Corona | Denver Mortgage relief, unemployment and taxes

[Erin Spradlin]

GETTING HELP NOW

NYTimes - Money Matters

• Unemployment - law expires 12/31
  • States can access when they have 10% rise in unemployment
  • Unemployment is typically 45% of lost income
  • Most states pay 26 weeks
  • Don’t have to lose your job, can get it if: you are quarantined, furloughed
  • Getting unemployment
    • Have to have been at job for 30+ days
    • Eligible for 2 weeks paid if ill or quarantined or caring for sick family member
    • Part time workers can get average of normal 2 week salary
    • Self-employed (gig workers, etc) must calculate daily average and claim as tax credit
  • Who is exempt:
    • People that work at companies that employ 500+ people
    • Companies with fewer than 50 people can ask for an exemption
      
      
• Evictions + Foreclosures
  • Moratorium right now on both
  • Suspended for 60 days
    • This includes foreclosures that are in process
• Taxes
  • Can hold off on paying (without penalty) until July 15th if:
    • You owe less than $1 million to the federal government
  • If you are getting a refund, it will come in a normal time frame
• Mortgages
  • Find out who owns your mortgage + what programs are available
  • Request Assistance (Fannie Mae)
    
    
• Small Business Relief
  • SBA Economic Injury Disaster Loans
  • Small business loans up to $2mil
  • 3.75% int rate for businesses | 2.75% for nonprofits
    
    
• Denver Small Business Relief

DENVER RE TRENDS - please note you should watch Seattle, as what happens there will likely come to Denver and Colorado Springs

• Pulled data for detached/attached homes within 6 miles of a client property in Sloans Lake
  • $350-$500K
    • More properties went under contract in past 5 days than in two other 5 day increments we recorded (11-15, and 16-20 days out)
      • 35 of those were on the MLS for 6 or fewer days
  • $500-$700K
    • Similar to above, 5 days out is beating number of houses that went under contract 11-15 days out and almost the same as 16-20 days out
      • Citywide: 2.4 homes were falling out of contract/day in March. 5.8 for Feb. 2.7 for Jan.
  • $800-$1.2M
    • down from 5 day increments before, but not significantly and a small data set