March 2016 Highlands Ranch Newsletter



Highlands Ranch CO Neighborhood

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Colorado Court of Appeals Upholds Lender Responsibility for Assessments Post Foreclosure

On January 24, 2008, the Colorado Court of Appeals affirmed an EL Paso County District Court ruling awarding an association all assessments that were unpaid by the lender who became the owner of a unit after a foreclosure. The Court of Appeals also confirmed that the association was entitled to its costs and reasonable attorney fees associated with the unpaid assessments. Good case law protecting associations in Colorado is limited, so this case is helpful in: Affirming that associations have no obligation to file a notice of lien - lien is perfected by the recording of the declaration pursuant to C.R.S 38-333.3-316. Lien priorities are determined by C.R.S. 38-333.3-316, not a declaration. A security interest on a unit which has priority over all other security interests in the unit (e.g. a first deed of trust) must be consensual. Attorney fees awards aren't discretionary if allowed by statute or under non-discretionary language in a declaration. The super lien can never exceed an ...
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Soaring rents in Denver have tenants thinking more about buying

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AND soaring home prices in Denver have tenants thinking more about renting... (The chicken or the egg) In metro Denver, fast-rising rental rates are pushing tenants to increasingly consider buying a home instead of renting. Denver-area rents are soaring three times faster than the U.S. average - a trend making Denverites more likely than their national counterparts to give up rental payments in favor of a mortgage. Seventeen percent of metro Denver renters expect to buy a home within the next year, compared to 12% nationwide, according to a Zillow survey released this week. Read article
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Estimated FHA closing costs for buyers -buyers getting an FHA loan

BUYER’S CHARGES (buyer getting an FHA loan) 1. Purchase Price 2. Mortgage Title Policy 3. Miscellaneous Title Endorsements as Required by the New Lender (see title commitment) 4. Recording Fees 5. Loan Discount Fee 6. Doc Fee (.01 cent per $100 of sales price) 7. Hazard Insurance Premium (1st year) and reserves 8. FHA Mortgage Insurance *premium and. Reserves 9. Loan Discount Fee- as per contract 10. Tax Reserve Account 11. Survey* 12. Credit Report* 13. Appraisal* 14. Interest on New Loan* 15. Express Mail Fees (if applicable) 16. Real Estate and Loan Closing Fees 17. Homeowners Dues, Fees, etc. *Amounts Determined by the New Lender Note: Buyer must pay all prepaid expenses. All other charges are negotiable if agreed to by all parties in the sales contract.
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Foreclosure Predators in Colorado

Homeowners falling behind on their payments are also falling victim to foreclosure predators. Once a property owner has missed two or three monthly payments, a lender routinely files a public notice of default with the county recorder’s office. This is the road to formal foreclosure. Scam artists simply have to read the notices to find possible victims. They then descend on the homeowners with an outstretched hand and offer to help, and trick them into signing over title to their homes. Usually, the rescuer is a stranger, who contacts them with a “great offer” to save their home. They say that they or another third party can temporarily “share” or assume title to the homeowner’s property That way, with someone else’s name on the title, struggling homeowners can refinance and improve their credit. And then once their credit is repaired, they would get sole title back. But in reality, this is when the second round of trouble starts. Victims find that their name has been removed from the ...
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Willow Creek Community Picnic

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The First Annual Willow Creek Picnic Saturday, August 16th, 2008 3:00 PM @ Willow Creek Park FOOD . ENTERTAINMENT . GAMES . ACTIVITIES . PRIZES AND MORE Please RSVP if you can: For More information Call Sarah Beezley 303-738-2226 or email sarah.beezley@usbank.com Event sponsored by Sarah Beezley (Loan Officer) with US Bank & Saber Amine (Realtor) with Homes And People Sign up for our monthly Willow Creek newsletter and receive the latest statistics on sold and active homes for sale, as well as exclusive upcoming news and events. Our newsletter is exclusively written for our Willow Creek neighborhood. (We respect your privacy and never share your email address with anyone)
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