Foreclosures in Denver
What is a foreclosure and how do you know if your state or city has a high rate?
A foreclosure is what happens when you forfeit your property because your mortgage lender stopped getting your payments and they seize your asset instead.
There are some states that have a larger problem with this than Colorado…in fact the worst problem is a state where 1 out of every 35 homes is in foreclosure….and by comparison, Colorado is not so bad with 1 out of every 157 homes are in foreclosure.
There was a time not so long ago where people could buy a house easily with a mortgage that seemed to get them in quickly but then fine tune it later….and by the time “later” happened they did not increase their income to meet the larger payment requirements.
I literally met people who made $25,000 a year…and being new to their job…that where put into houses that cost $200,000 with the help of an extremely aggressive lender that might not have been serving anyone’s best interest but his own.
The lender makes a commission and isn’t always mindful of the mess that will hit the fan down the road.
Young families that are forcibly removed from their homes when they can’t meet the obligations are a heartbreak to be sure…but then you have to remember an agreement is an arrangement that benefits both parties and it is their responsibility to do their research.
I am sympathetic to a point…
In life we sometimes don’t see danger ahead when we are desperate...we all want immediate relief from what ails us…but the saying “what is easily given is easily removed” is never more true than when talking about foreclosures.
What more can the mortgage lender do?
If they can’t collect from the homeowner they have no choice but to take the home since they have to “stop the bleeding”Denver foreclosures are somewhat common and because of that is is easy to get resources to help you understand.
Foreclosures in Denver Colorado are administered through the county Public Trustee, rather than through the courts. The Public Trustee also conducts foreclosure auctions, processes deed of trust releases and offers administration of installment land contracts.
So…if you think you can save your house…here is what you should know:
Absent a renegotiation of the loan between the lender and borrower, the borrower may stop the foreclosure process by "curing" the default. This means the borrower may bring the loan up to date by paying the outstanding loan default.
The lender provides the cure amount, which may include past payment amounts due and owing, late fees, interest, attorney fees, Denver Public Trustee fees, and any other fees and charges associated with processing the foreclosure.