Avoid Foreclosure! Your Denver Foreclosure Lawyer Can Help.
Having a good understanding of a short sale comes through an experienced Denver Foreclosure Lawyer who can connect with all homeowners who are struggling. No matter what the situation or how difficult things get, you must remember there are alternatives out there.
To gain further insight about how you can avoid foreclosure and to speak with a team of experienced professionals that can assist you, contact us today. We are here to help you.
Your Options To Retain Your Home and Avoid Foreclosure
When it is a priority to stay in your home, as it is the case with most Colorado homeowners who are under financial hardship, it is vital to know there are alternatives that a Denver Foreclosure Lawyer can assist with even if the situation is very drastic.”Reinstatement“
The homeowner must make a pre-determined payment that is given to the lender for the duration of the delinquency which will eventually revert to regular monthly payments.
A repayment schedule that is put in place with the lender to make full monthly payments with an additional pre-determined small amount of extra money each month. This is done to ensure the borrower repays the delinquent amount over a specified time frame.
This option provides a temporary suspension or reduction in payments, which will be increased at a future date in order to repay the delinquent amount. Payments are spread over a specified period of time.
The homeowner and lender work together to change the terms of the current mortgage loan.
On a loan that is insured by the FHA, the borrower has the potential to make a one-time payment to make the mortgage loan current.
Depending on the rate of interest on the new loan, monthly mortgage payments have the potential to be reduced. Refinancing can be taken into account either with the existing lender or a new lender.
Options To Dispose Of Your Home
In situations where ownership retention is unlikely, homeowners should consider disposition options rather than facing foreclosure. These options are likely to affect your credit score much less significantly than a mortgage foreclosure.”Sell
If there is a good amount of equity still remaining in the property, it may be possible for the homeowner to receive more for the property than what is due on the loan.
If the loan figure is assumable, the homeowner signs over the property to another entity. That person would then take possession of the mortgage, thus taking over the mortgage payments.
Homeowner sells the property for a lesser amount than what is needed to pay off the mortgage.
Homeowner voluntarily hands over the property to the lender without doing more damage to their credit score.
Where Do I Start Looking For A Denver Foreclosure Lawyer?
Despite your current situation, it is important that you speak to an experienced real estate professional as soon as possible. All of the above options should be considered as soon as possible in you are facing a financial hardship. Contact us and get the help you need from an experienced Denver Foreclosure Lawyer.