Tag Archives: Colorado

Deficiency Judgment Laws in Colorado

Foreclosure Sale and Deficiency Judgment Laws Specific to Colorado

Under past and current Colorado foreclosure sale laws, lenders have had the ability to collect deficiency judgments against borrowers. Typically, the terms of a loan agreement may preempt a lender’s ability to do so, or in other cases, may explicitly allow such actions to occur. Furthermore, any second or third mortgage secured by a given property in foreclosure, which is sold, can result in deficiency judgment awards, as well.

Short Sale and Deficiency Judgment Laws Specific to Colorado

Per the Colorado Division of Real Estate, short sales resulting in deficiency can be pursued by lenders in form of court awarded judgments. Though federal laws provide protections for homeowners with debt forgiven related to a mortgage under the Mortgage Forgiveness Debt Relief Act of 2007, this is only applicable to tax liability and not the amount owed to the lender per the deficiency award. In essence, a short sale transaction can create deficiency liabilities for homeowners in the same manner as foreclosure sales do, unless a homeowner takes action to prevent such judgments from being obtained during the negotiations of a short sale agreement.

Make sure you are working with a realtor with experience negotiating with banks to waive the deficiency judgment.  This is not always easy to do and it does require perserverance & strong negotiating skills.  My success rate is very high and I’d be happy to provide a free consultation to homeowners to see if we might be a good fit to work together towards a successful short sale.

You can reach me at ShortSaleExpert@MikeMalvey.com.

Mike Malvey

The Group Real Estate

Martin Luther King Day Celebration in Fort Collins, Colorado

Come out and celebrate the life and legacy of Martin Luther King in downtown Fort Collins on Monday, January 19, 2009.  The event will run from 11:00 AM until 2:00 PM in Old Town Square-Downtown and at the CSU campus.

The MLK Day March and Celebration is one of Fort Collins’ largest winter community events that honor the legacy and dream of Dr. Martin Luther King, Jr.  The Colorado State University, Fort Collins and Loveland communities will celebrate Martin Luther King Jr. Day with several events on Jan. 19, 2009.

The theme of this year’s celebration is “A Time for Change.”
 
This year, a significant change has been made to the beginning of the Martin Luther King Day celebration in Fort Collins. The route for the traditional one–mile community march will change this year, beginning at 11 a.m. in Old Town Square, Fort Collins and continue down College Avenue to Laurel Street marching through the center of The Oval on CSU’s campus. The march will then continue west on Isotope Drive and end at the CSU Lory Student Center.
 
For more information on the march, weekend activities and day schedules see:
This is the day before the historical Presidential Inauguration of Barack Obama which Dr. King certainly was instrumental in providing the groundwork for us to see this happen.

Crystal Darkness airing in Colorado

On Wednesday, January 7th, 2009 the broadcasters of Colorado are teaming together to air a Telly and Emmy Award winning documentary called Childhelp Crystal Darkness aimed at fighting back against the scourge of crystal methamphetamine. Nearly every broadcaster in the state will be participating and they will be pre-empting all programming to air this in unison. It’s an unprecedented event in the history of the state.

Thanks to the generous donated participation by local broadcasters, the program airs at 6:30 p.m. on nearly every TV station in Colorado! Several radio stations will be airing an audio version at the same time. There is also a Spanish version of the documentary that will air on Spanish TV stations at 5:30 p.m. that same day.

It’s VERY important that you make this the top priority for you and your family to watch this historic program. Invite neighbors and friends to watch it with you. Meth is a drug that is tearing apart families and communities and your children are being targeted. It’s time for Colorado to fight back!

The documentary was filmed in Colorado at the end of October and features interviews with Governor Bill Ritter and the First Lady Jeannie Ritter as well as Attorney General John Suthers, and dozens of community leaders, law enforcement officials, recovery specialists and local recovering meth addicts.

During the airing of the program, a call center will be set up with local recovery experts with about 80 phones lines ready to answer the calls for information and help. People will be able to call in on the 211 phone number to get assistance.

We need your help to make this once-in-a-lifetime event a success. Here’s what you can do:

1. Make sure all of your friends and family watch this program.

2. Consider helping to contribute to the fundraising efforts of the local committee. We are still raising the final funds to pay for the hard costs of this program. Any donation will be greatly appreciated. Contact Childhelp Crystal Darkness Fundraising Chair John Giroux at 970-203-0284 or by e-mail at jg@familymtgco.com.

