*This post is based off the Full Article: Top 3 Ways to Avoid Foreclosure in Colorado Springs

Nobody wants a Stetson Hills foreclosure on their permanent credit record. Nobody wants the stigma of a “Bank Owned” sign in the yard of a place they once called “home”. Nobody wants to live in fear that any moment someone will knock on their door and kick them and their family out on the streets.

But there are a lot of people who bought home in Stetson Hills over the past few years that can no longer afford their home. Maybe this is you.

Reasons for a Stetson Hills Foreclosure

There are many reasons why someone cannot afford their mortgage payment. Some reasons include:

• Major illness or death
• Divorce
• Bankruptcy
• Loss of Job
• Downsized in current job resulting in a cut in pay
• Mortgage rate increase resulting in a payment that is no longer affordable

These are all valid and completely understandable reasons WHY someone may not be able to afford their mortgage payment any longer, and may be facing a Stetson Hills foreclosure.

“How Can I Avoid Foreclosure in Stetson Hills?”

If you are not able to keep up with your mortgage payments, or maybe you are already falling behind on your payments, you don’t have to be a victim of foreclosure. There are several ways that you can avoid a foreclosure, but you will need to be proactive and start working on it today.

Read Also: Foreclosure SUCKS - You Have Options

Top 3 Ways to Avoid Foreclosure in Stetson Hills

#1 Catch Up On Your Payments

If you can actually afford your monthly payment, but have fallen behind on your payments due to unexpected one-time circumstance, like a family emergency or a gap in employment, catching up is a great option. There are 2 main ways to catch up on your late mortgage payments:

• Pay it Back All At Once
• Forbearance Agreement with Your Bank

#2 Refinance or Re-Structure Your Current Loan

If you have not missed any payments, but know that you will not be able to afford your payments after a certain date (mortgage rate increase, ARM adjustment, loss or downsize of job), then you may be able to qualify for a refinance or a re-structure of your current loan. You MUST have good credit for this option, and (in most cases) cannot have missed a mortgage payment.

• Refinance your current loan into a NEW loan
• Re-Structure your current loan

#3 Sell Your Home

If catching up on your payments or refinancing your loan is not an option, selling your home is a great way to avoid a Stetson Hills foreclosure. There are two ways to sell your home, but in either case, you will need to ACT FAST to make sure that your home SELLS before it forecloses.

• Sell Your Home For What You Owe - If you owe LESS than what the home could quickly sell for (including all the fees it takes to sell the home) you can hire a Stetson Hills real estate agent.
• Sell Your Home for LESS Than You Owe (This is called a Short Sale)
  Read Also: Why a Colorado Springs Short Sale is a Great Alternative to Foreclosure

For More Information on how to qualify for a Stetson Hills Short Sale, Contact Us:
Wagner iTeam - Certified Distressed Property Colorado Springs Short Sale Experts
719.434.7525

Find the Value of YOUR Stetson Hills Home

As you can see, these 3 alternatives actually offer 6 different options. With all these options, you have a great opportunity to move on with your life and avoid foreclosure in Stetson Hills.

Thanks for reading our Stetson Hills Real Estate Blog!
Posted By: Mariana Wagner – Stetson Hills Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate

(719) 434-7525

The Stetson Hills real estate market had a major slowdown in activity for the month of October. However, the homes in this Colorado Springs neighborhood that DID sell sold in a very short amount of time.

Single Family Homes in Stetson Hills Real Estate Market Report for October 2008:

• Active: 265 homes priced from: $120,000 - $489,500
• Sold since 9/1/08: 23 homes (compared to 54 sales in September)
  • Sold Price Range: $164,000 - $389,000
  • Average Sales Price: $207,060
  • Average Days on Market: 67 days (compared to 115 days in August)
  • 19 of the 23 sales were VA or FHA government loans

Note: This report does not include several homes for sale that are priced from $59,000 - $159,900, as these are modulars on leased land. Asking/Sold prices do NOT include the $400-$500/mo. land lease. Additionally, many of these homes can only currently be purchased with CASH or through owner finance. Data from these homes has been removed from this report as they are not really comparable to the rest of the homes in Stetson Hills.

Townhomes, Condos and Patio Homes in Stetson Hills Market Report for October 2008:

• Active: 27 homes priced from: $120,000 - $318,624
• Sold since 9/1/08: 2 townhomes 1 Condo
  • Sold Price: $144,000 - $159,950
  • Average Days on Market: 75 days

Search All Homes for Sale in Stetson Hills

Posted By: Mariana Wagner – Stetson Hills Real Estate Expert
Wagner iTeam at Keller Williams Realty
Colorado Springs Real Estate Connection
719.434.7525

The Stetson Hills Real Estate Connection would like to congratulate the first African-American and 44th President (Elect) of the United States of America, Barack Obama.

