If you need to sell your property, and you owe more than the property is worth, you may be a candidate for a short sale (or other solution).
Whatever the reason:
- Loss of Job
- Business Failure
- Damage to Property
- Death of Spouse
- Death of Family Member
- Severe Illness
- Inheritance
- Divorce
- Separation
- Relocation
- Military Service (SCRA relief may be available for active duty personnel)
- Insurance or Tax Increase
- Reduced Income
- Too Much Debt
- Incarceration
You need to talk with a Certified Distressed Property Expert. Follow this link to find a CDPE in Colorado. http://www.CDPEofColorado.com
Other solutions to a Short Sale include:
- REINSTATEMENT: Bring the loan current and restore the loan per the original terms.
- FORBEARANCE: Temporary repayment plan until the property is sold or missed payments are payed in full.
- REFINANCE: New loan with reduction in monthly payments.
- LOAN MODIFICATION: Modify original loan terms to make the loan affordable.
- SELL THE PROPERTY: Use equity to payoff or pay difference.
- RENT THE PROPERTY: Make the loan current and then convert the property into a rental property. You can turn the property over to a local property management company like: RentalWorks
- DEED IN LIEU OF FORECLOSURE: “friendly foreclosure”. This is when the homeowner returns the keys and “deed” the property back to the lender.
- BANKRUPTCY: Will stall foreclosure but not prevent it.
- SELL TO AN INVESTOR: Sell or deed your property to an investor or 3rd party can cause bigger problems.
Visit the CDPEofColorado.com site for more information about these solutions.