3. Encourage your church and other congregations to get involved by promoting the program during services.

4. Make sure youth leaders, PTA groups, coaches, Boy Scouts, Girl Scouts and any others that work with youth know about this to make sure our kids watch this program.

5. Call your local TV stations and thank them for this generous donation. In these difficult economic times, this is a huge gift to the state by the Colorado Broadcasters Association.

The program promises to one of the largest grassroots efforts in Colorado’s history. The local effort is being chaired by Jade Thomas, Program Manager for the Colorado Drug Alliance for Drug Endangered Children and has dozens of state, county, city and local non-profits involved.

The campaign was first initiated in Nevada and subsequent campaigns occurred with great success in Oregon, San Diego, Sacramento, New Mexico, El Paso, Ciudad Juarez (MX), Sonora (MX) and Arizona. There are now several dozen cities and states throughout the nation and beyond in various stages of developing their campaigns. Oklahoma airs its Childhelp Crystal Darkness campaign on January 13th. The program is international in scope with campaigns spreading throughout Mexico. Interest has also been initiated in the Philippines, Germany, Latvia, Nigeria, Kenya & Liberia.

Don’t miss the historic program.  This is Colorado’s chance to unite against the meth epidemic that is attacking our kids and destroying our communities.

Together WE can fight back!!

This is a very important film to watch as a family and it would be a great idea to record it if you have the ability so that you can watch it again.

Fort Collins First Night Festivities 2008-09

This is information from the Downtown Business Association.  Have fun and be safe.  Please don’t drink and drive…make arrangements before heading out on how you will get home with a sober driver…see you next year!

First Night®   Fort Collins 2009
 
 
Buttons go on sale December 20th, 2008 at all Fort Collins and Loveland King Soopers, The Downtown Visitors Center (Old Town Square) and the Lincoln Center Box Office. 
 
New Year’s Eve- December 31st, 2008 – Come join in the fun downtown for the 13th annual First Night Fort Collins 2009! Enjoy the wonderful and diverse entertainment presented at this non-alcoholic New Year’s Eve celebration. First Night Fort Collins 2009 promises new performing acts, storytelling, history, interactive craft projects, old favorites, street performers, international dancing and much more. This year’s lineup brings acts and performers together for enjoyment by all ages in this unique collection of talent and entertainment. 
 
Where else can you see the best of the TriMedia Film Festival, enjoy original local theater, be amazed by magicians or learn the secrets of the stars through storytelling and science?  Music fans can experience an exciting global musical tour by attending some of the acts sponsored by First Night’s official music sponsor, Bohemian Foundation. This year the music program offers a diverse selection including Australian Didgeridoo music, Celtic ballads, instrumental brass medleys of “space” movies soundtracks including Star Wars & The Jetsons, Latin canciones del las estrellas, classic Western music, and hands on percussion.
 
ENTERTAINMENT LINEUP: SEE Full Lineup Here! The evening’s revelry will kick off with confetti and song with the Kids’ Countdown at 5:00pm at the Fort Collins Museum (200 Mathews St.), all venues open at 6:00pm and the night concludes with a festive display of fireworks in Old Town Square at 10:30pm.  This year, enjoy special big screen showings of E.T. The Extra Terrestrial. Relive this fully restored 1982 classic! A loveable sci-fi movie to warm your heart and make you laugh! This film is a winner of 3 Academy Awards, directed by Steven Spielberg and debuts a very young Drew Barrymore.  
 
 
BUTTONS: Admission to First Night Fort Collins requires the purchase of a $10 button, with children 6 and under free when accompanied by a paying adult.  There are a limited number of buttons on sale this year, only 3,500 will be sold for First Night Fort Collins 2009!!!  Buttons go on sale December 20th at all Fort Collins, Windsor and Loveland King Soopers, Ben & Jerry’s Ice Cream Downtown and the Lincoln Center Box Office.
 
SCHEDULES:   Detailed information about the event, performances and times can be found on the official button card (with button purchase) and in the official First Night Fort Collins program published on December 24th in Fort Collins Now. SEE FULL PERFORMER DESCRIPTIONS HERE!
VOLUNTEERS NEEDED! If you would like to give your time to make this event a success please call (970) 484-6500 or e-mail us at:   info@downtownfortcollins.com
Arrive early! First Night Fort Collins 2009 is filled with entertainment for everyone. Performance seating is on a first-come, first-serve basis. Please have a back up plan if the performance is full. Building capacities will be enforced.
 
