Stop Foreclosure Littleton: What Options do Homeowners have?
If your house is in foreclosure probably because you haven’t been making the monthly mortgage payments as agreed with your lender, you are probably feeling helpless at this moment.
Of course, when you bought the house, it never occurred to you that at some point you will be battling to stop foreclosure Littleton, but it is happening. Well, don’t be discouraged because this is not the end of everything. In fact, if your play cards well, you might walk out of this a winner, meaning you still get to keep your house.
If you have been served with a notice of the intent to foreclose your house, don’t make the same mistake that has seen many homeowners end up losing their houses. Once your lender reaches out to you with a notice, it’s important that you do something towards addressing the issue rather than doing nothing. Many of those who did nothing lost their houses to foreclosure and you don’t want to be in the same boat, do you?
The good side of the story is that as a homeowner, you have quite a number of options you can turn to in order to stop foreclosure Littleton. Even if your home is already in foreclosure, you still have a chance to save it as well as avoid having that dreaded bankruptcy on your credit record. However, you need to be good at decision-making at this stage, otherwise, things might get even thicker for you.
Once you are served with a notice of intent, one thing you need to know is that time is no longer your friend. The longer you keep on taking to explore the options you have on the table the fewer these options become.
What happens if you don’t respond to a foreclosure notice?
Different states have varied laws on foreclosure, but in Colorado, your lender cannot proceed with the process of foreclosure less than 30 days after serving you with the notice. In fact, your lender is supposed to work with you closely and identify a solution that should work out well for the both of you so that you can avoid foreclosure. These 30 days should be enough for you to figure out something or rather a way of stopping foreclosure before it’s too late.
Once the notice comes in, don’t make the mistake of doing nothing because as noted earlier, time is no longer on your side. If you do nothing, the result that you won’t be able to stop foreclosure Littleton and that your credit record will also have a black mark.
There are those who, out of the fear they have for the lenders, may choose to abandon the house. This is the worst thing you can do besides doing nothing to address the foreclosure. When the foreclosure clock starts ticking, the best thing you can do is stay put in the house as you try to find a solution to the pending issue. In fact, by remaining in the house, you will have far more rights and protections as opposed to moving out of the house and leave it at that.
The best way to stop foreclosure is to work out a plan with your lender
If you really want to stop foreclosure, the best way of doing it is to work out a plan with your lender. Apparently, the entire foreclosure process can cost a bank as much as $50,000, a figure that no bank wants to lose just so as to recover a pending amount of that you borrowed. In fact, these lenders are always more than willing to listen to your side of the story and see if you can come up with something that works for both parties.
Depending on your situation – and mercy of your lender – things might be made a lot easier for you. Say you borrowed a loan with an increasing interest and at some point, the amount you need to pay on a monthly basis starts overwhelming you. You can renegotiate the payment terms with your lender so that you can afford to make the payments without affecting your other responsibilities.
If time is really not on your side, selling the house to a cash buyer can also be a great way to stop foreclosure Littleton, but be sure to get a reputable house buyer like Denver Property Flip.