Posted by: Keith Robinson Real Estate | January 6, 2011

Help May Be Available

One of the most difficult aspects of being a Real Estate Professional in today’s market is helping folks who are struggling to pay their mortgage.  It is challenging as a professional because the ins and outs of the foreclosure or short sale process and the options available to avoid foreclosure are constantly changing.  It is difficult as person because I care about the people who contact me for help and it is difficult to watch them struggle through a difficult time.  As you might imagine, over the past couple of years those types of questions have come more frequently.  The good news is that there are programs designed to help! 

There are programs specifically created to help homeowners avoid foreclosure and remain in their homes.  There are options available to refinance or modify your loan.  There are programs to help people modify a high interest rate second mortgage.  There are non-biased third party organizations created to help people navigate all of the options and determine the best course of action. 

One viable option to avoid foreclosure is a short sale.  A short sale is when a lender agrees to take less for the house than what is owed on it.  The home is listed on the market and sold to a buyer for less than the current mortgage amount.  A short sale requires approval from the lender, because the lender is agreeing to be “shorted” the difference.  While a short sale will not save your credit, it can be less damaging than a foreclosure. 

Every case is different, and sometimes the best choice is foreclosure.  There are many reasons people find themselves considering a foreclosure or short sale; medical expenses, loss of job, maturing adjustable rate mortgage, pending balloon payment and others.  If you or someone  you know is thinking about a short sale or foreclosure, here are some things to keep in mind.

1.  Don’t wait.  Many times a short sale requires time to communicate with the lender(s) and get your home on the market.  If there isn’t enough time the lender may decide to proceed with a foreclosure.  Get help before you miss your first payment.

2.  Check out your options.  There are several options available that may help.  Check out this site for details:

3.  Connect with a Housing Counseling Agency.  Here is a link to the local agencies that may be able to help:

4.  Do not rely on second hand information.  If you want immediate answers and quidance you can contact the Colorado Foreclosure Hotline at: (877)601-HOPE or (877) 601-4673

5.  If you just need some help managing your credit, budgeting your money, debt management contact a credit counselor for confidential help:

This is not a fun subject for any of us, but it is important information if you or someone you love is facing foreclosure.  I hope you find this helpful.  As always, call or email me if I can help.


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