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Looking for an Alternative to Foreclosure

iStock_000007789001XSmallReally?  Not a short sale?  Not a foreclosure?  It’s called a ” Deed in Lieu of Foreclosure” which actually lets a homeowner voluntarily turn over the deed to their house to the lender!    This is not a new concept, however, neither is foreclosure, but this crazy real estate market we are living in now requires that you cover all you bases before making a final decision on how to get out from under your mortgage.  Even thought the federal government launched some new rules earlier this month concerning short sales, some homeowners might not quality for a short sale because they have no hardship. Could this be you?  Read on please…. Read the rest of this entry »

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Why Coldwell Banker? The Whole Story.

The Coldwell Banker StoryColdwell_Banker_LogoI’ve been on a lot of listing appointments lately with spring arriving here in Boulder Colorado and included in the listing presentation are reasons why to choose Coldwell Banker.  I, myself even had to ponder the reasons why to choose one brokerage company over another when becoming a real estate agent.   Upon intensive research and endless appointments with recruiting office managers, I went with Coldwell Banker Residential Brokerage and The Troia Team.  Here’s why I did and why you should as well.

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Shrink Your Home Loan: Obama’s Foreclosure Prevention Plan

Housing EconomyThe 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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Examples Of Short Sale Financial Hardship Letters

helpYes, 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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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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What You Need To Know About A Short Sale

ShortSaleWhat 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 »

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Foreclosure Verses A Short Sale

house short saleA 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.

real-estate-investment-property-foreclosure-reoDefinition 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.

Enough of the definitions already!  Let’s talk about the pros and cons of each. Read the rest of this entry »

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What Is An Eco Friendly Renovation? Part Two

green_buildingWhy 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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Buying a HUD home? Confused? It’s not that hard!!

  So you are in the market for a HUD home.  What is HUD, where do I find the, how do I get one??????  This can overwhelm you and may seem confusing but trust me it’s not. 

Confused? Don't Be

Confused? Don't Be


If a loan insured by the Federal Housing Administration or FHA goes in default, the FHA takes certain steps to collect on their loan.  This may result in the lender taking possession of collateral real estate. If this happens the lender may submit a claim against the FHA insurance fund and convey ownership to the United States Department of Housing and Urban Development or HUD.  HUD then in turn lists the property at market value and sells it as fast as possible.  Click this link for more info.  This is the exciting part.

Anyone can buy a HUD home, as long as they have an insured loan or are paying with cash.  To go and look at these homes call a local realtor who has NAID membership and a HUD key to get you into the home.  COLORADO REALTORS WHO WANT TO APPLY FOR A HUD KEY CLICK HERE. Just ask your realtor for details.  After seeing the home and deciding you want to make an offer on it consider yourself “in auction”, only electronically.  Your realtor will make an electronic bid for you within the bidding time frame.  Have your HUD contract 9548 (1/99) in front of you and get on the Internet.  Along with some basic buyer and broker information, this is all you will need to make your electronic bid. Read the rest of this entry »


What Is An Eco Friendly Renovation? Part One: Flooring

Recycled House

Just what defines a home remodel going eco friendly?  It’s important to know if you are a home buyer and a home seller.

If you are a home buyer then this will help you know what to look for when house shopping.  Sellers wanting to increase the value of their home and attract more buyers, need to be aware of what the new earth loving trends are.

Being a real estate expert in Boulder Colorado and Boulder County, we are witnessing a revolution in green building.  This is not a passing trend, but in my opinion, a change in how we build and remodel.

This blog is dedicated entirely to flooring! Yes, aren’t you lucky?  Eco flooring options are numerous and fun to talk about so let’s get started!

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