Saturday Reporter-Herald January 1, 2011 E1
Real Estate Matters
www.homeandrealtyguide.com • Saturday, January 1, 2011 • Reporter-Herald
Protect credit if tied to a loan ILYCE GLLINK TRIBUNE MEDIA SERVICES
Q
uestion: I cosigned my husband’s student loan. We also have a mortgage on a property we purchased. If we separate, how can I get myself out of these loans, and will it be a problem? Answer: You can’t simply take yourself off your husband’s student loans. He used your signature, which means you are now entirely on the hook to repay these loans if he doesn’t. If a loan payment is missed on the student loans, your credit history and score will suffer. If you separate, you need to find a way to have him pay off the loans as a condition of the divorce (perhaps he can refinance the loans with family money or find cash elsewhere). Otherwise, until the loans are paid off, you will always have to worry about your credit history and score, and whether you’ll qualify for additional financing. This problem crops up often when it comes to parents helping children purchase property or unmarried partners who decide to purchase property or autos, or get credit cards. Parents cosign loans for their children, only to find their own credit has been tarnished when the child goes AWOL and stops paying on the loan. Unmarried partners who co-sign loans for each other find they’re in a barrel of trouble if they break up. Protecting your credit is key. You’ll need to devote some time to negotiating how these loans will be settled with your spouse should you separate. You should take some time to talk to a credit counselor or a divorce attorney about this issue. Question: Is it true that Freddie Mac does not allow property type changes for refinances under the Making Home Affordable program? Our property type is a condo townhouse. In our original mortgage note with Bank of America (our original lender and loan processor) we signed a Planned Unit Development rider. Bank of America then sold our loan to Freddie Mac under the property type single family home (Bank of America remains the servicer). We qualify for refinancing under the Making home affordable program, but Bank of America has refused to go through with the closing for the refinance on the basis that our property type is now being considered as a condo. Since Freddie Mac has it under a I See Glink/Page E3
No. 3 builder in Larimer County releases new home series RH PAID ADVERTORIAL
M
idtown Homes at Boise Village North in Loveland sold over 37 homes in 2010 making the subdivision number three in sales in Larimer County. At Boise Village North homes range in price from $159,900 to $219,900. Homes are as large as 3,000 total square feet with finished square footage ranging from 893 to 1,912. Midtown Homes is releasing the new Rocky Mountain Series with its grand opening January 2, 2011. The Rocky Mountain Series features larger homes and lots with front load garages, up to four or five bedrooms and three car garage options. As part of this new release the builder is offering a $3,000 credit on all homes and an $8,000 credit on the two remaining Home Town Series models in Phase 1. All homes have many extra amenities standard including alder or maple cabinets, energy star appliances, built-in microwaves, vaulted ceilings, wider garages, walk-in closets, covered porches, patios or decks, full or partial basements with at least two egress windows, a rough-in for an extra bathroom and low-e windows. Many homes also have four and five piece master bathrooms, kitchen pantries, kitchen islands, and built-in desks nooks. Midtown Homes at Boise Village North Midtown Homes at Boise Village North is offering a $3,000 Buyer Credit on the new Rocky Mountain Series.
THE EVERGREEN Buyers interested in the new ranch style home with the elusive three care garage under $200,000 should consider The Evergreen. This home is a 2,200 square foot three bedroom, two bathroom model with a three car tandem garage priced from $189,900. The Evergreen features 1,109 finished square feet, vaulted ceilings in living room, dining room, and kitchen, main floor laundry, multiple walk-in closets, a large covered porch, and full unfinished basement.
Photos courtesy Midtown Homes
The Silverton is a new 2,560 square foot three bedroom, two full bathroom ranch plan with a three car garage option priced from $199,900. lot of square footage should see The Ponderosa. This home is a 2,400 square foot three bedroom and two bathroom home priced from $194,900. The Ponderosa features 1,200 finished square feet, a full unfinished basement, covered entry, a kitchen pantry, main floor laundry, and master bedroom walkin closet.
bathroom home or a three bedroom and two and a half bathroom home with family room. The Keystone features 1,634 finished square feet, a partial unfinished basement, kitchen pantry, master bedroom walk-in closet, patio, and covered entry.
