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Deed in leiu is one alternative to foreclosures
Deed In Lieu
With all this talk about short sales and foreclosures in Colorado Springs there are many consumers as well as REALTORS who are uncertain about what a Deed in Lieu is.
f you are interested in a short sale, It’s important to utilize a Colorado Springs Real Estate Agent that specializes in Pre-foreclosures, Foreclosures, and Short Sales; and has a successful and ethical track record. Call Kathy Torline – Nordstrom, 719-287-1049.
A deed in lieu of foreclosure occurs when an owner voluntarily gives a deed to the property to the lender in order to avoid the foreclosure process. It is commonly called a deed in lieu.
The benefit to the lender is it saves the time and expense of the foreclosure. The lender will typically only accept a 
deed in lieu if there are no other liens on the property as they will want a clean title. Also, most lenders will want to know that all other options have been exhausted. HUD has a very comprehensive explanation on their web site.
The major advantages to the homeowner:
** Immediately releases the owner from most or all of the personal indebtedness associated with the defaulted loan.
** The homeowner may receive more generous terms than in a formal foreclosure.
** Credit will be less damaged compared to a foreclosure. Read the rest of this entry »
New help for Colorado homeowners facing foreclosure
f you are interested in a short sale, It’s important to utilize a Colorado Springs Real Estate Agent that specializes in Pre-foreclosures, Foreclosures, and Short Sales; and has a successful and ethical track record. Call Kathy Torline – Nordstrom, 719-287-1049.
Governor Ritter is expected to sign a new bill approved by the state Senate that will give 
homeowners facing foreclosure an 90 day window to try and work out a way to keep their homes. The bill would require the state to post a notice on the doors of foreclosed homes no later than 15 days after the foreclosure notice is delivered. The homeowner would then have five days to contact the state’s foreclosure hot line (1-877-601-hope) and set up an appointment with a foreclosure counselor. If the homeowners can prove they have income then the lender will be required to meet with them to try and work out a payment plan.
During the next 90 days, foreclosure proceedings would be suspended, although the homeowner would have to keep paying 2/3 of the mortgage payment. Mortgage brokers support the plan as they’re more interested in saving the investment than taking possession of the homes where it would show up as bad debt and that doesn’t help the lenders.
This new bill would certainly help many Colorado homeowners though not everyone would benefit. If the homeowner has no income due to a loss of a job, and they have no ability to repay the mortgage, there’s no help for them in this bill . The lenders are only required to meet with these homeowners, not come to an agreement with the owners, but many are willing to try, given all the foreclosed homes they’re carrying on their books.
Must Read 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
How long does it take to do a Colorado Springs Short Sale? - Part V in Short Sale Series
What are the credit consequences on a short sale? - Part VI of Short Sale Series
Are there tax ramifications to a Colorado Springs short sale? — Part VII of Short Sale Series
What you MUST know about short sales on FHA loans - Part VIII of Short Sale Series
21 reasons short sales fail - Part X of Short Sale Series
If you enjoyed reading this article, why not To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049) KTorline@msn.com
Plenty of Foreclosures for sale in Southwest Colorado Springs
Southwest Neighborhoods: Homes in Cheyenne Meadows, Stratmoor Village, Skyway, Broadmoor, Broadmoor Bluffs, Quail Ridge
Search for Homes in Southwest Colorado Springs
Active as of 2-14-09: 417
- Single Family Homes: 302 (72%)
- Condos/Townhomes/Patio Homes: 115 (28%)
Active homes for sale as of 2-14-09
- Short sales: 27 (6.5%)
- VA Owned: 1 (.2%) Read the rest of this entry »
Foreclosure Assistance, help is available
I have published this article before, but I came across MANY new resources that I wanted to add
f you are interested in a short sale, It’s important to utilize a Colorado Springs Real Estate Agent that specializes in Pre-foreclosures, Foreclosures, and Short Sales; and has a successful and ethical track record. Call Kathy Torline – Nordstrom, 719-287-1049.
When many Colorado Springs home owners are in financial trouble and not making their house payments, they go into denial. They are embarrassed, and they hope that the situation will go away. The problems usually won’t solve themselves. The fact is that the sooner a home owner faces up to the situation the better. There are options out there!
One of the first steps I do is to refer Colorado Springs home owners to some of the local and national hot-lines that are now available to help home owners. I want to make sure they are as educated as possible about their options before they decide to list their home as a short-sale. I also encourage them to talk to a lawyer and/or a tax accountant. A short sale may not be the right step for them; I want them to understand all of their options and pick the one that’s best for their situation.
