Behind On Payments?
How To Avoid Giving My House Back To The Bank In Denver!
Are you behind on your mortgage payments and saying to yourself “I’m giving my house back to the bank in Denver..” just to avoid any more hassle? Everyone goes through financial problems from time to time, but maybe you don’t have to let circumstances result in giving your home back to the lender.
Yes, mortgage payments can get so far behind, they mortgage lender can force their hand and demand you surrender your Denver house to them. This can temporarily leave you homeless, and the drama this creates will be long-lasting with long-term consequences. From ruining your credit to upheaving your family from their Denver comfortable life to creating a reputation in the community.
This isn’t an ideal outcome that anyone would want. Fortunately, Property Scouts can help you with a strategy that will let you be proactive in protecting your family and your financial solvency.
The Denver Foreclosure Process – A Brief Overview
Depending where you live and the type of mortgage you have, the foreclosure process can vary. Typically, once you have missed 3 mortgage payments, you’ll receive a letter from the mortgage company, a friendly reminder. Then the stronger worded warnings begin. After a certain period in Denver, CO of missed mortgage payment, the lender will place your house up for public auction.
Depending on what Denver, CO state laws are will depend on how long you’ll be in your house after it is sold in public auction. At some point though, it is inevitable that you’ll need to find a place to move to.
Fortunately, There Are Options Available!
Foreclosure is devastating on so many levels. Your credit rating, your family’s security, your mental health, and more. In some Denver locations, mortgage companies are willing to work on an arrangement with you with a “deed in lieu of foreclosure”.
A deed in lieu of foreclosure is where you give ownership of your house back to the mortgage company. This saves you the embarrassment of being evicted and it saves them money by avoiding foreclosure proceedings. It also saves a dent on credit rating.
Another option is to sell your Denver house before the foreclosure process begins. If you get enough to pay your mortgage loan off, then you avoid any penalties and your credit rating. If you don’t sell it for the full amount, you’ll have a balance to payoff.
Property Scouts is a professional real estate investment company. Give us a call today 866-366-4863 to discuss your situation. We maybe be able to make you a cash offer for your Denver house. You won’t need to worry about repairs or upgrades either – we buy houses as is every day.
You can avoid giving you house back to your Denver mortgage holder!
Why should you sell your Denver home instead of going through the foreclosure process? Either way, you’re losing your home and must move anyway, right? Losing your home by way of foreclosure is going to impact your financial future for years. You won’t be able to buy another home for years. Your credit score will drop a minimum of 100 points, maybe more. So, by selling you home instead, you’ll have more options available to you and save your credit too.