Archive for February, 2012
Colorado now gets $205 million, but what will Highlands Ranch homeowners receive? A minimum of $453.
Colorado and some distressed homeowners in the stae who suffered because of past banking practices, will receive $204,600,000 out of the full $25 Billion multi state settlement. This comes out to .818% of the total settlement, and now lets see what the breakdown comes to.
See our previous blog at Highlands Ranch homeowners to receive up to $2000.
$73,300,000 will be available to grant principal reductions on loans to make modification possible. 40% of these funds will also be available to ease the effects of foreclosure, waiving deficency balances and blight prevention. This only reduces your balance, not money you can physically spend today.
$52,500,000 in cash goes to Colorado, yes, cash up front, like attorneys in a class action lawsuit, cash first.
$46,300,000 worth of refinancing benefits to underwater borrowers. The key word is “BENEFITS”.
$32,490,000 in payments to homeowners who lost their homes to foreclosure between Jan 1, 2008 and December 31, 2011. 4 years of foreclosures. According to one report on homes that went thru foreclosure in 17 colorado counties, there were 71,725 homes that went to county court house sale. Quick math and this comes to about 17,931 per year, and if we assume all were with the 5 lenders, the minimum would be just $453, out of 25 Billion in a settlement.
The independent 3rd party administrator of the settlement will contact the affected victims by September of 2012. You can contact the banks directly to determine eligibility.
- Chase 1-866-372-6901
- Citigroup 1-866-272-4749
- GMAC 1-800-766-4622
- Bank of America 1-877-488-7814
- Wells Fargo 1-800-288-3212
Good luck in the pursuit of any money due. Call me at 303-888-2488 or email at mcgmhg@earthlink.net, to discuss your situation.
$26 Billion Foreclosure Banking settlement may net Highlands Ranch Homeowners up to $2,000.
This article from RISMedia/MCT states that after more than a year of negotiations, the nation’s biggest banks, states attorneys general and federal officials have announced the largest housing settlement ever—more than $26 billion—over foreclosure practices. The deal is expected to offer relief to more than one million U.S. homeowners who are having trouble paying their mortgages or have lost their homes to foreclosure.
The settlement is with five big banks: Bank of America Corp., J.P. Morgan Chase & Co., Citigroup Inc., Wells Fargo & Co., and Ally Financial Inc., the company formerly known as GMAC, owned by the taxpayers.
Of the $26 billion, $17 billion must be spent toward direct relief to borrowers, with a big chunk of that—60%—going toward principal reductions, or the write-downs of mortgage debt, as well as other kinds of loan modifications or assistance.
Under the terms of the settlement, $5 billion will go toward a reserve account for state and federal programs and to individual homeowners harmed by bank practices. Negotiators have said that about 750,000 people could receive checks for about $1,500 to $2,000.
About $3 billion will go toward helping borrowers who are current on their mortgages but have no equity in their homes to refinance into new, lower-cost loans. The program will be similar to an existing Obama administration program that seeks to help underwater homeowners, that has yet to work to the way it was designed.
It was also announced Thursday that the government will resolve its claims against Bank of America, Countrywide Financial Corporation and certain Countrywide subsidiaries and affiliates for underwriting and origination mortgage fraud. As part of the settlement, Bank of America will pay $1 billion to resolve the wrongdoing uncovered during the office’s investigation.
Peter Hunt, president and CEO of Hunt Real Estate ERA, and a member of RISMedia’s Real Estate Information Network® (RREIN), said, “I don’t believe that the settlement will in and of itself solve the significant problems in the entire housing market. Some markets have already gone a long way toward self-correction and lenders all across the country are slowly getting on board with realistic means to deal with ‘short-sale’ situations to avoid even larger losses from foreclosures. Investors have also moved in to soak up a good portion of the toxic inventory in many parts of the country.”
