Here you will find an explanation of terms "foreclosure" and "short-sale" as they become an important part of real estate market today, influencing values of properties and ability to sell your home. For the last six years we have made it our top priority to help people in distress to deal with their foreclosure situations and can honestly say that we are one of the best real estate agents in the Denver Metro area when it comes to foreclosures.
If you are in distress, don't wait, please fill out foreclosure help questionnaire and we will contact you shortly. The explanation of the aforementioned terms is below.
Foreclosure Foreclosure is the name of the process for the lender (bank) to recover their collateral by which the loan is secured: i.e. they are lending the money for the property, and a foreclosure is a process to get the ownership of the property from the homeowner back to the bank. A typical scenario may be as follows: a homeowner stops making payments; in about four months the lender files Election and Demand notice with the court to start the foreclosure process. From this day, for a residential property (most homes and condos) in 115-125 days the public trustee's sale date is scheduled, after which, if nothing is done, the property will be sold at the public trustee's auction.
Short-sale Short-sale is when the lender (bank) agrees to accept the amount that is less than the amount owed on a particular loan. A typical scenario may be as follows: a homeowner owes $200,000 on a mortgage, but a property is only worth $150,000. In this case, a bank may agree to take a loss of $50,000 ($200,000 - $150,000) and allow for a sale of the property to proceed in order not to end up with the property and lose more money.
How it all comes together There are several ways of dealing with foreclosure. One of the options is a short-sale mentioned above: we provide services, including talking and negotiating with the lenders, free of charge to you, as a homeowner, to help you get approved for a short-sale. Why do it? The answer is simple: for yourself. That's right. You cannot be any worse off by doing a short-sale and at the same time you have a lot to gain: there will be no completed foreclosure on your record, even if the foreclosure started already.
For more information, please, use the foreclosure help page to tell us more about your situation and we will do our very best to help you. |