Colorado sales and foreclosures are the new traditional real estate transaction. Knowing how to help sellers, the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities are not merely good skills to have in today’s market they are critical. And while short sale and foreclosures are not for the faint of heart, agents with the proper tools and training can use these specialty areas to build their business for the long term.
If you are one of the many homeowners who have fallen behind on your mortgage payments and you don’t see any way to avoid foreclosure, Then Colorado Foreclosure and Short Sales help offer you the least painful way to resolve the situation. A Colorado Foreclosure and Sales help is when a lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the home by a financially distressed owner. The lender forgives the remaining balance of the loan.
What’s in it for a seller?
Obviously the ideal scenario would be that you magically catch up on your mortgage payments and keep your home. But for an increasing number of Americans, that is not a realistic possibility, so it is to your advantage to take an active role. This is what a short sale is all about Resolving the problem, as opposed to simply hiding from your lender and hoping the issue will go away or, worse, walking away from the property. As a seller, there are cons to a short sale. Obviously, you will lose your home — but that will happen anyway when the bank forecloses. You will also walk away without a cent in profit from the sale. And, your credit score will take a major hit.
However, because you are making a good faith effort, the lender may look more favourably on you, and perhaps be willing to help minimize the damage to your credit score. You are also spared the stress and embarrassment of a long drawn-out foreclosure process. That’s may allow you to feel more in control and that you have a more direct role in paying off part of the debt. Remember, too, that every short sale is a negotiated agreement between the owner and the lender. In a foreclosure, the lender can always pursue the seller for a deficiency judgment to recoup the difference between what it was owed and what it actually collected. In a short sale you may be able to get the lender to accept the sale as “payment in full without pursuit of any deficiency judgment.” The lender might agree to that release in return for the seller showing the home, maintaining it as well as possible and not trashing it on the way out.
Just remind before you start considering getting involved in a short sale, there are two situations in which an attempt at a short sale is almost certain to fail.
Affordable House Foreclosure Alternatives
If you cannot afford your mortgage payment and it is time for you to transition to more affordable housing, the Affordable House Foreclosure Alternatives, We designed a program for you. Which is called HAFA, we provide two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale the mortgage company lets you sell your house for an amount that falls “short” of the amount you still owe. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them.
In either case, HAFA offers benefits that make the transition as favourable as possible:
1.You can get free advice to us for approved housing counsellors and licensed real estate professionals.
2.Unlike conventional Colorado sales, a HAFA short Colorado completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls “short” of the amount you still owe. The deficiency is guaranteed to be waived by the servicer.
3.In a HAFA Colorado sale, your mortgage company works with you to determine an acceptable sale price.
4.HAFA has a less negative effect on your credit score than foreclosure or conventional sales.
5.When you close, HAFA may provide $ 2,500 in relocation assistance.
If you have additional questions about getting mortgage help, contact one of our housing experts at 888-841-5165 These HUD-approved housing counsellors will help you understand your options, design a plan to suit your individual situation, and prepare your application. Research shows that homeowners who work with housing experts like these are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock service.
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