Stop or Avoid Foreclosure!

You're not alone! Right now, over 50 foreclosures are filed every week in El Paso County, mostly in Colorado Springs.

When bad things happen to good people, it's easy to get behind on your mortgage payments. What can you do if your lender files for a foreclosure? Here are some options:

Do Nothing: Your worst choice. This is guaranteed to end with your house gone, your equity lost, and a foreclosure ruining your credit for years to come.

Cure the Default: This means you make up all the back payments, including interest and fees. Only possible if the situation that landed your home in foreclosure has been resolved and you have enough cash to make it work.

Forbearance Agreement: This is when your situation has improved and you can talk your lender into modifying your payment schedule to make up the back payments over time.

Declare Bankruptcy: This will stop the foreclosure immediately, but it isn't a permanent solution. The lender will soon enough get a release from the bankruptcy court. The foreclosure will move forward again and then you'll have both a bankruptcy and a foreclosure on your credit report.

Deed in Lieu of Foreclosure: This means offering to give the title to the house back to the lender. Your lender may agree to this, but they don't have to, since it will mean they must also assume all other liens and encumbrances on the property.

Sell Your House with a Realtor®: If you have sufficient equity in the property, you may be able to raise enough money to pay off your loan, as well as closing costs and the agent's commission. Unfortunately, you may run out of time before you can close with a qualified buyer.

Sell Your House Yourself: You will not have to pay a commission, but you'll have to do all the marketing and showings yourself, as well as the paperwork. Learning all the ropes may be difficult and time-consuming.

Sell Your House to an Investor: This might well be your best option. You may be able to walk away with enough money to start over, as well as avoid having the foreclosure on your credit report.

I would be glad to talk over your options with you. This service is free and without any obligation on your part. If selling your home quickly seems like the best choice, there are several ways I may be able to help you, even if the foreclosure process hasn't started yet. You won't have to do any repairs since I can buy houses quickly in "as is" condition. I'm not a Realtor®, so there is never a commission to pay. You can get a quick solution, avoid having a foreclosure on your credit report, and can get on with your life.

The clock is ticking and time is of the essence. Call 719-640-9164 to schedule a free, confidential meeting. Do it today and sleep better tonight!

 

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