No Good Options – Denver Real Estate Weekly Market Update

Dan Polimino: I’m Dan Polimino with ColoradoDreamHouse.com in this week’s market update for the week of October 4th. Alright, as a lot of of you know, I am a columnist for the Denver Post. I write a true estate column that seems each and every week. And I determined to do a tiny study for an upcoming column I’ve got and it tells a topic that a lot of us have heard an awful lot about in the news, and that is men and women who are underwater with their home. That indicates they owe far more that it really is really really worth.

Other men and women have attempted to refinance their house and I hear horror story right after horror story from men and women that say, “You know, there is just no assist out there for us. There is just no aid.” So I made the decision my lender Wells Fargo and see if I could locate out what these men and women are talking about. I very first went out to their website to get my payoff statement and they ask you right on there if you’d like someone from Wells Fargo to speak to you about refinancing. I checked ‘yes’. I did not hear anything from them. I did that 3 occasions over two weeks and of course, no one particular ever contacted me. I lastly known as the refinancing department and they mentioned I was eligible for an FHA streamline, refinance, no appraisal. I said, “Great! Sign me up.” A single difficulty they charged two.25% on the worth of your home.

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So two and a quarter points to refinance, much better but, they will not allow you to roll those charges into the loan. You’ve got to bring that cash to closing. Effectively, if you’ve got a substantial worth residence, that’s going to be a lot of funds. So I said to the guy, “Effectively, why in heavens name would I possible do that?” And he just paused and said, “I guess you would not. It does not make a great deal of sense to do that.” So refinancing wasn’t an alternative for me by way of my very own lender, which yet again, I believed would be the best alternative. So then I mentioned, “Can you kick me to the loan modification department?”

Now, I don’t want to modify my loan and I’m not in distress, but I desired to discover out what folks had been going via. So he place me in the loan modification department, which by the way just puts you into a loop of music. And you listen to the music and listen and listen and listen and soon after a whilst, it automatically hangs up on you. Well, it instantly hung up on me 5 instances. And because I was carrying out research for a column, I kept persisting and I ultimately got someone to connect me direct into the loan mod department. They had a brief term loan mod and a prolonged term loan mod and the end of the story is like this, they weren’t considerably aid. I do not know any person that could possibly qualify for the brief term or the lengthy term, even myself. Proving distress in either circumstance is going to be hard. And to be truthful with you, even if they did accept you, it wasn’t much relief at all or any support.

Now, I am not advocating that anybody be irresponsible and just certainly walk away from their property due to the fact they have no excellent possibilities. But I can tell you following going by means of this small exercising, I know now why people do walk away from their residences, because the truth to the matter is there are no excellent choices out there for individuals to support them remain in their houses. And if you listen to the propaganda from the government, if there are plenty of applications in location, they are complete of it.

Alright, thats today’s post. If you have a comment, I’d like to hear it. If you require assist acquiring or selling a residence, I’d enjoy to hear from you as nicely at ColoradoDreamHouse.com. Have a great week!

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