This historic election brought a Republican ticket with a war veteran, Senator John McCain and female running mate, Sarah Palin and a Democratic ticket with African-American Senator, Barack Obama and running mate, Joe Biden.Last night’s elections brought a HUGE win for the Democratic party, when Barack Obama won with over TWICE the electoral votes as Senator John McCain.

(Data From FoxNews.com as of 8am MST November 5, 2008)

• Watch Presidential-Elect Barack Obama’s Acceptance Speech: Change Has Come to America
• Watch Senator John McCain’s Concession Speech: End of a Long Journey

Welcome Our New First Family - Barack and Michelle Obama with their children, Malia and Natasha!

Posted By: Mariana Wagner - Colorado Springs and Stetson Hills Real Estate Agent

The Stetson Hills real estate market has about 3 months of inventory, based off of the recent sales data for this Colorado Springs neighborhood. This means that the average home in Stetson Hills will take 3 months to sell.

Single Family Homes in Stetson Hills Real Estate Market Report as of 10/11/2008:

• Active: 268 homes priced from: $149,900 - $505,500
• Pending: 44 homes
• Sold since 9/1/08: 52 homes
  • Sold Price Range: $145,000 - $420,000
  • Median Sales Price: $197,000 (down from $203,000 in August)
  • Sale Price to List Price Ratio: 98.2%
    Percentage of Asking Price that the average home in Stetson Hills sold for…
  • Average Days on Market: 115 days (UP from 94 days in August)
  • 35 of the 52 sales were VA or FHA government loans

Note: This report does not include 23 homes for sale that are priced from $59,000 - $159,900, as these are modulars on leased land. Asking/Sold prices do NOT include the $400-$500/mo. land lease. Additionally, many of these homes can only currently be purchased with CASH or through owner finance. Data from these homes has been removed from this report as they are not really comparable to the rest of the homes in Stetson Hills.

Townhomes, Condos and Patio Homes in Stetson Hills Market Report as of 10/11/2008:

• Active: 32 homes:
  • 18 townhomes, 11 condos and 3 patio homes
  • Price Range: $120,000 - $318,624
• Pending: 6 homes (2 condos and 4 townhomes)
• Sold since 9/1/08: 3 townhomes
  • Sold Price: $142,000 - 177,295
  • Average Days on Market: 123 days

Posted By: Mariana Wagner – Stetson Hills Real Estate Expert
Wagner iTeam at Keller Williams Realty
Colorado Springs Real Estate Connection
719.434.7525

The Stetson Hills real estate market is seeing an influx of foreclosure and bank owned homes for sale. Some of this is due to the fact that Stetson Hills was a Colorado Springs neighborhood that saw a lot of investment opportunities, and now these “investors” cannot keep up with their multiple mortgage payments. However, there are still too many homes that are in foreclosure or are bank owned that were not originally investment properties.

Here is a snapshot of the Stetson Hills Bank Owned and Foreclosure Homes Market.

Bank Owned Homes for Sale in Stetson Hills

• A Bank Owned home is a home that has sold in foreclosure, and includes Bank Owned, REO or VA or HUD Repo homes.
• There are currently 17 homes in Stetson Hills listed in the local MLS that are marked as Bank Owned, REO or VA or HUD Repo.
• Price Range: $142,000 - $422,000

Read More: Bank Owned Homes for Sale in Colorado Springs

Foreclosure Homes for Sale in Stetson Hills

• A Foreclosure home is a home where the homeowner is trying to sell the home to another homeowner or investor before the homes sells at foreclosure.
• There are currently 33 homes in Stetson Hills listed in the local MLS that are marked as foreclosure, pre-foreclosure or short sale (usually coupled with a foreclosure).
• Price Range: $125,000 - $422,000

Read More: Buying a Colorado Springs Foreclosure or Bank Owned Home

For more information on Bank Owned and Foreclosure homes in the Stetson Hills Real Estate Market, please contact the Wagner iTeam at Keller Williams: 719.434.7525

Or, if you would like to sign up for the Wagner iTeam weekly “Best Buy” lists, send your request to: Team@WagneriTeam.com.

Posted By: Mariana Wagner – Stetson Hills Real Estate Expert
Wagner iTeam at Keller Williams Realty
Colorado Springs Real Estate Connection
719.434.7525

There are more foreclosures in the Stetson Hills real estate market than there has been in a long time. To help homeowners facing foreclosure and to help people looking ot buy a home in some stage of foreclosure, we are doing what we can to educate both home buyers and sellers about Colorado Springs and Stetson Hills Foreclosures.

Here is a list of the most popular articles that we have written on Foreclosures and Short Sales.

