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Displaying blog entries 41-50 of 51

A short sale success in Loveland!

by Team Cook

"Team Cook has been wonderful to work with. They helped us sell our home through a short sale process and took care of making the process as painless as possible. 

They were AMAZING! They went over and above any expectations - without them this would not been possible. I recommend them to everyone." 

D & W

Another Successful Short sale in Loveland!

by Team Cook

Kevin & Connie & All the Cottage Realty staff -

J.J. & I would like you to know how much we appreciate all your hard work and effort put into selling our house!

Our life and our future was in your hands and you all did everything to make sure we had a bright future!

You will never know how much we truly appreciate you and your company!

So, thank you, thank you from the bottom off our hearts for all you do!

J.J. & Holly 

Short sales increase as banks see benefit over foreclosures

by Team Cook, John Gittelsohn, Margaret Collins

A recent article from the Bloomberg News wrote on Short sales starting to increase.  Part of the article reads:

"Three years into a U.S. housing slump that pushed the economy into a recession and cut resale values by 30 percent from the peak in July of 2006. Short sales tripled to 40,000 in the first six months of 2009 from the same period a year earlier.
Yet for each short sale, there were 25 foreclosures started or completed in the first half of this year, according to data from the Office of the Comptroller of the Currency.
"It's really finally dawning on banks that they're better off with a short-sale," said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles. "I think banks were in denial."
Wells Fargo, Bank of America Corp. & JPMorgan Chase & Co. this year have hired & trained more staff, developed software systems for expediting short-sales, & increased marketing of short sales to delinquent borrowers.

Banks are increasing such sales under pressure from the Obama administration & law makers who criticized them for favoring foreclosures and delaying short sales, Green said. Lenders & loan servicers also stand to receive up to $2,000 in incentives to close short sales under a Treasury Department plan unveiled Nov. 30th. "  Written by John Gittelsohn & Margaret Collins.

If you are someone you know is in a difficult situation, there may be a better way out, and Team Cook is here to help.  We are Short sale experts in Northern Colorado.

Call us today for more information or log into: www.coloradoshortsaleexperts.com - 970-532-2695


 

FORCLOSURE VS. SHORT SALE

by Team Cook

CLICK HERE FOR INFORMATION ON "FORECLOSURE VS. SHORT SALE"

"...I was on the verge of foreclosure..."

by Team Cook

After falling behind in my mortgage payments for several months, I was contacted by Kevin Cook of The Cottage Realty, Ltd.

As this was the first time that I was on the verge of foreclosure, I had no idea what my options were. I also did not know what to expect as I navigated through this process. Kevin explained that I had a number of options available and we discussed the pros and cons of each one as it applied to my circumstances. For me, it became clear that a short sale was my best chance of avoiding foreclosure.

I was highly impressed by Kevin's dedication to save my house from foreclosure. How can you adequately thank someone enough for giving you the opportunity to restore your family, your housing, and your future? I owe a debt of gratitude to Kevin Cook for helping me.

I now have the ability to reach out to other distressed homeowners. I understand how difficult a time it can be.

I am excited that Kevin Cook has been helping educate homeowners about their options to foreclosure. He has restored hope to many. If you are facing foreclosure, then you understand what this really means.

Thanks to Kevin and his Team, I can now move forward and rebuild my future. He has bent over backwards to make the process as painless as possible.

Dwayne

Thank you...

by Team Cook

I would like to take this opportunity to thank you and your staff for all the help your provided me. You have saved me from foreclosure and I really appreciate everything you guys did to make this happen. You just don't know how relieved I am right now. You guys performed a miracle and I will definitely recommend you to anyone who is also in the same situation as I was.

You have gone "above and beyond" to make this a very smooth process! I am really impressed how you always maintained a positive attitude even in light of some pretty stressful situations. I could not have done this without your team. This entire ordeal was very stressful for me and you did a great job of relieving me of most of that stress. You gave me a real solution to my terrible situation.

I just wanted to take a minute and thank Team Cook for all the hard work they have done for me. I know you have spent a LOT of time "fighting" to get the best deal for me and I really appreciate it!

