Do you need help avoiding foreclosure? It is crucial to explore all possible options to avoid foreclosure, since it will be an obstacle to home ownership for at least five years. A foreclosure will also lower your credit score by 300 points, which may prevent you from obtaining a good interest rate in the future, may increase your auto insurance rates, and could even present possible employment problems. A foreclosure may even make it more difficult for you to rent a home or an apartment in the future.
If you are delinquent in your mortgage payments, you are certainly not alone. Millions of Americans are facing the same dilemma and foreclosures are at historical levels. If you are having difficulty keeping up with your mortgage payments, it is crucial to ask for help is as soon as you recognize the problem. Call your lender and explain the problem you are having. Be sure to let your lender know if you believe the situation is only temporary. Lenders are currently more willing than ever to work with distressed borrowers, since they do not want to own more foreclosed homes. Ask your lender about a loan modification, or a workout. If this is not possible, and the only logical answer is to sell your home, contact a real estate agent who specializes in short sales. This is NOT the time for “the real estate lady you know from church” or the “friend in your card group.” This is the time for someone who is knowledgeable, experienced, and who knows how to work with your lender on your behalf. We recommend hiring a CDPE, or a Certified Distressed Property Expert. This is the time prepare all of the necessary documentation; submit it to your lender’s loss mitigation department, and to list your home for sale at a price that will bring in an offer that your lender will accept. In a short sale, the lender will accept an amount less than the balance owed, and will absorb the normal cost of sale (commission and title transfer).
TeamCox Realtors, Denver real estate specialists, has gone through extensive training to become a CDPE, or a Certified Distressed Property Expert. If you are facing a foreclosure, please contact us at 303-400-6060. We are here to help you.
If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate Assistance