Ro Troia

Archive for March, 2010

Shrink Your Home Loan: Obama’s Foreclosure Prevention Plan

The following is a true story.

  I have a family member who bought her home in 2005.  The economy was better then and real estate was hot in Boulder Colorado.  Prices were high, inventory was low, and banks were more lenient with loan qualifications.  She makes over $50,000 and has a steady job.  However, she just had a baby and would like to buy a bigger home.  As expected, she got her home ready to list and had the home appraised first in order to determine a price. 

What do you guess happened?  Click here to find out.

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Tags: Tags: Bank of America, boulder colorado, Federal Housing Administration, financial hardship, Government Accountability Office, homeowner, job loss, lender, loan modification, mortgage, Obama Foreclosure Prevention, renting, selling, shrink home loan, under value

Cities surrounding Denver, Come Join Us!

Cities offer us bright lights, night life and excitement.  All things you expect from the city.  However, not all of us want that twenty four hours a day seven days a week.  For those of us who need to live near the city but not in it, the surrounding areas are the answer.  The Denver metropolitan area consistently ranks as one of the most desirable areas to live in the United States. Of course all our cities offer easy access to the 28 major resorts areas found in the nearby Rocky Mountains, which offers skiing, hiking, rafting, and camping, as well as beautiful and breathtaking scenic wonders… most are well within a two hour drive. Below are a few of Denver’s cities and reasons why you and your family might want to move there.

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Examples Of Short Sale Financial Hardship Letters

Yes, we can help! Short sales are increasingly common as new government acts have passed to find alternatives to foreclosures.  You are not alone.  The economy is tough in Boulder Colorado and elsewhere;  people are losing jobs and it’s been a difficult time in real estate as property values have dropped below mortgages owed on homes.  This makes it difficult to refinance and when it’s hard to pay on that mortgage, you find yourself in a dire situation.  Often times if you qualify, a short sale is a better solution that foreclosing.  It’s not as hurtful to your credit and the bank is willing to accept a payment lower that the borrowed amount in order to avoid foreclosure costs.  The Troia Team has written many blogs on the topic so if you feel you are a candidate for a short sale, let us know.  We can help.   Because we have covered the positives to a short sale and explained the process in detail, I wanted to use this blog to provide examples of short sale hardship letters.  These are necessary to submit to a lender when simultaneously submitting the other necessary documents that go along with a short sale request to the bank.  Click here for hardship letter examples.

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Tags: Tags: Bank of America, boulder colorado, foreclosure, hardship letter, job loss, lender, market trends, mortgage, property values, real estate, realtor, short sale, The Troia Team

Bear Aware in Boulder

We pay a premium to live close to the hiking and biking trails in Boulder Colorado.  Situated at the base of the foothills to the Rocky Mountains, our premium also comes with a responsibility.  A recent increase of  sightings this past year in Boulder of bears and mountain lions in our city of 100,000 people have prompted quite an alarm and it makes your realize “we’re not alone” as humans in Boulder.   Living in the Wonderland Hills neighborhood which directly abuts the foothills, we often wake up to a dozen mule deers roaming our front yard or cul-de-sac, as well as an early morning mountain lion or a momma bear and her cub roaming the open space where I walk the dog on the trails everyday. Read the rest of this entry »

Tags: Tags: bears, boulder colorado, hiking, mountain lions, real estate boulder colorado

Yes! It’s Another Short Sale Blog.

 

But worth your while, I guarantee you.  The Troia Team from Boulder Colorado is writing so much on the subject lately because IT IS the subject lately.  Real estate short sales are everywhere and the numerous listings are partially due to the Home Affordable Foreclosure Alternatives Program; go ahead, call it HAFA. 

The information is non-ending.  You can’t write enough about short sales.  As we discussed before, having a knowledgeable Realtor is most important.  One who can walk you through the process.  If I were going through a short sale, here’s what I would want to know from my real estate agent.

 

 

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Tags: Tags: agent, boulder colorado, buyer, comparative market analysis, HAFA, hardship letter, Home Affordable Foreclosure Alternatives Program, inspection, lender, listing contract, loan, market, mortgage, purchase agreement, real estate, realtor, seller, short sale, The Troia Team

Get Ready for the Bolder Boulder, its right around the corner!!!