Colorado Foreclosure Resources
One of the best resources around is the Foreclosure Hot-Line at 877-601-HOPE. There is also a local organization called The Pikes Peak Foreclosure Partnership at 719-444-8833.
National Foreclosure Resources
There is another national organization called Hope Now at 888-995-HOPE; and one of the great feature of this web site is links to many mortgage companies web sites. If you have a VA loan, the phone # is (719) or (303) 914-5650. If you have a HUD/FHA loan, the phone # is (303) 672-5216
The goal of Read the rest of this entry »
Foreclosures for sale in Northwest Colorado Springs
Northwest – Market breakdown for Active Homes as of 2-14-09
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Must Read posts:
Neighborhoods: Pinecliff, Mountain Shadows, Rockrimmon, Oak Valley, Centennial Glen
Active as of 2-14-09: 264
- Single Family Homes: 187 (71%)
- Condos/Townhomes/Patio Homes: 77 (29%)
Active homes for sale as of 2-14-09 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%)
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
Must Read Posts:
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
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 »
Tips for Colorado Home Buyers, beware of buying a meth home
Don’t let your dream home turn into a nightmare!
Search for Homes in Colorado Springs
Part I of Series
Related Posts
There continues to be an epidemic sweeping the Midwest that presents health and safety risks to potential home buyers. There is widespread use of homes, garages, sheds, even motor vehicles to manufacture illegal drugs, specifically methamphetamine. It’s important for potential buyers to understands the basic facts about meth labs; and for buyers to do their due diligence when buying a home
What is a meth lab?
According to the verbiage on the Colorado Spring City Government web site: “Illicit manufacture of meth involves the process of combining multiple chemicals to another substance (referred to as a “precursor”) to create methamphetamine. The most common Read the rest of this entry »
The final step in the Colorado Foreclosure process – Part IV of Short Sale Series
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
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
The foreclosure process in Colorado is quite a bit different than in other states because the governor 
appoints a “Public Trustee” for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure.
CAN I BUY A PROPERTY AT THE PUBLIC TRUSTEE SALE?
Mortgage lenders in Colorado schedule Trustee Sales when the borrowers are in default and the situations are not resolved. One of the last steps in the foreclosure process is the public trustee sale. But if you are interesting in buying properties at the sale, it’s important to know that many sales get cancelled. Also, Read the rest of this entry »
Colorado Springs HUD Homes, Part I
Are you Interested in buying a foreclosed home in Colorado Springs?
5 things to know about HUD homes
Search for Foreclosed Homes in Colorado Springs
Related Posts
(1) What is a HUD Home?
When someone with a FHA Insured mortgage defaults on the loan, the lender forecloses on the home. FHA then pays the lender what is owed; and HUD takes ownership of the home.
(2) Who can buy a HUD homes?
If a buyer has cash, or can qualify for a loan, they can buy a HUD home. They are typically offered FIRST to buyers who want the home for their primary residence. Read the rest of this entry »
Foreclosures in Colorado Springs, Southwest Area including the Broadmoor
Market breakdown for Broadmoor Homes as of 11-13-08
Search for Broadmoor Homes in Colorado Springs
Related Posts
Includes homes in Cheyenne Meadows, Stratmoor Village, Skyway, Broadmoor, Broadmoor Bluffs, Quail Ridge
Active as of 11-13-08: 507
- Single Family Homes: 403 (79%)
- Condos/Townhomes/Patio Homes: 104 (21%)
Active homes for sale as of 11-13-08:
- Short sales: 33 (6.2%)
- VA Owned: 2 (.4%)
- Bank-owned: 19 (3.6%)
- Regular: 481 (91.3%)
Colorado Springs Foreclosures, Central Area
Market breakdown for Active Homes as of 11-11-08
Search for Homes in Colorado Springs
Related Posts
Neighborhoods: Ivywild, Old North End, Patty Jewett, Divine Redeemer, East End Addition, Crown Hill Mesa, Boulder Heights, Spring Creek
Active as of 11-10-08: 539
- Single Family Homes: 414 (77%)
- Condos/Townhomes/Patio Homes: 125 (23%)
Breakdown of Active homes for sale as of 11-6-08: 539
- Short sales: 49 (9.1%)
- VA Owned: 2 (.4%)
- Bank-owned: 52 (9.6%)
- Regular: 435 (80.7%)
- Government-owned 1 (.2%)
