Foreclosure in 80459>Question Details

matrixx80459, Home Buyer in 78232

Have a home in Colorado that we had to move from in 2008 due to family medical issues. Long story short- has been for sale since 2008.

Asked by matrixx80459, 78232 Mon Oct 29, 2012

Our home in Colorado has been for sale since 2008. We had to resort to renting it out and now we have no renters interested and have our price to low as we can go and can't sell it. We our at the end of our savings and face forcloser. We have a first and a small second on the home. Payments are current and not late. We have other properties, one where my folks live, taxed as a rental and we just bought a home out of state(texas) while we though we had a contract on our house in Colorado. Our renters left because they didnt want to risk staying if the house was to sell, and the contract never materialized. we now face forcloser. Will they be able to forclose on our other properties which already have loans as well? Will the garnish my wages or bank accounts and force us to loose everything else? Will they attach leans to my assets? I've never been late on a single bill in my life and now am faced with this. Any advise?

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Matrixx,
I'm sorry for your situation. You need more advice than we can offer here, but I can at least point you in the right direction.
First, rather than allow the bank to foreclose, consider a short sale. Find an agent in the area that has a great track record of getting short sales closed. A short sale is where the lender writes off the difference between what is owed and what it sells for, under ideal circumstances. There is more to know, so investigate this further.
Next, if your lenders foreclose, the general rule for the first lender has to accept the property as payment in full, although your credit will be affected. Second lenders may pursue you for a deficiency for either a foreclosure or short sale, depending on the note you signed when you took the loans. Collect the paperwork from that purchase, review it and consider having a Colorado Attorney review it for you.
I believe your other properties will be secure, but in the worst case scenario a lender with a deficiency judgment could pursue other collection methods including garnishment of wages, but I believe this is rare and potentially avoidable.
Laws vary in different states, so you’ll need an attorney in Colorado, where the property is located to give you the best advice. If you need a referral to a short sale agent, feel free to contact me. I may be able to recommend someone for you. Best of luck and I’m very sorry for your circumstances.
0 votes Thank Flag Link Mon Oct 29, 2012
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