Prevent a Foreclosure in the Fort Collins and Northern Colorado Region

If you or someone you know has received letters from their lender threatening foreclosure, there are alternatives that could stop foreclosure.  Depending on your financial condition and equity position, there are options available based on your personal situation.  You should always consult with a Realtor, Lender, Attorney and Accountant.  I am a licensed realtor in Colorado and practice in the Fort Collins, Loveland, Windsor, Wellington, Greeley and neighboring towns.  But I am NOT an attorney so I am not providing advice, only possible options but your situation is unique so you need to consult your mortgage company and an attorney.

These 3 options are if you have positive equity in your home.

A) If your monthly income exceeds your monthly expenses with some savings.

• Refinance
• Sale

B) If you are meeting your monthly expenses with little or no savings or assets.

• Refinance
• Sale
• Restructure (Work with lender to keep loan in place under new repayment terms)

C) If your monthly expenses exceed your monthly income with no savings or assets.

• Refinance
• Sale
• Bankruptcy (Consult an attorney)

These 3 options are if your home’s value equals the amount owed in loans – No equity.

D) If your monthly income exceeds your monthly expenses with some savings.

• Refinance
• Sale
• Restructure (Work with lender to keep loan in place under new repayment terms)

E) If you are meeting your monthly expenses with little or no savings or assets.

• Short sale (Negotiate with foreclosing lender to take less than owed through sale of house)
• Sale
• Refinance
• Restructure (Work with lender to keep loan in place under new repayment terms)
• Bankruptcy (Consult an attorney)
• Deed in Lieu (Deed property back to foreclosing lender if all junior liens release)

F) If your monthly expenses exceed your monthly income with no savings or assets.

• Short sale
• Deed in Lieu (Deed property back to foreclosing lender if all junior liens release)
• Restructure (Work with lender to keep loan in place under new repayment terms)
• Bankruptcy (Consult an attorney)

These 3 options are if your home’s value is less than the amount owed in loans – Negative equity.

G) If your monthly income exceeds your monthly expenses with some savings.

• Refinance
• Sale
• Restructure (Work with lender to keep loan in place under new repayment terms)

H) If you are meeting your monthly expenses with little or no savings or assets.

• Short sale (Negotiate with foreclosing lender to take less than owed through sale of house)
• Restructure (Work with lender to keep loan in place under new repayment terms)
• Bankruptcy (Consult an attorney)
• Deed in Lieu (Deed property back to foreclosing lender if all junior liens release)

I) If your monthly expenses exceed your monthly income with no savings or assets.

• Short sale
• Deed in Lieu (Deed property back to foreclosing lender if all junior liens release)
• Bankruptcy (Consult an attorney)

 

Those are some various options available depending on your unique financial situation.  If you live in the Fort Collins, Loveland, Windsor areas of Northern Colorado then I would be happy to talk with you further about your personal options.  I highly recommend contacting your mortgage company as soon as you think you might be heading towards trouble.  It is never too early to call them but you can be too late.

Email me your questions: Mike@MikeMalvey.com or visit www.SearchFortCollinsMLS.com for my website.