Thank you to our wonderful First Night Fort Collins 2009 sponsors:
 
Official Music Sponsor: 
 
Presenting Sponsors:
 
Contributing Sponsors:
Fort Collins Now
Burt’s Shirts
Transfort

First Blast of Winter in Fort Collins

Fort Collins received its first dose of winter overnight (December 3, 2008) as we received between 4-5 inches of light, fluffy snow.  It was just enough to slow things down as folks needed extra time to shovel before heading off to work.  My kids loved it and so did our golden retriever!  The temperature was in the upper 60’s just two days ago on Tuesday and now we are shin deep in snow with the forecast calling for temps in the 50’s this coming weekend before another cold snap comes through.  We were getting spoiled with the warm temps for the past month so this is a nice reality check…because afterall it is DECEMBER in Colorado!!

Fort Collins Snowfall

CSU Homecoming Weekend

There are lots of activities going on around Fort Collins this weekend for Colorado State University’s (CSU) homecoming.

Friday, Oct. 10 events

Homecoming Parade: 5:00 to 6:30pm.  The parade starts at the intersection of Howes Street and Mountain Avenue.  It continues through the heart of campus with the theme: “It is Easy Being Green.”

Homecoming Festival: 6:30 to 9:00pm at University and Meridian Avenues.  The Homecoming Pep Rally will feature Head Coach Steve Fairchild and members of the team and will be followed by music, games, food and more.  The celebration will wrap up with the annual bonfire, fireworks show and the lighting of the “A.”

Saturday, Oct 11 Events

Homecoming 5K race: 8:00-9:15am starting at the CSU Oval.  The race is open to all families, alumni (like myself) and community members.  A kid’s run will follow.  Late registration by 5pm on Friday, Oct 10 is $25.  Race day registration is $30.

Ram Town: 10:00am-12:30pm at Hughes Stadium.  Located just south of the team tunnel entrance, RamTown opens 3 hours prior to kickoff.  Enjoy inflatable games, amusements, and free entertainment.

Family Weekend Tailgate: 11:00am-1:00pm at Hughes Stadium.  Enjoy a traditional tailgate with visits by Cam the Ram, CSU pep band and cheer squads.  Cost is $10 per person/CSU Alumni Association Members; $15 per person/CSUAA non-members.  Registration is required.

Homecoming Football Game: 1:30pm at Sonny Lubick Field at Hughes Stadium.  The Rams face off against MWC foe TCU.  Tickets are available through the Department of Athletics Ticket Office at 1-800/491-RAMS or online at www.CSURams.com.

Sunday, Oct 12 Events

Hike to the “A”: 9:00am-noon, meet at Hughes Stadium.  The easy trail hike is about 2.5 miles roundtrip.

RAMFAM Association Meeting: 10:00am-noon in room 224-2006 of the Lory Student Center.  All parents and families of current CSU students are members of the RAMFAM Association, and are invited to join the discussion focused on supporting students, their families, and Colorado State.

Volleyball game: 1:00 pm at Moby Arena.  CSU vs. New Mexico.  Special ticket package includes game ticket, a beverage and a hot dog or pretzel at the game for $5 per person!  Tickets are available through the Department of Athletics Ticket Office at 1-800/491-RAMS or online at www.CSURams.com.

For a complete schedule of events and registration information, visit www.homecoming.colostate.edu.

Have a great weekend and Go Rammies!!

For information about Fort Collins, visit www.SearchFortCollinsMLS.com

New Maximum Number of Allowable Loan Limits

Effective August 15th, 2008, Fannie Mae & Freddie Mac will reduce the number of allowable financed properties from 10 to 4!

Previously, conforming conventional financing allowed for up to 10 financed properties, with no limit on non-conforming conventional financing on investment property transactions.  Due to changes in the secondary market, guidelines now state that second home and investment property transactions (purchase or refinance) are subject to a maximum of 4 financed properties.  Owner-occupied (primary residence) transactions will not be affected.

In other words, for second home and investment property applications, no borrower may have more than 4 properties with mortgage liens against them (including the subject property).

To avoid these restrictions, customers must lock in their loans on or before August 14th, 2008 and fund on or before September 15, 2008.

