The Colorado Springs real estate and mortgage markets will be affected by the Bail Out plan that was recently passed by the House and Senate, and signed by the President. What is the Bail Out plan? What are the implications? What is happening?

I am not very clear on all of this at this time, but here are some links that may help clarify things ... at least for now.

• Stop the Housing Bail Out
• Experts Say Housing Market Must Mend for Bailout to Succeed
• Bailout not a panacea for US housing market
• Bailout Plan Wins Approval; Democrats Vow Tighter Rules
• Bailout Brings With It Diverse Perks
• House passes bailout 

And here is an interesting thought about the money involved in the Housing Bail Out, from my friend and Phoenix Real Estate Agent, Jay Thompson: How Much is $700 Billion , Really? (Phoenix Real Estate Guy)

Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Clients Choice Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Certified Distressed Property Foreclosure Experts
(719) 434-7525

The Colorado Springs real estate market is shiftng. There are more Colorado Springs foreclosures than there has been in years, and because of that, there are more short sales.

Read More:

• What is a Short Sale?
• Colorado Springs Home Owners Beware of Foreclosure Assistance SCAMS

Well, with any shifting market, comes people who will take advantage of the kinks in the system it for their own gain. Well, this market is no different.

There is a new scam that is happening in the Colorado Springs real estate market. According to the Pikes Peak Realtor® Services Center,

"The Association has become aware of a scenario that appears to involve concealing important information from lenders. The scenario typically involves an investor/buyer negotiating a purchase contract with a seller/borrower subject to a successful short sale. The investor/buyer then negotiates a short sale with the lender. The investor/buyer simultaneously markets the property for a higher price. Once a new buyer is found, the investor conducts a simultaneous closing--pocketing the difference between the short sale price and the new purchase price. Apparently, the lender is unaware of the new contract for a higher price. In summary, simultaneous closings involving short sales and significant sales price adjustments could be a red flag."

This is mortgage fraud. Mortgage fraud is a federal crime and punishable by thousands of dollars in fines and years in prison. The FBI does not take mortgage fraud lightly. ... Just sayin'.

If you are a seller facing a foreclosure on your Colorado Springs home, and you suspect that this may be happening, please report it immediately. (Even if you just suspect it, you should request an investigation.)

FBI Field Office, Mortgage Fraud
Denver FBI Website
White Collar Crime Supervisor
Federal Office Building, Room 1823
1961 Stout Street, 18th Floor
Denver, CO 80294-1823
Phone: (303) 629-7171

Posted By: Mariana Wagner - Colorado Springs Real Estate Agent

The Colorado Springs real estate market has a high level of homes that are in some state of distress - facing foreclosure. When the numbers are as high as they are across the country, there are always, inevitably, scoundrels out there to take advantage of desperate people.

The best defense against Colorado Springs foreclosure scams is EDUCATION. Facing foreclosure is already a highly stressful situation. The last thing you need is to be con'd by a criminal out to make money off of your misfortune. The more you know about your rights and options as a Colorado Springs homeowner, the less likely you will be taken advantage of.

Read an example of a Chicago home owner who was the victim of a forecosure scam

If you are facing foreclosure, your top 5 options are:

1. Catch up on your mortgage payments.
2. Enter into a forbearance agreement with your lender (long story short - lender agrees to take all the missed payments and break them up over a few months and add them to your payment until you have paid off your past payments...)
3. Refinance the loan into a manageable monthly payment (VERY specific circumstances only)
4. List your house with a Colorado Springs Realtor® and sell it before the foreclosure date.
5. Let the home foreclose.

If someone approaches you with an answer to your Colorado Springs foreclosure issue, OTHER than those listed above, be wary.

According to the FBI (source), there were 6.900 suspicious reports  of mortgage fraud in 2003, and in just the 1st 8 months of 2008, there have already been 48,500 suspicious reports of mortage fraud. That is absolutely discraceful... and these are just ones that have been reported. (Imagine all the ones that haven't been reported...)

Read more »

The Colorado Springs Real Estate Connection has a video about mortgage rates to share with you!

Trace Lee is a local Colorado Springs lender, and and a friend of ours. Here is one of the recent "updates" that he sent us, regarding mortgage rates:

Trace Lee - Pam Childs Team - 719.314.6032

Fannie Mae and Freddie Mac have always been privately owned and government sponsored lenders designed to help more Americans become homeowners.

• What is Fannie Mae FNMA?
• What is Freddie Mac FHMLC?

Recently, the US Governement took over and now owns 80% of both Fannie Mae and Freddie Mac.

Read the News Articles:

• Government is now 'nation's mortgage lender' - MSNBC
• Government takes control of Fannie Mae, Freddie Mac - Portland Business Journal 

What are the implications? I do not know enough to speculate, so here are some articles that may shed some insight:

• Fannie Mae and Freddie Mac - A Link Extravaganza! - Phoenix Real Estate Guy (MUST READ!)
• The Fannie and Freddie Government Makeover - XBroker on AgentGenius (MUST READ!)
• Update on Fannie and Freddie - Bloodhound Blog
• What the Fannie and Freddie Bailout Means for Investors - Wall Street Journal
• U.S. Takes Over Troubled Mortgage Giants - National Public Radio NPR

Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Clients Choice Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs