Avoiding Foreclosure in Denver

Avoiding Foreclosure in Denver

Posted by Brian Burke on Monday, November 30th, -0001 at 12:00am.

Foreclosure is one of the worst dangers Denver homeowners can face. If you are missing mortgage payments, it is possible to avoid foreclosure with careful planning and negotiation. Here are some tips to help you keep your home:

Don’t Ignore Your Lender
If you’re behind on payments, be sure to keep in touch with your lender. Though it may be stressful to confront the problem, ignoring it will only make it worse. Be sure to read all communications from your lender, and contact them when you realize there’s a problem. Sometimes, lenders will have options to help you if you are unable to make payments.

Understand Your Rights
Revisit the fine print of your mortgage agreement. Understand when and how your lender can take action if you are behind on payments.

Reevaluate Your Budget
Examine your spending and cut out unnecessary expenses, like cable TV and other entertainment. The Department of Housing and Urban Development (HUD) recommends that you prioritize mortgage debt over “unsecured” debt like credit cards.

Use Trusted Resources
Some companies offer help negotiating with your lender to prevent foreclosure, but these services, while sometimes legitimate, can be costly. There are many HUD-approved foreclosure prevention counselors in Colorado that will help you avoid foreclosure for free or at a low cost.

If you are interested in Seeing if we can sell your home before a Foreclosure Please call us now 303-955-4220

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Brian Burke | Broker | ePRO | Expert   | 303.955.4220 Office | 303.710.2609 Direct |  Brian@kennarealestate.com

1 Response to "Avoiding Foreclosure in Denver"

Colorado Mortgage Resource wrote: This is really important info - really appreciate the part about staying in touch with your lender. This is crucial. They WILL (should) try and help you to know the facts about each of your options. Just finished a post called The Lesser Of Two Evils..According To Uncle Sam outlining how short sales and foreclosures affect your credit score. Hope it helps! Posted on Sunday, March 13th, 2011 at 8:07am.

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