Foreclosures in the Denver Metro area are getting harder and harder to find, but if you are in the market for a short sale, foreclosed or REO property, please contact us today for the latest list of available properties. Though we display the most recent foreclosures listed in our MLS, not all properties make it online since they often sell too quickly.
To be in the know when it comes to foreclosures, you need a licensed real estate agent working for you on the inside. We can help you keep track of the latest foreclosure opportunities in the Denver Metro area.
Many homeowners don't understand the serious financial repercussions that may arise from allowing a home to go to foreclosure. It is imperative to always consider the remaining deficiency!
When a home goes through foreclosure and the amount of money that the lender receives from the foreclosure sale of the home is less than what they are owed, there is a deficiency. In a lot of states, the lender has the option to seek a court order judgement against the borrower for the deficiency amount. This is called a deficiency judgement. Therefore, in addition to the loss of the home, a homeowner also has the potential of having to repay the judgement in the future.
No one wants to be forced out of his/her house that they have lived in for so many years and have created many wonderful memories. Getting behind on your mortgage payments and being in the early stages of foreclosure is not a subject that many homeowners want to talk about or seek immediate help. We understand this dilemma and have had homeowners not want to talk about foreclosure or seek any professional help. My only plea is that you as a homeowner must act now before it’s too late and all interest, equity, profits from your home will be completely lost once the foreclosure sale date is reached and the property is sold at the foreclosure auction.
1. Cure Loan- Must file a notice of Intent to Cure in your county where your property is located. Amount will be for full amount owed plus interest, lawyer’s fees, and any other fees.
2. Loan Modification- Must complete a loan modification package and submit to current lender immediately. Once the completed package is received, approval or denial may take up to 30 days. Also, if the loan modification is approved, the amount owed is usually added to the current outstanding balance and the debt is not forgiven. The loan modification must be filed directly with your lender.
3. List/Sell Home- Contact experienced local Realtor with vast knowledge of working with pre-foreclosure sales due to its complexity and matter of urgency. The house would be sold with the seller receiving any equity or remaining funds after paying off all mortgages, commissions, title and sale costs. This would be like a normal sale when a homeowner has equity and there is a gain at time of sale.
4. Short Sale- A short sale would be necessary when the value of the home is less than what is owed against property. The homeowner would need to be at least 30 days behind on the mortgage payment. The homeowner would need to hire a very savvy, experienced, and committed local Realtor to submit all required documents and manage the whole short sale process. Please research that your Realtor has at least closed 50 short sales before you hire one.
5. Make a Deal- When the homeowner negotiates a deal with a person/investor/company and that “investor” exchanges monetary funds for title to a property. For example, an investor will give home owner a $20,000 cashiers check in exchange for a seller signing, notarizing and recording over title and giving all rights to property to the investor. Usually, the homeowner will need to vacate property within a short period of time of making the deal with the investor. The investor would then be responsible for curing loan before foreclosure sale date and paying off your current mortgage. All terms are negotiable between homeowner and investor.
6. Bankruptcy- Homeowner should consult with Bankruptcy lawyer to see if they are a candidate for bankruptcy. Bankruptcy usually stops the foreclosure process. Please contact bankruptcy lawyer.
7. Deed-in-lieu-This happens when the home owner returns the property voluntarily back to the bank. The homeowner and bank work out terms for possession.
8. Foreclosure- The homeowner does not perform, execute any of the above mentioned options and allows foreclosure sale date to pass and property is sold at foreclosure auction where all interest, rights, equity on property are completely lost. Credit is damaged for 7 years.
At times, homeowners may find themselves in a situation where they are at least 30 days behind on their mortgage payments and owe more on the mortgage than the house is worth. This scenario is usually known as a homeowner being upside down or underwater. Basically, a homeowner owes more on the house than the value of the home. Usually homeowners may want to sell their house, but will find out that instead of making a gain at closing or at least breaking even, they will have to bring a large sum of funds to sell their house. Generally, most home owners who are behind on their payments will not have available funds to bring to the table to sell their house. At this point, a home owner must contact a local seasoned Realtor with extensive knowledge and experience negotiating short sales in the metro area.
Please consider this- does it make sense for a homeowner to continue making payments on a home when the amount owed is tens of thousands of dollars more than the home is worth?
A short sale places you in the best possible position with your lender given the circumstances and allows you to exit gracefully.
Why you are in good hands with Megastar Realty?
Short sale transactions are complex, challenging and require understanding of the local county dates and processes. The timing of everything is crucial when managing a short sale. Since 2000, Cesar Reyes has closed over 100 short sales and has trained and mentored other Realtors on how to efficiently process and close short sale transactions. His understanding of the process with most lenders and various metro counties has allowed Megastar Realty to continue to offer short sale services to any homeowner who may need one. Please feel free to contact Cesar Reyes at 303.523.0789 with any questions you may have.
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