Every year on Memorial Day in Boulder CO there is a race, which started as a modest local show, but has turned into a international phenomena.  Yes, I am referring to the Bolder Boulder.  2010 it is on May 31, and with close to 50,000 racers last year, we are expecting another great race this year. The Bolder Boulder 10K run has gained in popularity because of the range of runners allowed to enter. Run, jog, walk it, all levels are welcome.  You will see some of best long distance runners in the world and you also see the brave walker who is entering their first 10K.  The pace is not important, only the experience.  Unless you are one of those world class runners, in which case I say to you, “pace is everything.”

The race starts in Folsom Stadium, home to the CU buffalos, and is ran around a loop which heads north and south along Folsom rd.  Cars are blocked for the masses of people who have come to watch.  You should, at least come cheer on the racers this year, if you are not ready to enter.  While here check out Pearl Street and all the shops and restaurants it has to offer.  Cool off in Boulder Creek to get out of the heat or head to The Hill for a bite to eat.  There is plenty to do before during and after the race here in our unique town. Read the rest of this entry »

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What You Need To Know About A Short Sale

What is it when a seller’s lender agrees to accept a lower amount for a property than is owed? 

Yes…a short sale. 

This is big real estate news in Boulder Colorado and throughout the country.  If the owner of a home has an outstanding loan/lien that is greater than the value of the home and they are in financial distress (late on mortgage payments), then a short sale is an option other than foreclosure.  Click here to read all about  it. Read the rest of this entry »

Tags: Tags: bailout, financial hardship, government, lien, market, owner, real estate, real estate news, realtor, seller, short sale

Lafayette has “Spork” and Boulder has “Mork” –

 “Save Spork “  I received an email last week with a link that you were suppose to click  ://www.ipetitions.com/petition/savespork/ .  Spork , a 10 year old miniature Dachshund was taken to Lafayette’s Jasper Animal Hospital to have a bad tooth extracted.   Spork is now up on “vicious animal charges” for biting a veterinarian technician.   The owner said that dog was just in pain and scared, and so far the family has spent over $6000 on fees involved with the ticket.  The courts will be reviewing the case in April 2010 and will decide if the dog should be euthanized or not.   Read the rest of this entry »

Tags: Tags: boulder colorado, Lafayette Colorado, Mork and Mindy, Spork the Dog

Foreclosure Verses A Short Sale

A short sale is when the real estate sale proceeds fall short of the balanced owed on the property’s loan.  This happens when the borrower is unable to pay their  property’s mortgage.  Instead of penalizing the mortgagor, the lender agrees to sell the property at a moderate loss.   This is an advantage to both parties as  it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. Clients in Boulder ask this all the time and no,  this may not release the mortgagor from their deficiency. Neither foreclosure nor a short sale leaves you free and clear.

Definition made simple of foreclosure: when the borrower is legally removed as owner to their home.  Ownership is terminated due to late payments (default).  The property is sold at a public auction.  Proceeds go to payment of the balance.  When the bank buys the property at the auction, it is then put on the market.

If it’s right for your situation, a short sale would occur before the home goes to auction.  A Realtor lists the home in hopes of selling and presenting an offer to the bank before the sale date.  This date can be extended while the home is listed.  Two basic scenarios: 1) Home receives an offer and the bank accepts = no foreclosure. 2) Property receives no offers or the bank rejects offers = home goes to auction & foreclosure.

Tags: Tags: bank, borrower, boulder, Boulder County, credit report, default, deficiency, employment, foreclosure, home, homeownership, lender, listing, mortgage loan, mortgagor, proceeds, property, realtor, selling, short sale

What Is An Eco Friendly Renovation? Part Two

Why is this information important? 

For several reasons: Being more conscientious is the way to be.  It’s the right choice.  The eco evolution is not only taking over Boulder but it’s blossoming throughout the world.  We drive Priuses, shop locally, and remodel with the consideration of the environment. 

You’re not only saving mother earth but yourself as well; indoor contamination causes health problems and the community is becoming more aware of its harmful risks. 

 It’s really not that more expensive to do a earth loving remodel and it will positively increase the value of your real estate.  Buyers are looking for those green qualities in a home so here are the basics. 

 

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Tags: Tags: boulder, buyers, conscientious, eco friendly renovation, eco house, environment, flooring, health problems, increase value, indoor pollutants, insulation, investment, kitchen trends, paint, real estate, sellers, VOCs, water efficiency, world