If you know of anyone who owns more than 4 financed properties, please inform them of the changes…and if they live in Fort Collins or the Northern Colorado area then have them contact me with any questions.  You can reach me at: Mike@MikeMalvey.com or www.SearchFortCollinsMLS.com.

As always, your comments and feedback are always appreciated…now over 12,000 views on my blog!!  Thank you!

Are Down Payment Assistance Programs Going Away in Colorado?

There have been a lot of rumors going on this past week about the loss of down payment assistance programs which would make the dream of homeownership for many people simply that…a dream!

 Contrary to some reports, the Housing bill being considered in Congress this week does NOT eliminate all downpayment assistance programs from eligibility for FHA insurance.  The legislation would only prohibit seller-funded downpayment assistance, or assistance from someone who financially benefits from the transaction.  Other forms of assistance – such as family members, government-sponsored programs, or gifts from non-profits would still be permitted.  The Housing bill also contains many reforms that are critical to housing markets, including FHA reform, GSE (Government Sponsored Enterprises) reform, a homebuyer tax credit, and permanent increases to the FHA and GSE loan limits.  This bill will help millions of American families avoid foreclosure and safely and affordably achieve the dream of homeownership.  

FHA is the only mortgage program that has allowed seller-funded downpayment assistance.  However, FHA’s recent default rate is troubling. Due to the current performance of its loans, FHA must receive a federal subsidy for the first time in its history, or raise premiums on borrowers in order to remain solvent.  This is primarily due to loans with seller-funded downpayment assistance, which have a default rate 3 times higher than other FHA loans.  Loans that receive downpayment assistance perform less well than loans without downpayment assistance.  A recent GAO study found that loans with seller-funded downpayment assistance experienced more than double the risk of delinquency than loans with other types of downpayment assistance, and almost three-times the risk of loans with no downpayment assistance.  (Additional Action Needed to Manage Risks of FHA-Insurance Loans with Downpayment Assistance, United States Government Accountability Office, November 2005.)  

Recent studies have demonstrated that seller-funded downpayment programs often result in inflated home prices.   These studies showed that homes sold using this type of downpayment assistance typically sold for 2-3% higher than comparable homes without downpayment assistance. (Seller-Funded Down-Payment Assistance Changes the Structure of the Purchase Transaction and Negatively Affects Loan Performance, United States Government Accountability Office, June 22, 2007.)  When a borrower takes out a mortgage on a home with an inflated price, not only are they at greater risk for foreclosure, but the resulting inflated price can have ramifications to the housing market in that community.  Home sales prices are used as comparables to determine the price of other homes. Inflated prices overstate the market demand and can lead to exaggerated home sales prices in the neighborhood.  This can magnify what housing affordability problems already exist in these communities.  In addition, inflated home prices impact the risk to the FHA fund by increasing the “severity of individual claims on the FHA Insurance Fund and FHA losses on claims paid on such mortgages.”(HUD Proposed Rule, “Standards for Mortgagor’s Investment in Mortgaged Property”, Federal Register, May 11, 2007, Page 27049.)  

The effective date for the prohibition of seller-funded downpayment assistance programs is October 1, 2008.  We hope that in the remaining months, Nehemiah and other such providers will be able to develop a business model that does not rely on seller-funded downpayment assistance, but instead will provide downpayment assistance that will help homeowners without putting them at risk for foreclosure.

This will dramatically affect many first time home buyers so if you are on the fence about buying a home and need payment assistnace then now could be your last, best opportunity to move off the fence and buy your dream home!

If you are in Northern Colorado and would like help finding your next home then email me: Mike@MikeMalvey.com and visit: www.SearchFortCollinsMLS.com.

And thank you readers for taking my blog to over 11,000 views!!!

The Taste of Fort Collins 2008

If you are looking for something fun and different to do this weekend in Fort Collins then stop by the Taste of Fort Collins on Saturday and/or Sunday and enjoy all the different foods Fort Collins has to offer.  This event will take place on Saturday from 11am to 9pm and on Sunday from 11am to 7pm at the Civic Center Park by Laporte Avenue and Howes Street.

The gate fee is $10 per person; children 11 and younger, seniors over 65 and military with ID get in FREE!  The food is extra but there are lots of kids activities going on including a kid karaoke stage.  For the adults, there is a beer garden, wine pavilion and food and wine demonstrations.

There will be many different styles of food to sample from Mexican, Indian, Italian, America, BBQ, pizza, desserts and just about anything you could want…this is one of Fort Collins’ best outdoor events.

