January 2023 What's HAPPENING???

As we start the new year I'm seeing more notice of defaults in Colorado and I am already starting to do foreclosure listings.

This post isn't to scare anyone, no, it's to let you know what I see happening.?Of course rates have gone up since we have started on the recession path which leads to the housing market slowing down and we are seeing prices going down as well as days on the market going up.??

I don't think it's going to be like the mortgage crisis days, however, there are some homeowners that may need help because of job loss or personal tragedy that has gotten them behind on their payments.?

I was there for it when we went through the mortgage crisis.?I advised 100's of people about their options.?Some resulted in a sale and some didn't and that's ok.?I know a lot about this subject.?I was a mortgage lender for 20 years and have had a real estate license for 30 years and I know how to help homeowners get what they need.

There are several types of assistance that may be available to homeowners in pre-foreclosure. Some options to consider include:

1. Loan modification: A loan modification is a change to the terms of an existing mortgage loan that makes it more affordable for the borrower. This could involve reducing the interest rate, extending the loan term, or changing the type of loan.
2. Repayment plan: A repayment plan allows the borrower to catch up on missed mortgage payments by paying a portion of the past-due amount each month in addition to their regular mortgage payment.
3. Forbearance: A forbearance is a temporary reduction or suspension of mortgage payments. This can be helpful for homeowners who need a short-term solution to get caught up on their payments.
4. Refinancing: Refinancing involves taking out a new mortgage loan to pay off the existing one. This can be a good option if the borrower is able to qualify for a lower interest rate or more favorable terms.
5. Short sale: A real estate transaction in which a homeowner sells their property for less than the amount they owe on their mortgage. Short sales are often used as an alternative to foreclosure, as they allow the homeowner to sell their property and pay off their mortgage without having to go through the lengthy and costly process of foreclosure.

I can help you sort through your options even if you don't have to sell your home.??

If you need help or know someone that does, call me at 719.963.4867.

#shortsale #preforeclosure #whataremyoptions #realestate