Is someone you know facing foreclosure?
THERE ARE OTHER OPTIONS:
– Short Sale
– Forbearance or Re-Payment Plan
– Sell the Property
– Rent the Property
– Mortgage Modification
– Deed-in-Lieu of Foreclosure
– Servicemembers Civil Relief Act (SCRA)
A short sale is when the homeowner owes an amount on his property that, combined with closing costs and commission, is higher than current market value. A short sale occurs when the homeowner’s mortgage company or companies agree to accept less than the full balance of the loan at closing. A buyer closes on the property and it is “sold short”. For a lending institution to accept a short sale, the homeowner must demonstrate financial hardship, which is a material change in his financial situation that affects the ability to pay the mortgage.
Examples of hardships include:
For more information, call 303-664-0000 today and ask to speak to one of our Certified Distressed Property Experts.