Concerned About Losing Your Colorado Home To Foreclosure?

What can you do to avoid foreclosure?

Home ownership has been the American Dream for years and nothing gives the same pleasure as home ownership.  However, there are a million reasons why good people who want to buy their dream home, fall to unforeseen difficulties and face foreclosure as a result.  Bills come out of nowhere more often than we would like.  With countless layoffs at many companies these days the possibility of being fired or laid off is concerning to many people and not just homeowners.  Unexpected increases in interest rates we hoped would not increase or the resulting increased monthly payments will stretch the purse strings of even the most well intentioned homeowner.  God forbid, people also have unforeseen medical conditions that mean high cost medical care (and many people do not have any insurance) that can quickly deplete the savings accounts and impact plans for retirement.  Bottom line of all this is that mounting bills can result in disaster and lead to foreclosure if you are a homeowner.  

Not all situations are the same, but depending on your particular circumstances, you may be able to consider a short sale.  A short sale is a situation where the home owner owes more money if they sell the home than the home will sell for.  Some people who owe more than the property is worth would call it "underwater" and once you are in it and feel the drowning sensation, you would know why they call it that.  If the lender or lien holder/s would consider selling the home with the homeowners assistance it can save the lender the costs and trouble of foreclosure and they sometimes agree to something short of their true amount, thus the name short sale.  It is very important to remember that a short sale will require the lender to agree to the terms of the sale.  The homeowner has their credit at risk in the entire scenario no matter what, but a short sale could damage the homeowners credit somewhat less than the foreclosure would.  Please ask an Attorney about the ramifications of a Short Sale or Foreclosure to your credit in order to know all the details.

In order to learn more about the short sale process and if you and your property may be a good candidate for a short sale, you should visit with a well qualified real estate agent, your attorney and your lender.   

If you are trying to avoid foreclosure, you should know about the numbers and links listed below.  

Colorado Foreclosure Prevention Hotline Operated in Cooperation with the Colorado Division of Housing

Colorado Foreclosure Prevention Hotline 1-877-601-4673

HUD Foreclosure Avoidance Counseling

Hud Housing Counseling and Referral Line 1-800-569-4287

Freddie Mac advice about foreclosure avoidance. 

Fannie Mae explains options to avoid foreclosure.

No matter who your lender is, be sure to get with them early to try to find out your options.

We have the tools and background to work with you and your lender or lenders if you have more than one, to explore the possibilities that may possiblly avoid foreclosure.  People who get behind in their payments are sometimes to upset, ashamed or embarrassed to call to explore the possibilities which could be better than just waiting for the foreclosure to happen.  Once a buyer has expressed interest in the property and the lender is aware of the amount and has time to consider a balance of the short sale outcome with the foreclosure outcome, they may then have a better understanding of the situation.  Hardships happen that cause stress and loss, but working through it with the lender is likely better than just waiting for foreclosure to happen.  Remember, you are not the only one who has had this happen to them.  Many well intentioned homeowners have been considering how a short sale or foreclosure may be eminent in their financial situation and begin making some decisions on how to deal with it.  There are no guarantees with a Short Sale, much less that an offer will be made, the bank will agree to the short sale terms or that it can work within the timeframes of the parties. 

I would be happy to visit with you about your home, complete a CMA or competitive market analysis to identify the likely sales price given the current market conditions and visit with you about the process.  There is no obligation and visiting with a qualified real estate agent may help you feel better about the possibilities.  If you would like to visit about your property and the possibliity of listing it to sell, please call Frank at 720-273-3514

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