springs Short Sales Series
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
According to an article in Reuters in April 2008, 1/3 of all short-sale fail. The study was conducted of more than 3,000 real estate agents by Campbell Communications.
Since I do short sales for clients in Colorado Springs and the surrounding areas, I thought I’d make up my own list of why they fail. My logic is that if I can avoid or minimize these issues as much as possible, I should be able to lessen the failure rate. Here’s my list; although I don’t have them ranked in any particular order. Some of these things I can control and some of them I can’t; regardless it was an interesting exercise to put the list together.
A. Training and education (One short sale class is not enough to prepare a realtor to represent a client in short sale.)
(1) Seller’s agents don’t always understand what they are doing
(2) Buyer’s agents don’t always understand what they are doing
B. A buyer is never found for the property
(3) Price is too high
(4) There is too much inventory on the market for buyers to choose from
(5) Undesirable location
(6) Property needs major repairs
(7) Not enough time to market the property before the property goes to foreclosure
C. Offer is too low Read the rest of this entry »
Old Colorado City homes, pricing hold strong
Colorado Spring Real Estate
Market Report for Old Colorado City – Single Family Homes
Includes Crown Hill Mesa, Gold Hill
Search for Homes in Old Colorado City
The Old Colorado City housing market continues to be a Buyer’s Market, as there is currently a 10.5 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET“. Sales are down 22% from 2007, but pricing is only down 1.5% from 2007.
Recap of December Activity
- Homes Sold in the last month: 13
Recap of 2008, 2007, 2006, 2005, and 2004
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Number of Homes Sold | 151 | 194 | 212 | 295 | 238 |
| Average List Price | $178,157 | $180,847 | $178,932 | $200,019 | $169,918 |
| Sales Price to List Price | 95.7% | 97.2% | 97.8% | 99.4% | 98.2% |
| Average Days on Market | 81 | 73 | 70 | 63 | 55 |
| Average # of house sold per month | 12.6 | 16.2 | 17.7 | 24.6 | 19.8 |
Make a difference in Colorado Springs on January 19,2009! King Day of Service
Make A Difference
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
A wonderful characteristic of the people of Colorado Springs is their willingness to serve others. Tomorrow, people of all ages and backgrounds will be donating their time and talent to benefit a great many churches, 
schools and other community nonprofit causes. These actions are critically important because volunteering today is a necessary aspect of meeting the many needs facing us and our country.
On Monday, January 19,2009; Martin Luther King, Jr. Day thousands of Americans across the country will commemorate his legacy through service, instead of just another Monday holiday. Will you help in Colorado Springs? You may ask yourself, how can I help? Check out this site to make a difference here in Colorado Springs. Read the rest of this entry »
Manitou Springs Homes, pricing down 10% from 2007
Manitou Springs Homes
2008 Market Report
Search for Homes in Manitou Springs
Single Family Homes in the Manitou Springs continues to be in a Buyer’s Market, as there is currently a 7.5 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET“. Sales are only down 1% from 2007, but average pricing is down 10% from 2007.
Recap of December Activity
- Homes Sold in the last month: 4
Recap of 2008, 2007, 2006, 2005, and 2004
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Number of Homes Sold | 62 | 63 | 90 | 80 | 82 |
| Average Sale Price | $292,931 | $326,267 | $290,533 | $269,743 | $254,814 |
| Sales Price to List Price | 95.3% | 94.9% | 96.3% | 97% | 97.1% |
| Average Days on Market | 109 | 105 | 79 | 82 | 61 |
| Average # of house sold per month | 5.2 | 5.3 | 7.5 | 6.7 | 6.8 |
Current Report Read the rest of this entry »
How do you price a Colorado Springs short sale?
The Art of Pricing a Short Sale
Part IX of Colorado Springs Short Sales Series
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
I’ve had some agents tell me that it seems like everyone will be a short sale expert by the time all this is said
and done. Ladies and Gentlemen, I have to say that there are very FEW experts in short sales in this market; as I think every situation is different and every lender is different. No two situations are the same. Here are some of my favorite comments about short sales from other agents …………..
The seller needs to fix the roof, it won’t pass inspection. If the seller had the money to fix the roof, he wouldn’t be in a short-sale. Did you see the verbiage sold “as-is” in the MLS? Did you see that it was listed as cash or conventional financing only?
