Foreclosure Lawyers In Denver, Colorado
In Denver, Colorado, foreclosure is a legal process through which an entity which has issued a mortgage takes possession and/or ownership of the property that secured the mortgage, because the person who took out the mortgage has consistently failed to make payments on it. The property in question is usually a house.
When consumers have to deal with foreclosure, it almost always involves a home. The bank will typically take possession of the house, and then sell it at auction, to try to cover the balance of the mortgage. Banks usually want sell the property quickly, for as much money as possible.
In all states in the U.S., including Colorado, borrowers have the option of foreclosure by judicial sale. This allows a court to oversee the sale of the property by the bank. The purpose of this is to get the house to sell for the highest price possible. While this might seem like something that would only benefit the bank, it is also a great benefit to the borrower, since it increases the likelihood that the sale will cover the full balance of the mortgage, preventing them from having to pay it.
In some states, original mortgages are known as "non-recourse" loans, making the above problem a non-issue. This basically means that once the mortgaged property is sold by the lender, the debt is discharged, even if the sale nets less than the remaining balance on the mortgage. The borrower will simply have to write this off as a loss. However, this usually does not apply to refinanced or second mortgages.
How to Possibly Avoid Foreclosure in Denver, Colorado
First and foremost, you need to communicate with your lender, and not ignore the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be honest with your lender, and stay in touch with them as much as possible.
Bear in mind that banks aren't in the business of real estate speculation - they're in the business of lending money, and making profits through interest on their loans. In short, the bank doesn't really want your house - they'd much rather have you continue making your mortgage payments. For banks, foreclosing on a home is a last resort. Basically, nobody likes foreclosures, and everyone wants to avoid them.
Because banks don't particularly enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. However, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.
As a last resort, you might consider a "short sale," which results in loss of the home, but it usually leads to a great deal of the debt on the mortgage being forgiven. Essentially, a short sale in Colorado involves selling the house for whatever price it can fetch. The proceeds from the sale go to the lender, and if it sells for less than what's left on the mortgage, the balance of the debt is forgiven.
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Can a Denver, Colorado real estate attorney help?
If you feel that your home is close to being foreclosed in Denver, Colorado, and want to try to prevent this, the advice and assistance of an experienced real estate lawyer can mean the difference between keeping or losing your home.
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Life in Denver
Denver is the largest city in the State of Colorado and is known to most as the "Mile High City." Nestled in the South Platte River Valley just to the east of the Rocky Mountains, Denver offers outstanding parks like Washington, Cheesman, and City Parks as well as one of the most scenic amphitheatres, Red Rocks Amphitheatre. It's hosted bands from the Beatles, Jethro Tull, John Denver, the Grateful Dead, and was the favorite of Rock legend Jimi Hendrix. There have been a number of famous recordings done at Red Rocks Amphitheatre for various bands live albums.Denver is a bustling center of commerce. As the largest city for hundreds of miles, Denver's central location among the Mountain States makes it an ideal location for distribution and transportation of goods going to states in the Southwest and West. Manufacturing plants and corporate headquarters including those of United Airlines, Lockheed Martin, the Coors Brewing Company all call Denver home.
In more recent times the "Mile High City" has been the center of a dot-com boom. Mapquest, DIRECTV, Starz-Encore, and Qwest Communications are just a few of the telecommunications companies who have moved into Denver for it's low cost and high quality of living. Local Denver lawyer are well acquainted with local legal problems.
