I just learned of a new website, WalkScore.com, which rates the Walk Score of addresses based upon the proximity of services, parks and schools.  You can search an address and get a score.  The lower the score (on a scale of 0 to 100), the more car-dependent, the higher, the greater the walkability factor.  The most walkable neighborhoods in metropolitan Denver were determined to be: (1) LoDo, (2) Capital Hill, (3) the Golden Triangle and (4) Cherry Creek. The website also will list and map businesses and amenities and indicate their distance from the selected address. Check it out!

An article in the August 17 Denver Post describes an intriguing new avenue of help for homeowners having difficulty making their monthly house payments.

The Neighborhood Assistance Corporation of America (NACA) just opened an office in Denver in June.  Nonprofit NACA can negotiate with lenders on behalf of borrowers to restructure bad loans or offer alternative financing on very competitive terms.  Although FICO scores are checked, NACA considers a borrower’s character and such factors as the ability to stick to a budget and satisfy old debts.  Not everyone will qualify, and the procedure can take up to 3, 6 or even 9 months if there are other debts to satisfy.  However, foreclosure proceedings may be halted during the process.

NACA also offers loans for purchases on very competitive terms.  Want more information?  There will be an NACA workshop Saturday, August 23 from 9 a.m. to 1 p.m. at Faith Temple at 12400 Hoffman Blvd. in Aurora.

An article in Sunday’s Denver Post describes an intriguing new avenue of help for homeowners having difficulty making their monthly house payments.

The Neighborhood Assistance Corporation of America (NACA) just opened an office in Denver in June. Nonprofit NACA can negotiate with lenders on behalf of borrowers to restructure bad loans or offer alternative financing on very competitive terms. Although FICO scores are checked, NACA considers a borrower’s character and such factors as the ability to stick to a budget and satisfy old debts. Not everyone will qualify, and the procedure can take up to 3, 6 or even 9 months if there are other debts to satisfy. However, foreclosure proceedings may be halted during the process.

NACA also offers loans for purchases on very competitive terms. Want more information?

There will be an NACA workshop Saturday, August 23 from 9 a.m. to 1 p.m. at Faith Temple at 12400 Hoffman Blvd. in Aurora.

Next, call the Colorado Foreclosure Hotline at 1(877)601-HOPE or check out ColoradoForeclosureHotline.org. They have been able to help the majority of homeowners who have contacted them avoid foreclosure.

You may want to consider trying to sell your home, especially if you have any equity you want to save. Contact a reputable real estate agent or several to get a market analysis on your home. Look at what comparable properties have sold for. Ask for a realistic time frame for selling your home at various prices. Don’t just go with the agent who gives you the highest price. Be critical and analyze all of the information you gather. You need an agent who is brutally honest with you, not one who just tries to agree with you.

Even if your current loan amount is close to the market value of your home, it might be worthwhile for you to sell. The lender might agree to a “short sale” for less than the loan amount, or you might bring some money to closing to avoid the impact of a foreclosure on your credit rating.

If you are considering the possibility of a short sale, get legal advice. Investigate potential tax and other consequences. Determine whether you might have any basis to chalenge the foreclosure at the Rule 120 hearing.

The most important thing is to take action right away, and not wait for the foreclosure process to start. There is a short window of time to attempt to sell after receiving a Notice of Election and Demand, but, in today’s market, it is better to give yourself as much time as you can.

This class would be especially helpful to first-time buyers. However, with all of the changes in the housing market, financing and insurance requirements lately, there should be useful information for any home buyers.

Let me know if you know of anyone who might be interested in attending.

Please RSVP by Monday, March 24.

Thanks!

Greg Foster

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