We have all been hearing talk of foreclosures for a while now. Currently in Denver, there are 2,005 homes in pre-foreclosure and 6,955 homes IN foreclosure. The part that is alarming to me is that only 5% of these are or were listed. People are just “letting their house go”. This is horribly sad if you are aware of what a foreclosure does to your credit. Banks are willing to help those that can prove they are financially insolvent. In fact, some banks are getting incentives from the government to approve short sales. A bank only loses 19% in losses on a short sale while foreclosures are costing them 40%. Banks want to help, I want to help. If you or someone you know is struggling to make payments, pass along my information to them and I will see if they qualify. For most loans, you don’t even have to have missed a payment.
Reasons banks may grant a short sale:
1. Loss of job
2. Business failed
3. Damage to property
4. Death of spouse
5. Severe illness or medical expenses
6. Inheritance beneficiary
7. Divorce
8. Mandatory job relocation
9. Mortgage payment adjustment
10. Property tax increase
11. Reduced income
12. Separation
13. Too much debt
14. Incarceration
If you or someone you know is motivated to save themselves from Foreclosure, feel free to contact me. I can answer all the questions!