Denver Short Sales: Remember Your Options To Stop Foreclosure

Denver, CO - If you're facing foreclosure, then you are probably under stress. You don't know what is going to happen. How long will it take before the bank kicks us out on the street? Will I owe my lender a ton of money? Will I ever get my life back? That's why we put this site together. You need to know what your options are. So, let's go thru them here.


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Option #1: Do nothing and the lender forecloses on the house. Please be aware that in most states the foreclosure process can take a long time. I've seen it take some lenders up to a year to foreclose on a house. Some banks have better lawyers and can get a foreclosure done in 3-4 months. But, that is often rare.

Option #2: Deed-In-Lieu of Foreclosure. A "Deed-in-Lieu" is where you surrender your home to the lender. This enables the lender to sell your home faster and protect their investment. What benefit does it give you? None. Do not consider this option unless the lender gives you something in return

Option #3: Loan Modification to reduce your mortgage payment. If you want to keep your home, then it is a good option. Many lenders will reduce your interest rate, or extend the term of the loan. To qualify, you often have to send your lender all of your pay stubs, bank statements, and other financial documentation. Click here to get more information on this option.

Option #4: Reinstatement. This is when you pay the lender for all back payments, late fees, and other related costs. After that you start making normal monthly payments. This restores your account to its former current status. The only problem is that it requires you to come up with all the back payments and other fees.

Option #5: Get a New Loan and pay off your old loan. This is a good option if you still have equity in your home. However, if you owe more than your home is worth, then it will be hard to find a lender willing to pay everyone off. The other problem is that when your credit history shows late payments, then it will be hard to get a new loan.

Option #6: Sell the property. If you don't want to your house anymore, then this is a good option to consider. However, if you owe more on the mortgage than the house is worth, then you will need to sell thru a short sale.

Option #7: Rent the property. This is a good way to earn some extra money. However, many mortgages are written with legal clauses that force you to forward any rent proceeds to the lender. In addition, many local and state governments have recently written laws forbidding you form renting a property unless the mortgage is current.

Option #8: Bankruptcy. This used to be a great option for a fresh start. However, in recent years the bankruptcy laws were tightened up considerably. The law now forces the bankruptcy judges to steer you to a Chapter 13 bankruptcy. This is versus the better bankruptcy option, which is a Chapter 7. The difference between the two is that a Chapter 7 gets rid of all your debts. A Chapter 13 basically sets you up on a court monitored repayment plan.

Under a Chapter 13, many people find themselves stuck under the same burden of debt that caused the problem in the first place. Only this time, they have to pay all the extra costs associated with the bankruptcy. I've heard some experts say that your just better of not paying your creditors than doing a Chapter 13 bankruptcy. This costs you less money out of pocket and your credit gets cleaned up faster.

Option #9: Short Sale. A short sale is when you owe more than your home is worth. You sell it with the assistance of a licensed real estate agent. It costs you nothing. The agent gets paid by your lender. It is well known that a lender will net more money on a short sale than taking a home back thru foreclosure. Why? A lender saves money on interest, attorney fees, and other related foreclosure costs.

A recent study done by the Boston Consulting Group showed that a lender will reduce their losses considerably with a short sale. If you are interested in a short sale, then fill out your info at the bottom of the page. In fact, they reduce their losses by 20% on average when accepting a short sale versus foreclosure.

Here is what we do when we help you with a short sale.

Step #1: We put the home up for sale and market it to find a buyer.

Step #2: We gather all of the necessary documents to process the short sale.

Step #3: After we find a buyer who wants to purchase the property, we contact your lender’s loss mitigation department. We ask them what documents are necessary to submit the short sale package and how to send it to them.

Step #4: We submit the buyer’s offer and all the short sale paperwork to your lender. We have a complete checklist that we follow so everything is submitted properly.

Step #5: We follow up with your lender to negotiate the short sale. There is a lot of time involved at this stage of the process. Many lenders short sale departments are busy with an avalanche of file. However, with a little patience and perseverance we are able to get the lender to approve the short sale.

Step #6: Upon lender approval we then coordinate everything to a successful closing. We follow up with all the inspections, appraisals, surveys, and the buyer’s financing.

Step #7: Closing. Everything is completed and you are now out from under the burden of debt and stress. Most sellers are so glad to be done with the stress and uncertainty. It’s closure.

Thinking about a loan modification?Our Westminster loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at denverforeclosureblog@gmail.com to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at denverforeclosureblog@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 303-521-0984

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Dan Hopper.

Dan is a Realtor located in Westminster, CO., specializing in Denver loan modification and short sales:

Phone: 303-521-0984. denveforeclosureblog@gmail.com.


View My homes for sale at www.danhopper.com.

Dan Hopper specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor. Denver CO Loan Modification Help, Denver CO Short Sales. Denver CO Short Sale Realtor. Westminster CO Short Sales. Westminster Realtor.

For related blogs / video blogs, click on the links, below!!

http://denverstopforeclosureblog.com/?p=713

http://denverloanmodhelp.com/?p=149

http://denverstopforeclosureblog.com/?p=375

View my VIDEO BLOG atwww.youtube.com/user/avoidforeclosures?feature=mhee

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Important Notice

Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Dan Hopper's personal views and do not reflect the views of Remax Alliance.

This information on Denver Short Sales: Remember Your Options To Stop Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.