What To Do If You Can't Pay Your Mortgage Because of Coronavirus

COVID-19 has caused companies across the U.S. to close temporarily and to furlough or lay off employees. Even with unemployment benefits and direct payments from the government, families may still struggle to make ends meet. That has many homeowners knowing they won’t be able to pay their mortgages and wondering what to do. If you can't pay your mortgage because of the virus, check out this article of resources.
  

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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Renovation Series - Canyon Cosmetic

"Welcome to our new home! Got any food?"

Anyone who is paying even a little bit of attention to the real estate market lately knows there is a dearth of inventory, forcing buyers to consider options that they may not have in the past. Obsessive HGTV watchers pride themselves on being able to see past wallpaper and tiny closets to a vision of what their dream home could look like. Still, some properties can be challenging to embrace.

Enter Erica and Rob, into this 1970 bilevel with a tiny master bath and dog pee soaked carpet. If ever there was a need for strategically placed eucalyptus air fresheners this was it. But these two potential buyers focused on the positive features of the property - hardwood floors, a great room that offered killer views, a few acres with deer roaming about, and a location that felt like a mountain getaway but was actually only minutes from amenities. Almost everything else could be changed with a little imagination and some creative financial strategies.

Happy Thanksgiving! Here's a hammer; you can have some pie after you take down that wall. 

Renovating an entire house can be daunting - you definitely need to be organized and connected to some real professionals. Contractors should be licensed and insured and know which permits need to be pulled for your area. There's even a new loan product that allows you to roll renovation costs into your conventional mortgage. Build yourself a good team - starting with a Realtor who has renovated four houses top to bottom, personally and professionally, and has a huge directory of tested service providers. I also have a knack for mentally removing walls to see the potential of a floor plan (and then ACTUALLY removing walls; your fault for buying me a reciprocating saw for Christmas, Honey). 

Check in periodically to see the progress on this promising home. In the meantime, give me a call to find your diamond in the rough - I'll even buy you a tool belt as a closing gift.
 

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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3 Things Banks Check Before Making a Mortgage Loan

Buying a home is a major investment. Make sure you and your credit score are fully prepared for your meeting with the bank. As an Accredited Buyer’s Representative, I always tell my clients that it’s important to get pre-approved. Not only will getting your financial information in order make your home searc more productive, but it will let sellers know that you are a serious buyer.

 3 Things Banks Check Before Making a Mortgage Loan, 2016 REBAC.net

Please let me know if you have other questions about choosing a lender - I know a few who have earned my trust over the years to whom I'd be happy to refer you!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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Be Prepared for Longer Closing Timelines

On October 3, 2015, the Consumer Finance Protection Bureau (CFPD) will be implementing the new TILA-RESPA Integrated Disclosure (or TRID, for short). It replaces the Truth-In-Lending Disclosure and Good Faith Estimate for most mortgage loans. The CFPB was created by the Consumer Protection Act of 2010 (also known as Dodd-Frank, named after the congressmen who got it passed) in an attempt to prevent the recurrence of the financial crisis of 2008.

The new disclosure is purported to be easier for consumers to read and understand, as well as provide more information and stricter requirements of the process. It tightens up waiting periods and tolerances for certain quoted fees and requires the creditor to supply a list of providers for which the consumer may shop services.

You can view the sample forms HERE. For the most part, I think they do make the information more easily digestible, although depending on how your specific state does things there will be some discrepancies. For instance, in Colorado, where clients receive a discount on title insurance at the time of purchasing both a homeowner and lender policy, arriving at the right totals in the right boxes may be a bit confusing.

Another thing consumers should be aware of is potentially longer timeline to close the transaction. The addition of a three-day waiting period between borrowers receiving the closing disclosure and closing the deal is now mandatory and cannot be waived by the borrowers. Any changes made at that point to the annual percentage rate, the loan product, or the prepayment penalty will start the three-day clock over again.

While professionals in the real estate and mortgage industry should be ready for compliance, I would recommend adding a week or so to your expectations when it comes to getting those final documents. It's usually easier to move a closing up if everyone is ready, than to try to push it back.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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