Colorado Springs Vintage Homes Blog
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Think twice before you walk away
Should I just walk away from my home?
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When I hear a Colorado Springs home owner say this, I realize they have no idea how a foreclosure can ruin their credit
and their ability to buy another home in the future. The idea of walking away seem very appealing; but the reality is that is will have long-term effects on their future.
Fannie Mae has set guidelines for the industry detailing the impact of foreclosure compared to other foreclosure alternatives. Some of these may help educate a Colorado Springs home owner before they walk away.
Minimum time a homeowner must wait before purchasing another property
- Foreclosure: 5 – 7 years
- Deed in lieu: 2 – 4 years
- Bankruptcy (excluding chapter 13): 4 years from the dismissal OR discharge date.
- Chapter 13 Bankruptcy: 2 years from the discharge date, 4 years from the dismissal date
- Pre-foreclosure sale/short sale: 2 – 4 years
Foreclosure has the most impact on a home owner’s future ability to purchase another home. One of the least damaging impacts on a home owner’s future ability is a short sale.
You can view the whole document issued by Fannie Mae.
To find out more information about selling your Colorado Springs home, Call ……
Kathy (719-287-1049) KTorline@msn.com
12 Acceptable Reasons for a Short Sale
Are you thinking about selling your Colorado Springs Home? Do you want to do a short sale?
If you would like some other helpful advise on selling your home, please feel free to call Kathy at 719-287-1049, KTorline@msn.com
Many times I’ve been asked about why would a homeowner would want to do a short sale. The reasons are many, b
ut here my top 12 list of acceptable reasons:
- Financial Hardship due to a reduction of income, still employed but you are making less money
- Financial Hardship due to unemployment
- Financial Hardship due to your ARM loan resetting and you can no longer afford the payments
- Divorce
- Death
- Military Deployment
- Job Relocation Read the rest of this entry »
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 »
