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SHORT SALES AND FORECLOSURES
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Of all available options, foreclosure is the worst
Consider a short sale when foreclosure seems inevitable
Almost any option is better than foreclosure |
A short sale could be win-win solution for you, the home owner, and the lender. The lender gets the highest price for a quick sale at a market price - in other words we, your Realtors, have to prove to the bank with a comparable market analysis (CMA) that the market price is less then what you bought the home for originally. You, the borrower get your credit restored.
And the best news of all is that this does not cost you any money at all.
The end result is your home is sold, the mortgage is satisfied (paid off) and you avoid a foreclosure or a bankcruptcy in the event of hardship.
Protect your credit - foreclosure damages credit up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy.
Under most short sales negotiated you, the homeowner, will be relieved of this possible future headache.
As previously mentioned you, the homeowner, will bear no costs - we will negotiate with the bank and typically, we have found with my other shortsales, the bank will accept 82% of either the appraised value or what is owed. If you have stopped paying your mortgage then you need to seriously consider the route you would like to take.
As I am not a lawyer, the information on this page is for informational purposes only so before entering into this type of sale be sure that you are educated on how this may or may not affect you. BEWARE of scams - always use a reputable REALTOR - let me relieve you of the headache.
Go here if you still have unanswered questions? .
Tips for Avoiding Foreclosure
The foreclosure process changed in 2008
Did you know that in the state of Colorado, the Public Trustee owns your property until it is paid in full - not your bank - at the sale at the Public Trustees office every wednesday the bank will endeavour to buy your property from the Public Trustee.
If you are having trouble keeping up with your mortgage payments and have received a notice from your lender asking you to contact them - DON'T ignore the letters from your lender
Contact your lender immediately
Avoid foreclosure prevention companies - you don't need to pay fees for foreclosure prevention help - use that money to pay the mortgage instead.
Don't lose your house to foreclosure recovery scams!
Consider doing a short sale - with a reputable realtor - it does not cost you any money - if you cannot continue paying your mortgage
In the State of Colorado you no longer have the right to redeem.
For more information on this subject please contact me or fill out the form below
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