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Options to Avoid Foreclosure in Colorado
If you are facing foreclosure, behind on your mortgage payments or if you have received a Notice of Election and Demand (NED), then you need to seriously consider your options for avoiding foreclosure. The first step is to become familiar with the Colorado Foreclosure Timeline. Once you understand the Colorado State foreclosure process, you are ready to consider your options and work toward avoiding foreclosure.
Short Sale - A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor.
Loan Modification is designed to make your home loan more affordable, typically by reducing the interest rate, extending the term of the loan and, less often, by reducing the principal. A loan modification is not a refinanced mortgage, which pays off the old mortgage with a new mortgage. Find out if you are eligible at the Making Home Affordable web site.
Loan Refinance - If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be eligible for refinance.
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Avoid Foreclosure
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