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Colorado’s SAFE Act: Fix and Flip Financing (When “and” Means “or”)

Co-Author: Jordan J. Bunch, Esq. Question: Are loans made for the purchase of residential investment properties “residential mortgage loans” under Colorado law? Quick Answer: The Colorado Board of Mortgage Loan Originators is on a path to regulate loans intended for development, rehabilitation, resale or rental of residential property, potentially hindering access to financing for rehabilitation … Continue Reading

Home Affordability Modification Program (“HAMP”)

Home Affordability Modification Program (“HAMP”) Lender Incentives to Modify Mortgage Payments The Home Affordability Modification Program (“HAMP”) is the federal loan modification program designed to assist homeowners who can no longer afford their monthly mortgage payments. HAMP went into effect in 2009 as part of the Making Home Affordable Program and set out a series … Continue Reading

Home Affordable Foreclosure Alternatives Program (“HAFA”) When Mortgage Modification Isn’t Enough

The Home Affordability Modification Program(“HAMP”) has been largely unsuccessful in creating permanent loan modification solutions that allow distressed homeowners to remain in their properties. In response, the Home Affordable Foreclosure Alternatives Program (“HAFA”), which went into effect April 5, 2010, provides foreclosure avoidance options for homeowners who are not able to permanently modify their loans … Continue Reading

What Real Estate Brokers Need to Know About Bankruptcy

Co-Author: Karen J. Radakovich, Esq. General Concepts Bankruptcies affect real estate brokers. For example, listing brokers are typically hurt when their short payoff sellers file bankruptcy. It is now common for a buyer’s agent to discover that a builder/seller has filed bankruptcy. Real Estate brokers need to have a basic understanding of some features of … Continue Reading

Good Faith in Commercial Debt Collection

Co-Author: Jeremy S. Durham At the time of the publication of this article, the seizing of the credit markets seems to have stalled all but the most conservative commercial real estate loans. Many commercial real estate ventures are financed with short term debt. Lenders are not renewing loans that have matured. Other lenders are not providing … Continue Reading

Foreclosure Investors Not Exempted from FHA Seasoning

Co-Author: Jeremy S. Durham Buyers at foreclosure auctions must purchase with cash (eliminating much competition), often don’t have the opportunity to inspect the interior of the property, and risk being redeemed out by junior lien holders. Generally, foreclosure buyers acquire properties at below their retail fair market value. While it is intuitive that they should be … Continue Reading

Tax Benefits of Seller-Carry Financing

In today’s slower real estate market, lenders are more cautious about making loans and sellers are more inclined to agree to carry financing to sell their properties more quickly. When a seller carry’s financing, the seller bears risk that the buyer might default on the promise to pay back the loan. But if a buyer … Continue Reading

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