Why can’t the seller keep the utilities on? Again, if the seller had the money to keep the utilities on, he probably wouldn’t be in a short-sale.
And my favorite …………. I’m going to advise my seller to price the house really cheap, that way I’ll get several offers to send to the lender. I know the lender will accept any offer they get.
OK, so you are going to ask me: “And what does it matter Read the rest of this entry »
Colorado Springs Foreclosure Homes, Tri-Lakes Area including Palmer Lake
Homes in Colorado Springs
Market information for Active and Foreclosure Homes in Tri-Lakes As of 1-7-09
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Must Read Posts
Neighborhoods: Woodmoor, Kings Deer, Palmer Lake, Walden Reserve, Jackson Creek
Active Homes for Sale as of 1-7-09: 411
- Single Family Homes: 383 (93%)
- Condos/Townhomes/Patio Homes: 28 (7%)
Have fun and help out these Colorado Springs community organizations in February
Don’t want to be stuck indoors with nothing to do in the magical month of February. Well, mark your calendars now and you too, can have a ball (or at least attend one)!
On February 21, 2009, you can attend the 26th annual Heart Ball to assist The American Heart Association held at The Cheyenne Mountain Resort which promises to be an exciting evening of dining, dancing and a silent auction to help protect our loved ones against heart disease and stroke, through research and education. Be sure to mark your calendars and put on your best black-tie and gowns which will help make a difference in the lives of those touched by heart disease and stroke. For more information call Tonya McKenzie 719-244-9587.
Still wanting to do something else that weekend? How about attending Read the rest of this entry »
10 Questions to ask when getting a Mortgage Loan
Colorado Springs Vintage Homes is happy to feature a great article
by our Newest Guest Blogger
Jessica Peterson with Lending Ladies
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
10 Things to ask when Getting a Mortgage Loan
We know that buying a home is a big and important decision. Selecting a good Loan Officer is a key part 
of your financial success. You will find our way of finding a good Loan Officer may be different from other blogs or postings. I am seeing quite a few blogs or posts that are saying the same thing and I find the questions do not really pertain to finding a good Loan Officer. Also, I find it interesting to learn that a company is selling the data.
What we have below did not come from any source that we paid for but comes from the heart and after being in the industry for a long time. At LendingLadies.com, we find character and experience plays a large part in finding a good Loan Officer. Therefore our questions are based upon that. If someone is a smart and truly caring person, they will end up being a good Loan Officer. It does not mean that everyone will agree with us, but some of you will. Please see our suggested list of questions to ask below. As always, LendingLadies.com encourages you to ask us the questions below.
Please pass this along to anyone who will be obtaining a loan in the future.
- Do you guarantee your fees on a Good Faith Estimate? Read the rest of this entry »
Foreclosure Colorado Springs, Central Area
Homes in Colorado Springs
Market information for Active and Foreclosure Homes in Central As of 1-7-09
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Neighborhoods: Ivywild, Old North End, Patty Jewett, Divine Redeemer, East End Addition, Crown Hill Mesa, Boulder Heights, Spring Creek
Active Homes for Sale as of 1-7-09: 497
- Single Family Homes: 387 (78%)
- Condos/Townhomes/Patio Homes: 110 (22%)
Breakdown of homes for sale, INCLUDING Read the rest of this entry »
Foreclosure Colorado Springs, West Area including Kissing Camels
Homes in Colorado Springs
Market information for Active and Foreclosure Homes in West As of 1-7-09
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Neighborhoods: Kissing Camels, Cedar Heights, Mesa, Chelsea Glen, Pleasant Valley, Holland Park
Active Homes for Sale as of 1-10-09: 195
- Single Family Homes: 139 (71%)
- Condos/Townhomes/Patio Homes: 56 (29%)
Breakdown of homes for sale, INCLUDING FORECLOSURES, Read the rest of this entry »
What’s in a short sale package?
One of the most important steps in a successful short sale, is putting together the short sale package which will be submitted to the lender. A complete package can make the difference in how long it takes to get a short sale submitted.
A recent short sale package I submitted to a lender was 76 pages in length.
What should be included in a short sale package?
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
Packages can vary lender by lender, but the following is a basic check sheet of what should be included in a 
short sale package. Lenders will tell you to send a complete package.
__ Hardship Letter
This is a letter written by the seller to explain the borrower’s situation and requesting a short sale. It should describe why the borrower cannot make their mortgage payments and their fear of possible foreclosure. It should be a plea for the lender to consider a short sale.
