Avoid Foreclosure

Are you getting behind on your mortgage, or have recently suffered job loss or some other financial hardship and are worried you are going to start missing your mortgage payments?  There is help, but unfortunately, most homeowners do not realize this, and just the same, many real estate brokers and others in the industry do not fully understand how they can help. 

To view our complete informational guide on ways to avoid foreclosure and short sales, please click on below link:

Avoiding Foreclosure in Colorado

There are actually 11 options for a homeowner facing foreclosure:

1. Reinstatement

2. Forbearance or Re-Payment Plan

3. Sell the Property

4. Rent the Property

5. Refinance

6. Mortgage Modification

7. Short-Refi

8. Deed-in-Lieu of Foreclosure

9. Bankruptcy

10. Servicemembers Civil Relief Act (SCRA)

11. Short Sale

Many of these options, you will need to contact the bank and see what you can qualify for. If you have suffered some sort of hardship, actually 17 different causes for distress that the banks will consider, then a short sale may be your best option.  A short sale is the process when the seller puts their home on the market, but is unable to sell the property for what is owed.  They then get a contract from a buyer for less than is owed, but market value for that point in time.  The broker then submits the contract, along with financials and a hardship letter, to prove that the sellers have faced hardship and are unable to pay their mortgage.  The next step is the real estate broker must make a case to the bank that the offer they have submitted is current market value for the home.  If the bank agrees, they sign off on the loan being paid 'short'. 

Why would someone want to go through a short sale instead of foreclosure?  Their FICO score or Credit Score.  Their credit can get dinged for missing payments, but they do not have to suffer the huge impact of a foreclosure, which can severely damage their credit score and stay with them for 10 years or longer.  Unfortunately, there are so many bank owned properties on the market because the public is not aware of this option and many real estate professionals know little about it, or do not know how to submit the packet to the bank properly, and tend to submit multiple offers and bog down the system.

The City & Mountains Group understands the hardships people can face and knew there must be a better way.  We ultimately found a program, which you can read more about at Certified Distressed Property Experts. We are 1% of the nations realtors who have been through this training.  Hopefully, within a few years, this number will greatly increase and we can have a positive impact on homeowners lives.  Please call us today, 303-877-2813 to have a free consultation.  If you qualify for a short sale, did you know the bank pays our commission?  We are a FREE SERVICE, so contact us today.