The Mortgage Forgiveness Debt Relief Act was passed in 2007 to protect distressed homeowners from being taxed by the IRS on the debt that was canceled by the lender on the short sale of their home.Prior to the bill being passed, the IRS viewed the deficiency amount as income and the homeowner was taxed. Some […]
Some home owners who are in distress may choose the option of a Deed in Lieu instead of a short sale. The home owner gives the deed for the house back to the bank and can walk away from the house without having to worry about having to do a short sale. A Deed in […]
Directions for the Chirstmas Light Extravaganza 2009 Provided by Autumn Rivera From Fillmore and I-25 1. EAST onto W FILLMORE ST. 0.9 mi 2. Turn RIGHT onto N NEVADA AVE 1.3 mi 3. Turn LEFT onto E CARAMILLO ST. 0.1 mi 4. Turn RIGHT onto N WEBER ST. 0.0 mi 5. E CARAMILLO ST & […]
Yet another change that will affect investors who purchase Fannie Mae Real Estate Owned (REO) listings. Investors will not be allowed to submit an offer on an REO property until after it has been on the market for 15 days. Within the first 15 days, only bids from buyers who will occupy the home as their primary residence […]
Many home buyers in Colorado Springs obtain FHA financing for their home purchase and may be affected by the upcoming changes with FHA guidelines. FHA offers a low down payment requirement making it easier for many buyers to purchase a home; currently, home buyers can get into a home with 3.5% down. Although, the amount of the increase […]
Home inventory has decreased by 16% for the month of November 2009 when compared to six months ago (June 2009). Compared to the previous month of October, there was a 3% decrease in single family homes for sale. It is good that we are seeing inventory levels steadily dropping; this is necessary if we want to […]
Homes sales increased by 2.7% in El Paso County for the month of November when compared to October 2009. There were 295 additional single family home sales in November 2009 when compared to November 2008! There were also an additional 1,246 single family homes for sale in November 2008. Despite the market inventory being lower, home […]