__ Sellers Authorization
This gives the Realtor (or whoever else you designate) authorization to act as your representative in taking to the lender. Colorado has an approved Real Estate document, Seller Authorization Form
___ Paycheck Stubs – Last 2 months Read the rest of this entry »
News Flash — Colorado Springs ranked Fittest City
Colorado Springs #1
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
Since I’m a “wanna-be” athlete, and I’m a statistic “junkie, I love articles like the recent publication in Men’s Fitness Magazine. The article praised Colorado Springs, which is no surprise to those of us who already live in the area.
The ranking information on the web site includes a report card, with A through F rankings. The area was rated an A in some categories, including Geography, Nutrition, Air Quality, and Parks and Open Space. But ………… on the other end of the spectrum there were F ratings for Alcohol Consumption and Access to HealthCare. Our neighbor to the north, Denver, was ranked #4, and also received an F in Alcohol Consumption, as well as they also received a D for Commute and Access to Healthcare.
There was some great trivia information posted on the web site:
- The number of heavy drinkers here is high: Colorado Springs has 17 percent more than average and the, 7th highest in the survey.
- Colorado Springs is home to Read the rest of this entry »
What you MUST know about short sales on FHA loans
Colorado Short Sale Series – Part VII
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
procedures for the FHA Pre-Foreclosure sale (PFS). The PFS is what FHA calls their Short Sale. If a seller is shorting an FHA loan, here’s some of the major things they need to know:- HUD used to have a rule that required the property to appraise for at least 63% of the indebtedness , this is no longer in affect.
- HUD used to accept 82% of the appraised value as their net – now it is 88% if it sells within 30-days marketing time, Read the rest of this entry »
Colorado Springs Foreclosure Homes – Southwest Area
Market information for Active and Foreclosure Homes in Southwest Colorado Springs As of 1-7-09
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Neighborhoods: Cheyenne Meadows, Stratmoor Village, Skyway, Broadmoor, Broadmoor Bluffs, Quail Ridge
Active Homes for Sale as of 1-7-09: 414
- Single Family Homes: 320 (77%)
- Condos/Townhomes/Patio Homes: 94 (23%)
Breakdown of homes for sale, INCLJUDING FORECLOSURES, as of 1-7-09
- Short sales: 27 (6.5%)
- VA Owned: 2 (.5%)
- Bank-owned: 31 (7.5%)
- Regular: 350 (84.5%)
- Government Owned: 4 (1%)
Partial list of Foreclosed homes currently on the market
Tax Benefits of home ownership
Does our tax code have benefits for homeowners?
Lets look at renting vs. owning your own home.
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.
The amount of money a renter spends on rent can be about the same as the amount a homeowner spends on 
a mortgage. With the tax benefit for home owners, the savings for homeowners can be significant. Though, if something breaks or becomes faulty it will be the homeowners responsibility to repair or replace as they no longer have a landlord.
(1) One of the best known benefits of owning your home is the mortgage interest deduction. Homeowners are allowed to deduct the interest paid on their primary residence. If you have a home that you live in most of the year and also have a vacation home you can deduct the interest paid up to one million dollars. You can also deduct interest on home equity loans up to $100,000.
(2) If you’re a first time buyer, you can also qualify for the new $7500 Homebuyer tax credit. A first time buyer means you haven’t purchased a home in the past three years or have not lived in a home you’re paying a mortgage on. Unless Congress Read the rest of this entry »
Colorado Springs Foreclosure Homes – Northwest Area
Market information for Foreclosure Homes in Northwest Area of Colorado Springs
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Neighborhoods: Pinecliff, Mountain Shadows, Rockrimmon, Oak Valley, Centennial Glen
Breakdown of homes for sale, INCLJUDING FORECLOSURES, as of 1-7-09
- Short sales: 5 (1.8%)
- HUD: 2 (.7%)
- Government Owned: 1 (.4%)
- Bank-owned: 15 (5.5%)
- VA Repo 1 (.4%)
- Regular: 248 (91.2%)
Partial list of Foreclosed homes Read the rest of this entry »
Colorado Springs HUD Homes — Part III in FAQ’s
Are you Interested in buying a foreclosed home in Colorado Springs?
