There are many cases of foreclosures in Denver today.
It has been caused by economic difficulties brought about by the loss of jobs, high medical bills and also credit card debt.
If you have been put on notice by your financial lending institution that they have started the pre-closure process, you may feel helpless and distraught.
You will be wondering on how to stop foreclosure Denver in the fastest way possible.
Do not stay there hoping for a miracle, because nothing will change if you sit there helpless.
Act Now! Below are some of the ways you could consider to stop foreclosure Denver.
Get A Foreclosure Lawyer.
Getting good legal advice is priceless.
In this situation, you may be confused about what to do, and the best thing is to contact a foreclosure attorney to advise you on the way forward.
They will spot any irregularities that are there and will also know how to get documents that may reveal accounting errors.
They will fight for your house and try to save your home. However, it is always good to consider all your options since most lawyers will opt for you to file for bankruptcy.
The problem with bankruptcy is that it will only delay this foreclosure process by one to two months but will destroy your credit for the next ten years.
The house will most likely go to auction, and your credit report will have foreclosure and bankruptcy in it.
Sell Your Home.
In almost all cases, the best thing to do is to sell the property, especially if the loss of income for the owner, is permanent.
You will avoid having a foreclosure and bankruptcy on your credit report.
If you owe less on your mortgage than how much the house is worth, then you can sell the property and use the money to pay all the mortgage and use the cash left to move into another house.
You will begin your new life with no disruptions and also living within your means.
If you owe more than what the house is worth, then the only way out is to declare bankruptcy or have a short sale.
Of the two, a short sale is recommended since you will be able to pay the existing mortgage with no baggage on your credit report.
Leave Your Home.
If you do not want to go through the lengthy process of keeping your home, you can decide to move on and let the bank take it.
You can go on and get yourself a smaller place that you will be able to afford, and with no problems.
If the payments on your house are more than a month or two off, the foreclosure process may have already been initiated by your lender.
With every passing day, there are penalties and legal fees added to the amount that you owe.
The longer you take, the worse your situation will be. With the above options, you can choose the one that works better for you and act quickly.