Below are links and resources we've found helpful in the past weeks - hopefully they're helpful to you as well! Please reach out if you have needs or specific questions we can assist with.
Resources for You
The Work-Share Program: For employers looking to avoid employee layoffs, Colorado Department of Labor and Employment’s Work-Share Program allows eligible employees to work fewer hours and collect partial unemployment benefits.
Ways to Help
Help Colorado Now: Help Colorado Now is actively working to provide resources, food, medical supplies, blood donations, childcare services, and funding to aid COVID-19 measures
For other resources, check out this pdf with housing assistance and other volunteer links.
FAQ's - Over the past month, we have received countless calls from clients and neighbors asking very similar questions. We compiled the most frequently asked questions and answered them below.
What is mortgage forbearance and is it a good option? Under the CARES Act, homeowners with federally backed mortgage loans affected by COVID-19 can request and obtain forbearance from mortgage payments for up to 180 days, and then request and obtain additional forbearance for up to another 180 days. During the period of forbearance, no fees, penalties, or interest shall accrue. Forbearance is an option for some, however it carries plenty of drawbacks, contact us to discuss in detail.
Can tenants forego paying rent under the CARES Act? It is highly advised that if a tenant can pay rent, they should pay rent. It is good practice for tenants to communicate with their landlords regarding any difficulty paying rent and to work out partial or installment rent payments with the landlord. While many Sheriff Offices, including Arapahoe and Denver, are temporarily suspending their enforcement of evictions, failure to pay rent will have long-term credit consequences for tenants. Reach out to us to discuss details on eviction timelines.
I’m unemployed and need liquidity, what are my options? There are many smart ways to free up cash flow including decreasing expenses and accessing capital through existing resources.Decrease expenses immediately by shopping auto and homeowner’s insurance immediately, eating simple meals at home, and selling personal property you have not used in the past year. If you have equity in your home, consider tapping into a HELOC to cover short to moderate terms expenses or doing a cash-out refinance. Rates for HELOC and cash-out refinances are near all-time loans. Reach out to us to discuss the best places to go for the best insurance and interest rates.
I’m expecting to buy or sell in the next 6 months, how is the real estate market predicted to perform? Though transaction volume is lower than usual, the real estate market has remained unexpectedly robust despite COVID, including the $500K to $800K price point in Stepping Stone. Supply has decreased over the past month while demand has proportionately decreased. We predict transaction volume will remain low for now, but will pick up considerably in mid-May. The market should remain as robust as predicted at the beginning of the year, but timing will be delayed 6-8 weeks.
Where are interest rates are headed? Once the unusually high volume of refinances settles down and the Fed’s two rate cuts in March apply further downward pressure on mortgage rates, we believe rates will fall from their current historically low levels even further. We predict this will occur in early/ mid-May.
Have a question that wasn’t answered or do you want to discuss your situation in greater detail? Reach out to Bryan on his cell (720-334-6465) to schedule a call or video conference appointment so he can help you.
**The answers above are provided to the best of our knowledge at the time of publication and do not take into account any emerging laws or ordinances post-print date including any future federal or local laws or ordinances that are passed. Please do NOT rely on any of the information presented above without confirming with your CPA, attorney, lender, or other expert.**