4 MORE things to know about HUD homes
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Related Posts
This is Part III in my series about HUD homes. There are currently some great deals available on HUD homes. They are located all over the U.S; including many in El Paso County, and the list of homes available for sale varies in each bid period. Here’s a partial list of the current HUD homes for sale in El Paso County. There are currently over 50 homes listed on the site for the upcoming bid period ending on 1-12-09. If you would like a complete list, contact Kathy or Nancy and we’ll send the FREE list to you.
| 534 Lynn Ave1925 Chamberlin S1107 Neptune | $81,000$210,000 | 3/1.003/1.003/2.00 |
(10) What type of financing Read the rest of this entry »
Holidays are over, but there’s still plenty of events in Colorado Springs this week
Post Holiday events
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
The Christmas tree is dead and buried, the relatives are gone and you’re feeling a little blue thinking you’ll be stuck in your home until the weather warms. However, there’s still plenty to entertain you even if you don’t ski. Here’s a look at some interesting events to entertain you during our coldest month of the year.
Sunday 1/4/2009: “On All Fours” benefits one of Colorado Springs more interesting sports teams, The 
Pikes Peak Derby Dames which is a roller derby league (yes, the derby still exists). These 60 women are unpaid and have to raise funds to continue their hitting and skating. The benefit is at Phantom Canyon Brewery Co. from 6-10 pm and will feature the dames in a fashion show along with an art show of the Derby Dames during their games. Two comedians will also keep you laughing. All of this for only $25 which goes to support their traveling teams, costumes (yes, fishnet stockings are still worn), and the rental fees for City Auditorium where they play. Call 719-387-7212 for more info.
Monday 1/5/2009: Pioneers Museum is continuing the exhibit: Pikes Peak Or Bust which runs through September 5, 2009. As always its free. Read the rest of this entry »
What are the credit consequences on a short sale?
Part VII in Short Sales Series for Colorado Springs Home Owner’s
Related Previous Posts:
- Colorado Springs Homes, 4 things to know about a short sale – Part I of Short Sales Series
- Avoid Foreclosure, Know Your Options – Part II of Short Sales Series
- Colorado Springs Home Foreclosures – 11 benefits of a short sale – Part III of Short Sales Series
- The final step in the Colorado Foreclosure process – Part IV of Short Sale Series
- How long does it take to do Colorado Springs Short Sale? – Part V in Short Sale Series
- Are there tax ramifications to a Colorado Springs Short Sale – Part VI
Are there any credit consequences to a Short Sale?
As I continue to do more and more Short Sales for home sellers in Colorado, I frequently get asked this question. It’s a fairly simple answer, as the moment a home owner get 30+ days behind on their mortgage payment, the bank will probably report this information to the credit bureau. When a late payment is reported; it does have a direct affect on your credit.
It’s also important to note that when the actual Short Sale is completed, many lenders will report that the account was “paid in full for less than the full amount.” A credit report may also be marked as “settled.” Each lender has a different way of reporting that a Short Sale was done, but this seems to be the most common language that is seen. Read the rest of this entry »
Are there tax ramifications to a Colorado Springs short sale?
Taxes due on Short Sales?
As part of listing short sale properties, a large portion of what I do is help educate sellers who are in financial difficulty. I’m often asked about the tax implications of the debt forgiveness on a short sale or foreclosure. I hope this article will answer some of these questions.
I pride myself on thoroughly researching any article I write, and this article is no exception. Having said that, I’m not an accountant or CPA, and I urge you to seek professional tax advice on the tax ramifications of a Short-Sale and Foreclosure.
- Colorado Springs Homes, 4 things to know about a short sale - Part I of Short Sales Series
- Avoid Foreclosure, Know Your Options - Part II of Short Sales Series
- Colorado Springs Home Foreclosures – 11 benefits of a short sale - Part III of Short Sales Series
- The final step in the Colorado Foreclosure process – Part IV of Short Sale Series
- How long does it take to do Colorado Springs Short Sale? – Part V in Short Sale Series
What is the Mortgage Forgiveness Act?
The Mortgage Forgiveness Debt Relief Act of 2007 was passed for taxpayers who lose their homes in foreclosure. (According to the information on the IRS Web Site: “Homeowners whose mortgage debt was partly or entirely forgiven may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2008 federal income tax return.”)
The law applies to debt forgiven in 2007, 2008 or 2009 and it’s important to note that debt forgiven on second homes and rental property does not qualify. Read the rest of this entry »