Bill Plattos, executive vice president and broker of First Team Real Estate in Irvine, California, also a member of RREIN, took an opposing view of the settlement, stating, “I do not know all of the details behind the settlement but I do not see how homeowners who are not making payments, taking no responsibility, put nothing down, etc., are going to be rewarded because the government in my opinion wants to look like they are taking no responsibility and just making the banks the sole bad guys.”
Richard Green, also was not impressed with the outcome. “I really don’t see this as being that big a deal,” he said. “In reality, the total number of dollars is still small compared to the value of the mortgages that are underwater.
Donovan continued to state that this move is critically focused on ensuring homeowners who have been wronged by abuses are able to benefit as well. “Roughly 1 million homeowners will be able to benefit from principal reductions of their loans, and from refinancing.” Donovan then went on to discuss how neighborhoods will also benefit, as homes that have been left vacant will be purchased and renovated, so property values will increase.
The next step is for the settlement to be filed as a judgment in federal court within a couple weeks. The court will need to approve the judgment. After that, servicers will be obligated to write a check and deposit some funds into an escrow trust that will distribute cash to federal governments and states.
Watch for more details as to who gets a check, how they a check, who will scam the system, and abuses the system, and why its not fair to everyone else who pays ontime and abides by their terms.
Contact Michael at mcgmhg@earthlink.net to discuss this huge settlement.
Upcoming Highlands Ranch homes and condominiums for Sale by Garard & Associates
Get the latest information on upcoming homes for sale by Garard & Associates, these could be priced aggressively, and there maybe great values.
- Englewood Bungalow with a detached garage, basement.
- 2 bedroom, 2 bath condominium on the main floor in Canyon Ranch of Highlands Ranch.
- 3 bedroom, 3 bathroom home in central part of Highlands Ranch, built by Richmond, with mountain views, a true FIX UP home.
- Large expansive Ranch is Columbine Knolls.
You can contact Michael at 303-888-2488, or by emailing him at mcgmhg@earthlink.net, to get more information and to be one of the first to have a private viewing.
Another national news publication covers Tax Assesments, and quotes Michael Garard in the latest Newsday.com article
Newsday.com has picked up on the original article from Bankrate.com in talking about challenging your tax assessment, and Michael Garard has been quoted and this news piece discusses how he challenged his assessment, achieved a lower tax assessment, and more importantly how he will save money over the next 2 years.
Click on this link to see how Highlands Ranch Real Estate Broker challenges his property tax bill.
To see how you can learn from this real estate expert, click on How To Challenge Your Tax Assessment a special report that Michael has prepared using his many years of experience in challenging his tax assessments.
For further information on how you can challenge your assessment of your Highlands Ranch home, contact a real estate broker who has been challenging and “winning” his appeals at mcgmhg@earthlink.net, or calling him at 303-888-2488.
Active Lifestyles Patio Home in Bradford Hills of Highlands Ranch gathers 4 Competing Offers
The seller has reduced the price on this paired townhome with a backyard, located in Highlands Ranch and the established area of Bradford Hills. By doing so, we were able to recieve 4 offers for the seller to consider. There was a bidding war. In todays market, go with a seasoned active professional full time Real Estate Broker.
You can contact Michael at 303-888-2488, or emailing him at mcgmhg@earthlink.net.
Scripps News has picked up national article quoting Michael Garard in Challenging Taxes
Another news organization has picked up the article that quotes Michael on How to Challenge Your Property Taxes. Click on the link to Scripps News on Challenging Taxes.
The original article from Bankrate.com is talking about challenging your tax assessment, and Michael Garard was the lead quote and this discusses how he challenged his assessment, achieved a lower tax assessment, and more importantly how he will save money over the next 2 years.
Click on this link to see how Highlands Ranch Real Estate Broker challenges his property tax bill.
To see how you can learn from this real estate expert, click on How To Challenge Your Tax Assessment a special report that Michael has prepared using his many years of experience in challenging his tax assessments.
For further information on how you can challenge your assessment of your Highlands Ranch home, contact a real estate broker who has been challenging and “winning” his appeals at mcgmhg@earthlink.net, or calling him at 303-888-2488.
