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Displaying blog entries 21-23 of 23

"The Short Sale was completed in record time.."

by Team Cook

Dear Prospective Client of Team Cook, Cottage Realty,

After a job loss in September of 2009 and the inability to find a new permanent position in a timely manner our mortgage fell into delinquency. After several months past we contacted Kevin Cook of Cottage Realty, whom we had originally purchased the home from.

Kevin advised us of the possibility of selling the home as a "Short Sale" in order to avoid foreclosure. We chose to utilize the services of Cottage Realty because another key member of Team Cook, Rose Lawrence is a certified Short Sale expert and with Connie Salazar and Kevin Cook's extensive knowledge and experience in Northern Colorado, we felt they would be the best qualified realtors to handle our situation.

Team Cook set into action with an aggressive advertising campaign which quickly found an enthusiastic buyer. The Short Sale was completed in record time, approximately three months, despite the process going through a new software program utilized by Bank of America. We were able to close days before the would-be foreclosure sale, and were able to salvage our credit to some degree. It is a great relief to have the process completed and to have avoided foreclosure. We owe many thanks to Team Cook for their assistance in achieving this positive outcome and would recommend them to anyone facing foreclosure and interested in pursuing a Short Sale, or anyone who needs a quality realtor for the Northern Colorado region.


Sincerely,

Hezi

Options for homeowners in distress

by Team Cook

Homeowners whose mortgage balance exceeds the current property value know the futility of trying to get a refinance. Refinancing options for so-called "underwater" mortgages are limited because most lenders require some equity in the property - ideally about 20 percent.

However, borrowers should not give up hope. Options do exist, especially via the government's Making Home Affordable program.

One of those options is HARP. If you meet certain criteria, your underwater loan may be eligible for a refinance through the federal Home Affordable Refinance Program. The program allows qualified borrowers to refinance a loan that is from 105 percent to as high as 125 percent of a homes value.

However, not every underwater loan qualifies for HARP. First, you must not be on the road to foreclosure. Any delinquent payments in the past 12 months will automatically disqualify you from eligibility. In addition, either Fannie Mae or Freddie Mac must own the loan. You can find a loan lookup tool and other calculators at the government's Making Home Affordable Web site.

Your ability to take advantage of HARP will depend on payment history and other factors including credit score, the structure of the current home financing and specific lender guidelines.

"Can it help everyone? No" Says Jason Bonarrigo, senior mortgage banker with Wells Fargo Home Mortgage of Boston. However, Bonarrigo has closed several HARP loans and says it's worth investigating eligibility.

"If refinancing through HARP can shave $300 or $400 off a monthly mortgage payment, it can sometimes make a difference between keeping and loosing a home down the road," he says.

Your second option is HAMP. If you not only have an underwater mortgage but also have missed payments, you may qualify for the federal Home Affordable Modification Program that is available through mortgage lenders.

To qualify, you must demonstrate financial hardship that puts your mortgage in imminent danger of default. The mortgage must be owned by Fannie Mae, Freddie Mac or by others signed up with the U.S. Treasury to qualify for HAMP.

While the program provides government incentives (of up to $1,500) to lenders to process these modifications, the ultimate approval rests with the lender.

"HAMP is not a refinancing program - it's a change to the contract terms...but it can lower your payments for up to 60 months," says Mickael Goldstein, a bankruptcy attorney and partner at Goldstein and Clegg in Lynnfield, Mass.
Article written by Marcia Passos Duffy - Bankrate.com

IF YOU HAVE TRIED WORKING WITH YOUR BANK AND HAVE BEEN UNSUCCESSFUL....LOOSING YOUR HOUSE TO FORECLOSURE MAY NOT BE YOUR ONLY OPTION! 

TEAM COOK AT THE COTTAGE REALTY ARE SHORT SALE EXPERTS! WE ARE CERTIFIED WITH A 100 PERCENT SUCCESS RATE.

CALL TODAY FOR YOUR PRIVATE CONSULTATION.

970-532-2695 OR 970-532-5900.

A Short sale is better than a foreclosure!

by Team Cook

Almost ANY option is better than a foreclosure!

Simply stated, do everything you can before foreclosure occurs and do it as quickly as humanly possible. Don't sit back and keep thinking, "What Can I Do?" Instead, consider a short sale before your options become more limited.

Team Cook at the Cottage Realty has the knowledge aqnd experience to save you from foreclosure and get the deal done.  We are Certified Distressed Property and Short Sale Experts!

All consultations are discreet and held in strict confidence. No information is shared. 

Take the next step and call Team Cook today - 970-532-2695.

 

Displaying blog entries 21-23 of 23

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Team Cook Real Estate Services
The Cottage Realty Ltd.
908 Mountain Avenue
Berthoud CO 80513
970-532-2695
Fax: 970-532-2699

"I have truly heard and seen first-hand that Cottage Realty is wonderful, exemplary, and a real asset to the economy of Northern Colorado. I will definitely keep Cottage Realty in mind as my first choice if and when I have real estate needs in the future. Again, thank you so much. I will also refer you to friends and family who need your services. Sincerely...Stacy"