Foreclosure in one of the few things that can devastate a family. This has been home, and your lives revolve around this Denver home. You’ve put your heart and soul into making this home and then unfortunate circumstances bring you to foreclosure, your world seems to be crashing around you.
For local Denver, CO families, foreclosure looming in the future is stressful and is almost unbearable. You know what is happening and what is going to take place, but the foreclosure process can take a while, months, even years. Nobody in this situation wants to stretch the agony and worry any longer than necessary.
Fortunately, in Denver, CO you have some options that may be available to you that can bypass all this foreclosure worry. Property Scouts has several strategies we can explain to you, all are legal foreclosure avoidance that can be implemented right away. You’ll resolve your foreclosure issue and get back to enjoying life.
The following 3 ways will help you avoid foreclosure with the goal of ethically and legally avoiding foreclosure. The agony and frustration of looming foreclosure will be gone and your financial commitment for your Denver house will be minimized. Each of these strategies we’re talking about here will not apply to every situation, and if you aren’t sure which one is best for you, give Property Scouts a call at 866-366-4863. We’ll discuss your situation and help you determine the best situation for you.
3 Ways To Help Avoid Foreclosure In Denver
Strategy One: Work with your lender
By working with your lender with “foreclosure workout”, they may be able to rework your loan to get a payment you can afford, thereby getting to stay in the house you love.
Lenders do not want houses, contrary to popular belief. They would rather have money coming in every month than have an empty house sitting on their books, risking vandalism or worse. They may have a temporary reprieve to offer you for your Denver mortgage payments, or form a catch-up strategy that will help you with those past due mortgage payments. They may even be able to restructure your loan and the outstanding amounts that you owe.
Strategy Two: File Bankruptcy
This is an ugly sounding term and is an extreme measure, but it is a tool that can help you avoid foreclosure on your Denver home. It will advise all your creditors that you’re unable to repay them, but the court will have the option of scheduling a repayment of some level, leaving you with some debt, and a mark on your credit report. Bankruptcy isn’t the best, nor should it be the first line of defense, but it is there.
Strategy Three: A Short Sale
The 3rd strategy would be putting your Denver, CO house up for a short sale. This means you’re willing to take almost any amount for the house, which will likely be way under market value and less than you owe. All the proceeds you get will go to
It is a proactive step because you have taken the lead to resolve matters yourself. It is fast because there isn’t any back and forth negotiating or house showing. And it is effective because it will clear up your mortgage debt, or most of it.
Property Scouts can help you with the short sale process by buying your house for cash with a quick closing. It won’t get your full price, but it could get you out of looming possibility of foreclosure. Yes, you’ll still have to move and uproot the family, but your credit will be spared the ugliness of bankruptcy or foreclosure, making it easier to buy another Denver house in the near future.