Also, there will be live performances by local and national musical acts.  Here is the list:

Saturday

11:15am: Jessica Sonner

Noon: Stylish Summer Soiree

12:30pm: Set Forth

1:15pm: Cooking Together

2:00pm: The Informants

2:30pm: Culinary Creativity

3:30pm: Buckner Funken Jazz

5:00pm: Hearts of Palm

5:15pm: Eliot’s Mess Meatball Madness Sandwich Eating Contest

7:00pm: National act: Lifehouse

Sunday

11:00am: Michael Cole

Noon: Brethren Fast

Noon: Cool Summer Whites

1:30pm: The Heyday

1:30pm: Caribbean Coolers

3:00pm: Angie Stevens & The Beautiful Wreck

3:00pm: The Odell Beer Tasting Tour

4:15pm: Buffalo Wild Wings’ Blazin’ Boneless Buffalo Wing Eating Contest

5:00pm: National act: Shawn Colvin

Those are two very recognizable national acts headlining each evening so don’t miss out on your opportunity for some great food and live music outdoors under our beautiful Colorado sky…I hope to see you there.

For more information on the Taste of Fort Collins, visit their website: www.TasteOfFortCollins.com.

Seniors Real Estate Specialist in Fort Collins, Colorado

What is a Seniors Real Estate Specialist (SRES)?  Realtors with the SRES designation are specifically trained to serve the needs and interests of real estate buyers and sellers age 50 plus.  I received my SRES designation in 2007 because I saw a great need to provide the same type of specialization that we receive as we age in health care…so why shouldn’t we receive the same in our housing and equity as well?

Today’s seniors have unique needs and as an SRES, my goals are to:

  • Learn of anyone who will be involved in the decision making
  • Build trust and rapport
  • Define your parameters
  • Help you form realistic expectations
  • Consider alternatives in some cases
  • Learn your needs and goals, life stage, health and activity stage, and motives for buying or selling
  • Find out how this purchase/sale fits into long-term plans
  • Plan a strategy for finding the right property or plan a strategy for selling your home

Each individual has unique needs.  I can help you because I have…

  • A solid comprehension of Federal Laws for Housing for Older Persons Act (HOPA)
  • Sensitivity to 50+ issues and priorities
  • The devotion to provide reputable services that win and sustain trusting client and customer relationships

Purchase, Sale or Investment Housing Options:

  • From communities that enable independent living to facilities that provide assistance and care
  • Learn how pensions, 401K accounts, and IRA’s can be used in the purchase of real estate
  • Examine how additional sources of income – Medicare, Medicaid, and Social Security may impact your real estate decisions
  • Look at all available financing methods including reverse mortgages

SRES designees are not qualified to give financial or legal advice.  That is why I have assembled a team of experts to help serve you.  My team will provide you with professional advice, council, and direct attention to your specific needs.

Looking for a home can be frustrating at times.  If you need additional information, I can provide you with relevant resources and answers to any of your real estate related questions.

Are you undecided about your next move?  Part of my SRES course was dedicated to understanding current market trends, recent research, and the pros and cons accumulated by National and Government programs in these areas of interest:

  • Active Lifestyles
  • Independent Living
  • Assisted Living
  • Continuing Care
  • Care Facilities
  • Age-restricted Communities

A customized approach to your real estate needs is one of the many services I will offer to you.  I have the knowledge and expertise to counsel you through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home.  My team and I will offer you the opportunity to complete a real estate transaction with the patience, professionalism and expertise you deserve.

 Are you looking for a dedicated real estate professional?  One that will take the time and effort to complete a transaction that meets YOUR standards?  Look no further!  My knowledge and experience in the 50+ market will open up the door for a well-paced successful real estate transaction.

I am also a member of the Elder Care Network (ECN) of Larimer County which is a collaboration of family members and community professionals working to help caregivers, their families and support groups join with their elders to plan transitions, explore options, and support life choices.  This website is a great local resource for family and caregivers to locate information and resources that support the process of caregiving.

The local Fort Collins newspaper, The Coloradoan, ran an article on my specialization working with adults over the age of 50…click here to read the article.

You can search for homes online at: www.SearchFortCollinsMLS.com or email me directly for additional information at: SRESMike@MikeMalvey.com.  I’d be happy to assist you with real estate or caregiver questions so don’t hesitate to contact me: 970-420-7235.