Doug

Team Cook you're my HERO'S!

by Randy Lindstrom

Team Cook you're my HERO'S! (Wish I would have listed with you 2 years earlier)

I had my house on the market for two years (5/07 - 4/09) listed with different agents of course! With the economy the way it is, I lost my job and had other family crisis's going on at the same time. I spoke with Kevin about a short sale. Best decision I have made in many years! I was able to concentrate on my family issues while they handled the sale of my home. One less concern for me. I would recommend this team to everyone. They are true professionals, their communication is superb. They kept me informed of the progress from the beginning to the end when it finally sold. And thank you Rose for staying on those mortgage companies.

One very happy client,

Randy Lindstrom

IF I DO A SHORT SALE, WILL I HAVE TO PAY ADDITIONAL TAXES?!

by Team Cook

Short Sales can be a "win, win" situation for both buyers and sellers. Some sellers however, have addressed concerns about having to pay taxes on the amount that was forgiven by the mortgage holder.

Linda Holdredge, CPA for Hanna Holdredge & Associates who services clients in the Loveland, Berthoud, Ft. Collins, Johnstown, Greeley, Longmont and surrounding Northern Colorado areas wrote an amazing letter that explains the Debt Cancellation Income that is not taxable! 

CLICK HERE TO READ THE LETTER!

FALLING BEHIND? WE CAN HELP!

by Team Cook

WHO DO YOU KNOW THAT IS FALLING BEHIND IN THEIR MORTGAGE PAYMENTS OR STRUGGLING TO KEEP THEIR HOUSE? PLEASE TELL US AND WE CAN HELP THEM!

 

What is a Short Sale?

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers' mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate agent's commission. A short sale is an alternative to foreclosure which may benefit both lender and borrower alike.

 

How do I know if a Short Sale on my property is right for me?

If you are faced with a hardship and are unable to meet your financial obligation on your mortgage, your lender would prefer to settle the matter with you as opposed to taking the property through the foreclosure process.

 

If I do a Short Sale, what do I have to pay to sell my home?

In most cases, you will pay literally no sales costs if your lender approves the Short Sale. The agent commissions, title and escrow fees, and even most repair expenses are paid by the lender as part of the Short Sale approval.

 

How do I get started on the Short Sale process?

There are very specific categories that lenders consider "qualified hardships." A short sale can only take place if both your property and you qualify. You will need to make sure you are working with an experienced short-sale transaction management team.

 

What "hardship" is acceptable for a lender?

Below you will find a list of "hardships" that are frequently accepted by mortgage lenders:

Job loss, unemployment or significant income loss
Divorce or separation
Excessive medical bills
Death of spouse
Military service
Adjustment in mortgage payment or unforeseen increase in living expenses
 

Do my mortgage payments need to be delinquent?

Most lenders will turn down your request for a short sale if the seller is currently making the payments. The only time they will consider it a short sale, is when the seller's payments are delinquent.

 

I have two loans; can I still do a Short Sale transaction?

Yes. You will have to work with both lenders to put together a Short Sale transaction packet. Most sellers in this situation are usually successful at getting the two lenders to cooperate because neither lender wants to own another home through foreclosure.

 

I am concerned about my credit - how will a Short Sale affect my credit?

Late payments leading up to a Short Sale will negatively impact your credit. However, if your bank accepts a Short Sale and does not negatively report, the short sale will not in itself negatively impact your credit score. For sellers, the key advantage to selling in a short sale is avoiding foreclosure. A short sale does less damage to a person's credit report than a foreclosure. It's also less detrimental than a "deed in lieu" (of foreclosure), in which a borrower gives the lender the keys to the house and stops paying the loan.

 

HUD HELPS OUT!

by Team Cook

On May 29, the Department of Housing and Urban Development announced that qualifying buyers can apply the $8,000 tax credit toward the purchase of a home. To facilitate the process, the Federal Housing Administration is permitting its lenders to extend short term bridge loans, which will enable qualifying buyers to apply their tax credit toward closing costs, buying down their interest rate, or increasing their down payment above the FHA required 3.5 percent.

"With an abundance of inventory, reduced home prices, historically low interest rates and now the availability of the tax credit at closing, we expect to see the housing market further stabilize and improve," said Charles McMillan, president of the National Association of REALTORS.

* 2009 home buyers can claim a special tax credit worth up to $8,000. The American Recovery and Reinvestment Act offers qualifying home buyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time buyers, and those who have not owned a principle residence in the past three years. To be eligible for the tax credit, buyers must meet general income requirements and close on their purchase before December 1, 2009. Please contact Team Cook for more details on this once-in-a-lifetime program.

Displaying blog entries 41-50 of 51

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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"