THE STEAMBOAT
Our largest multi-level home can accommodate the largest of famiThe Silverton is Midtown Homes lies. The Steamboat totals 2,750 square feet and comes in several largest ranch style home and has an upgradable option to a three car floor plans. The first is priced from garage. This ranch home comes in $219,900, has a total of 1,913 finished square feet with either four a 2,560 square foot floor plan priced from $199,900, and a 3,000 bedrooms and three bathrooms or three bedrooms two and a half square foot floor plan, both of bathrooms with a family room. The which are three bedroom and two largest floor plan is priced from bathroom homes. The Silverton $236,900, has a total of 2,200 finfeatures 1,280 and 1,500 finished ished square feet with five bedsquare feet, a bay window in kitchen, kitchen pantry, main floor rooms and three and a half bathrooms. The Steamboat features laundry, five piece master bathroom, walk-in closets, vaulted ceil- large deck, vaulted ceilings, kitchen island, main floor laundry, ings, patio, a full unfinished basefour piece master bathroom with ment and an optional three car walk-in closet, and partial unfingarage. ished basement.
THE SILVERTON
THE KEYSTONE
People looking for a lot of space or looking for a home for a large family find The Keystone a good option. The Keystone has a double deep garage to park three cars. This multi-level home, priced from THE PONDEROSA $209,900, has a total of 2,211 People looking for a ranch style square feet and is being built as eihome with an open floor plan and a ther a four bedroom and three
PHASE 1 CLOSEOUT SPECIAL Midtown Homes has two remaining homes with an $8,000 buyer credit in the Home Town Series which include The Monarch and The Granby:
THE MONARCH If you are looking for great value at an affordable price The Monarch is an excellent option. This ranch home, priced from $149,900 to $159,900, is a 1,786 square foot two bedroom and one bathroom home. The Monarch features 893 finished square feet, a full unfinished basement, main floor laundry, cover porch, and master bedroom walk-in closet.
THE GRANBY
The Ponderosa is a 2,400 square foot three bedroom, two bathroom ranch priced from $194,900.
One of Midtown Homes best selling floor plans, The Granby is offers a ranch floor plan at an unbeatable price. This ranch home, priced from $174,900 to $178,900, is a 2,072 square foot three bedroom and two bathroom home. The Granby features 1,036 finished square feet, a full unfinished basement, an oversized two car garage,
covered porch and patio and master bedroom walk-in closet.
THE TELLURIDE People looking for lots of finished square footage without the extra price choose The Telluride. This multi-level home, priced from $179,900 to 189,200, is a 1,650 square foot three bedroom and two bathroom home with a bonus fourth room for a study or fourth bedroom. The Telluride features 1,375 finished square feet, a partial unfinished basement, deck off the back, kitchen island and master bedroom walk-in closet.
THE CRESTED BUTTE For people that love to cook and entertain The Crested Butte has an extended kitchen and living room area. This ranch, priced at $184,900, is a 2,270 square foot two bedroom and two bathroom home. The Crested Butte features 1,135 finished square feet, a full unfinished basement, a large kitchen and living room/entertainment area, large kitchen pantry, main floor laundry, four piece master bathroom, master bedroom walk-in closet, desk nook and a covered front porch.
THE NORTH PARK The North Park has a lot of finished square footage and home features for its price including an extra large covered front porch, an extra fourth room for a study or bedroom, a built-in fireplace, and a five piece master bath. This twostory, priced from $199,900$202,400, is a 2,301 square foot three bedroom and two-and-a-half bathroom home. The North Park features 1,623 finished square feet and additional features including a master bedroom walk-in closet and covered patio.
VISIT MIDTOWN HOMES 1899 East 11th Street, Loveland. Sales office is open daily, 10 a.m.-6 p.m., and will be closed January 1st. For more information: 970-456-4600 info@newmidtownhomes.com www.newmidtownhomes.com
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