Take Action - You Can Avoid Foreclosure and Create a Fresh Start

Foreclosure is rarely the best option if you are behind on your payments and owe more on your home than it's worth.  In most cases, a short sale of your home is a better alternative to foreclosure.  What is a Short Sale?  A short sale is the sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan.  It often occurs when a borrower cannot pay the mortgage payments on their property, and the lender decides that selling the property at a moderate loss is better than pressing the borrower and foreclosing, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.

The Short Sale Process

In a Short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower - which is often the case in a divorce situation.  The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan(s), and turns over the proceeds of the sale to the lender (s).

Advantages of a Short Sale over Foreclosure

Short Sales Can Allow You to Get Out From Under Mortgage Debt AT NO COST TO YOU

We never charge the seller a fee for Short Sales.  Our commissions are paid by the bank.

Short sales Can be Less Damaging to Your Credit than a Foreclosure

• Short Sale - Typically a 50-130 point FICO score drop
• Foreclosure - Typically a 200-400 point FICO score drop
• You may be able to buy a home 3 years after a Short Sale under Fannie Mae Guidelines
• The wait to obtain Fannie Mae backed financing after a Foreclosure can be up to 7 years

Regain Control

You regain control by having our Short Sale Specialist negotiate with the bank on your behalf, allowing you to make informed choices that will affect you and your family at no cost to you!  In a foreclosure the bank is in charge of all aspects of the process, you follow their timeline for the sale of your home, and the bank ultimately reposseses the home.

Avoid a Deficiency Judgment for the Balance of the Debt Owed

Colorado lenders can require you pay the remainder of the debt released in a foreclosure years down the road.  This can be a sticky part of a divorce settlement, particularly when the mortgage is in both spouses names.  The best course of action for all involved is to negotiate a release of this deficiency debt to allow you to move on with your financial life.

A Short Sale Allows a Seller to Responsibly Honor Their Debts

During a Short Sale, the home is marketed by an experienced Short Sale Residential Specialist to secure the maximum selling price and favorable closing terms, thereby satisfying more mortgage debt. We Can Help! Choosing a Realtor with training and experience in Short Sales can be crucial to Short Sale success.  Many Realtors claim they are "Distressed Property" or "Short Sale Experts", when in reality they will have the seller hire a separate Short Sale Company, charging both the seller and the lender a fee.  We have a proven track record for short sale success and will aid you in preparing your Short Sale Package will include a Hardship Letter.
Not only do we have the insight and experience required to negotiate short sales successfully, we have a Short Sale Facilitation System to help our clients navigate through this difficult process.  NEVER pay a fee for a Short Sale -- the lender pays all commissions.

Contact me, your Real Estate Divorce Specialist and Short Sale Resource to learn more about the Short Sale process and for details on how we can possibly help you avoid foreclosure.
Margie Hockstad, Premier Colorado Realty Group, and Keller Williams Front Range Properties are not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.