General Colorado Springs Foreclosure Information:

• Million Dollar Foreclosures in Colorado Springs
• Foreclosures in the Colorado Springs Real Estate Market
• Bank Owned Homes for Sale in Colorado Springs
• Buying a Colorado Springs Foreclosure or Bank Owned Home
• Colorado Springs Foreclosures: Hope for Homeowners Act of 2008 - Questions and Answers
• Colorado Springs Homes: More Than 9 Percent of US Mortgages are Delinquent

Help for Stetson Hills Homeowners Facing Foreclosure:

• Colorado Springs Home Owners Beware of Foreclosure Assistance SCAMS
• Colorado Springs Real Estate: Help for Homeowners Facing Foreclosure

Help for Sellers Competing Against Stetson Hills Foreclosures and Bank Owned Homes:

• Selling Your Colorado Springs Home: How to Compete Against Bank Owned Properties
• Selling Your Colorado Springs Home: How to Compete Against Desperate Sellers
• Selling Your Colorado Springs Home: How to Compete Against Motivated Sellers

Posted By: Mariana Wagner – Stetson Hills Real Estate Expert
Wagner iTeam at Keller Williams Realty
Colorado Springs Real Estate Connection
719.434.7525

The Stetson Hills real estate market has about 3 months of inventory, based off of the recent sales data for this Colorado Springs neighborhood. This means that the average home in Stetson Hills will take 3 months to sell.

Single Family Homes in Stetson Hills (as of 9/8/2008):

• Active: 274 homes priced from: $150,000 - $499,900
• Pending: 53 homes
• Sold since 8/1/08: 47
  • Sold Price Range: $150,000 - $315,000
  • Median Sales Price: $203,000 (down from $225,000 in July)
  • Average Days on Market: 94 days
  • Sale Price to List Price Ratio: 98.2%
    Percentage of Asking Price that the average home in Stetson Hills sold for…
  • Average Days on Market: 94 days (down from 106 in July)
  • 29 of the 47 sales were VA or FHA government loans

Note: This report does not include 17 homes for sale that
are priced under $150,000, as these are modulars on leased land. Asking/Sold prices do NOT include the $400-$500/mo. land lease. Additionally, many of these homes can only currently be purchased with CASH or through owner finance. Data from these homes has been removed from this report as they are not really comparable to the rest of the homes in Stetson Hills.

Townhomes, Condos and Patio Homes in Stetson Hills (as of 9/8/2008):

• Active: 30 homes:
  • 20 townhomes, 7 condos and 3 NEW patio homes
  • Price Range: $120,000 - $275,000
• Pending: 8 homes (4 condos and 4 townhomes)
• Sold since 8/1/08: 1 NEW townhome
  • Sold Price: $172,295
  • Days on Market: 21 days

Posted By: Mariana Wagner – Stetson Hills Real Estate Expert
Wagner iTeam at Keller Williams Realty
Colorado Springs Real Estate Connection
719.434.7525

Here is a picture that I took of a park in Stetson Hills with Pikes Peak in the background.

Posted By: Mariana Wagner – Wagner iTeam at Keller Williams Clients’ Choice Realty
Colorado Springs Real Estate Agent – Stetson Hills Real Estate Expert
(719) 434-7525

Search Homes for Sale in Colorado Springs

There are currently 305 Stetson Hills homes for sale Colorado Springs.

• Price Range: $43,900 – $499,900
  
  Note: About 20 of the homes in Stetson Hills priced under $120,000 are modulars on leased land. Asking/Sold prices do NOT include the $400-$500/mo. land lease. Additionally, many of these homes can only be purchased with CASH or through owner finance.
• Median Price: $225,000
  If we remove the modular homes from the data, the median sales price in Stetson Hills jumps to $229,000.
• Average Days on Market: 119 days (2-776 days and down from the average 131 days in June 2008)

As of August 13, 2008, there are 66 homes under contract in Stetson Hills.

From 7/1/2008 – 7/31/2008, 61 single family homes SOLD in Stetson Hills.

• Median Sales Price: $225,000
• Average Sales Price: $237,205
• Sale Price to List Price Ratio: 97.4%
  Percentage of Asking Price that the average home in Stetson Hills sold for…
• Average Days on Market: 106 days (1-788 days)
• 39 of the 61 sales were VA or FHA government loans

Posted By: Mariana Wagner – Wagner iTeam at Keller Williams Clients’ Choice Realty
Colorado Springs Real Estate Agent – Stetson Hills Real Estate Expert
(719) 434-7525

Search All Homes for Sale in Colorado Springs

There are currently 29 townhomes and condos for sale in Stetson Hills, Colorado Springs.

• 8 Condos and 21 Townhomes
• Price Range: $124,900 – 193,695
• Median Price: $160,000
• Average Days on Market: 131 days

From 7/1/2008 – 7/31/2008, 4 townhomes and condos sold in Stetson Hills.

• 2 Condos and 2 Townhomes
• Price Range: $133,500 - $165,695
• Median Sold Price: $147,950
• Average Days on Market: 73 days (48-119 days)
  Down from 98 days in June
• 2 VA loans and 2 conventional loans

Posted By: Mariana Wagner – Wagner iTeam at Keller Williams Clients’ Choice Realty
Colorado Springs Real Estate Agent – Stetson Hills Real Estate Expert
(719) 434-7525

Search All Homes for Sale in Colorado Springs