The Brian Petrelli Team Blog

It looks like a Short Sale is about to become much, much better than simply walking away from your home. Fannie Mae is ready to start penalizing home owners who use “strategic defaults” (read “walk away”) for up to 7 years.

From the Wall Street Journal:

Fannie Set to Penalize Defaulters

Fannie Mae said Wednesday it would “lock out” borrowers from getting a new loan for seven years if they default on a mortgage they could afford to pay.

The move represents the latest effort by the mortgage industry to prevent a new wave of losses that could result if more borrowers who can afford their monthly payments instead opt to “strategically” default on loans, because they owe far more than their homes are worth.

“Walking away from a mortgage is bad for borrowers and bad for communities, and our approach is meant to deter the disturbing trend toward strategic defaulting,” said Terence Edwards, Fannie’s executive vice president for credit portfolio management.

 Read the entire article.

If you’re looking for Denver Fannie Mae Homes, check out our website. You can also search Denver HUD Homes.

Our team is excited we were able to put this Heather Gardenscondo Under Contract for our seller so fast. This condo had been listed by another agent for over 4 months when the seller called us in frustration. 36 days later, here we are.

Heather Gardens is a fantastic 55+ condo community in Aurora, Colorado. There is no finer Aurora Condo neighborhood that has the facilities that Heather Gardens offers.

We’re still accepting back-ups, so take a look at this great home.

14091 e marina
aurora, CO 80014 

 Our listing in Castlewood Ranch, Castle Rock has just reduced it’s price to $439,000!

This is an amazing home with a gourmet kitchen, cherry cabinets and an unbelievable view of Pike’s Peak! This fantastic house has 4 beds, 4 baths and nearly 3,500 finished square feet.

The Castlewood Ranch neighborhood is located near Ridge and Plum Creek just East of I-25.

 Take a look at one of the finest Castle Rock Homes for Sale by following the link below and taking a virtual tour. Then give us a call. We’d love to tell you more and let you see this home for yourself! 

5486 killen ave
castle rock 80104

$439,000.00

This townhome in Dakota Station Townhomes, in Littleton is a FANTASTIC deal!

With 3 bedrooms, 3 baths, and 1,345 square feet this home is priced at $155,000 – a terrific value! Dakota Station is located just north of Chatfield at Kipling. Just 2 miles from Chatfield State Park and 1 mile from C-470.

For pure value in Littleton Condos for Sale, this complex is at the top of the list and this HUD home is a great deal.

In addition, bids are open right now for investors as well as owner occupants.

Check out the complete information below and then give us a call to see this great townhome. 

9647 w chatfield
littleton, CO 80128

$155,000.00

It may have been well intentioned, but the Making Home Affordable Program is not having the desired consequences.

According to this AP article, more than a third of the borrowers who have enrolled have dropped out of the program already.

What will most likely happen with most of these owners is they will either foreclose or attempt a Short Sale. We’ve already had many phone calls from people who tried this program and have decided a Short Sale is a better way to go.

You can read The entire article at the Denver Post:

WASHINGTON-The Obama administration’s flagship effort to help people in danger of losing their homes is falling flat.

More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That exceeds the number of people who have managed to have their loan payments reduced to help them keep their homes.

Last month alone,155,000 borrowers left the program-bringing the total to 436,000 who have dropped out since it began in March 2009.

About 340,000 homeowners have received permanent loan modifications and are making payments on time.

You can see all Denver HUD Homes here.

This Highlands Ranch HUD Home just came up over the weekend. As you probably know from looking at Highlands Ranch Homes for sale, HUD homes in Highlands Ranch do not come up often. And when they do come on the market, they move fast and usually with multiple bids.

 This home on Cobblestone is located just East of Broadway and North of Highlands Ranch Parkway. Bids are due by the 27th of this month. You can see the details at the link below or give us a call to see it in person: 303-726-1874.

9383 cobblecrest dr
highlands ranch, CO 80126

$225,000.00

This Hunter’s Hill Condo, Centennial is now open for both investors and owner occupants.

Hunter’s Hill condos is located at the North West corner of Dry Creek and Quebec. Easily within walking distance of the new light rail station. 

 Take a look at the details by following the link below and then give us a call to see this or any other Centennial Condos.

7318 s xenia
centennial, CO 80112

$97,000.00 

 You can see all Centennial HUD Homes or Centennial HUD Condos on our website.

Welcome news today!

From the Denver Post:

May foreclosure filings dropped to their lowest level in 18 months in Colorado, a sign that homeowners may be getting more leeway to repay or restructure their loans.

New filings in metropolitan Colorado counties fell to 2,633 in May, a 17.7 percent decline from the same month last year, according to the state Division of Housing.

 

Read the whole thing.

We are definitely seeing the foreclosure inventory dropping recently.

You Can Search All Denver Foreclosured Homes here or all Denver Hud Homes here.

Highlands at Stonegate Condos in Parker is a fantastic community built in 2005. The Parker Condos community is located just south of C-470 and West of Parker Rd.

 This Parker HUD home is a 1,204 square foot condo with 2 bedrooms and 2 baths, priced at $147,000. A great price for this neighborhood.

Bids on this home are open for both investors and owner occupants.

 Click below for all the information or give us a call at 303-726-1874 to see it yourself.

9306 amison
parker 80134

$147,000
Beds: 2      Baths: 2
Fin Sq Ft: 1204     Year: 2003

 You can see all Parker HUD Condos and Parker HUD Townhomes Here.

The Brian Petrelli Team is excited to announce its new listing in Highland View Townhomes, Centennial.

This home is truly the best unit available in either Highland View or Highland View ii. Inside this home is impeccable with custom neutral paint, 3 bedrooms, a/c and a finished basement.

This Centennial Townhome sits on the only cul-de-sac in the complex and backs to a greenbelt. No street noise and plenty of privacy. You simply will not find a nicer unit at this price.

You can see the details at the link below. The virtual tours should be posted by tomorrow (depending on the MLS). Call us for a private showing at 303-817-0209.

 2699 e nichols
centennial 80122

$158,900
Beds: 3      Baths: 2
Fin Sq Ft: 1515     Year: 1984