Denver Metro Foreclosure Assistance

As our economy continues to shift many homeowners find themselves with their backs to the wall, financially stressed due to job loss or an array of other reasons, with many falling behind in their mortgages and close to losing their home and destroying their credit.

Right now you are facing the hardest challenge of your life. You find yourself in a position of falling behind on your mortgage payments and losing your home. The phone calls from the collection department are becoming unbearable.

But you’re not alone!

Each week over 700 Denver Metro homes enter the Colorado foreclosure process, a very confusing and misunderstood process. Even many Lenders do not understand it.

Today’s homeowners have more opportunities than homeowners did just six months ago.

1) First thing you need to do is step back; sit down, and take a deep breathe. The next thing you should do is, before you talk to any real estate agent and investor, is to call a housing counselor to discuss you particular situation. These counselors are professionally trained foreclosure mitigation counselors

2) Then next thing you need to do is contact your mortgage lender, as well as any other creditors to discuss your situation. Remember your credit is very important to you. Being proactive will serve you better than doing nothing at all.

If your problem is temporary

Reinstatement: Your lender is always willing to discuss accepting the total amount owed in a lump sum by a specific date. Forbearance may accompany this option.

Forbearance: Your lender may allow you to reduce or suspend payments for a short period of time and then agree to another option to bring your loan current. A forbearance option is often combined with a reinstatement when you know you will have enough money to bring the account current at a specific time. The money might come from a hiring bonus, investment, 401K, insurance settlement, or tax refund.

Repayment plan: You may be able to get an agreement to resume making your regular monthly payments, plus a portion of the past due payments each month until you are caught up.

If it appears that your situation is long-term or will permanently affect your ability to bring your account current

Mortgage modification: If you can make payments on your loan, but don't have enough money to bring your account current or you can't afford your current payment, your lender may be able to change the terms of your original loan to make the payments more affordable. Your loan could be permanently changed in one or more of the following ways:

Adding the missed payments to the existing loan balance. Changing the interest rate, including making an adjustable rate into a fixed rate. Extending the number of years you have to repay.

Partial Claim: If your mortgage is insured, your lender might help you get a one-time interest-free loan from your mortgage guarantor to bring your account current. You may be allowed to wait several years before repaying this loan. You qualify for an FHA partial claim if: Your loan is between 4 and 12 months delinquent. You are able to begin making full mortgage payments again. When your lender files a partial claim, HUD will pay your lender the amount necessary to bring your mortgage current. You must sign a promissory note, and a lien will be placed on your property until the promissory note is paid in full. The promissory note is interest-free and is due when you pay off the first mortgage or when you sell the property.

3) Another option is to contact a Bankruptcy Attorney. You may be in position to either file for Chapter 7 or a Chapter 13. Such options should only be discussed with a licensed attorney. Each affects your home and your credit in different ways. Bankruptcy may or may not stop a foreclosure.

But what do you do when none of these options above will help you.

A foreclosure will destroy your credit by 350 points or more...interfering with your ability to purchase a car, renting an apartment, and even enjoying a vacation. A foreclosure will mark you as a credit risk. The interest rates on your credit cards will increase. You will have to pay a higher rent to rent an apartment. It doesn't have to be this way!

Our whole lives are based on our credit scores. This is why you must act now to protect it. Doing nothing will only complicate your life further. Even if you are not yet in foreclosure, when you miss one payment your credit will be hit for 50 or more points. Miss three payments and you are in foreclosure.

If nothing else will work, then it is time to consider selling the home to get out of your present situation, because it is more important to sell your and protect your credit. You can even sell your home if it is upside down. This is called a “Short Sale”, whereby your lender is asked to take less than what is owed as complete satisfaction of your debt. Both Fannie Mae and Freddie Mac have now encouraged banks to do short sales, if all other options fail.

This is where we come in. We at the Pelikant Realty Group are seasoned “Short Sale” Specialist, and have been doing them for many years. We train agents as well as process short sales for other real estate agents, because our success rate is so high. We skillfully negotiate with your Lender(s) to minimize risk to your credit and help you move forward out of your current situation.

The service that we can offer you as a Denver Metro Foreclosure Mitigation Specialist:

Review the Colorado Foreclosure Process, including key dates
Complete Analysis or your particular situation
Consultation for the best course of action
Full market analysis of property value and market condition
Negotiate with your Lender(s) when you owe more than the value of your home (Short Sale).
Aggressively attack the market to get your home under contract
Protection you from those who would harm you

Call 303-904-1512 to Speak with a Denver Metro Foreclosure Mitigation Specialist

Work with someone who really cares about you, and is not just interested in padding their listings, with no intention of helping you. Remember there are no short cuts. If you are contacted by someone and it sounds too-good-to-be-true, then it is. There are many out there who will prey on you, and mostly likely hurt you. As Realtors, we can assure you that our code of ethics is taken seriously.

We will only do what is best for you.

Take the next step that will separate you from the majority who do nothing at all. Roughly 75% who go into foreclosure choose to do nothing at all. Contact a Denver Metro Foreclosure Mitigation Specialist.

Pickup the phone and call now

303-904-1512