That depends on many factors such as what bank? amount of original loan? terms of the loan? interest rate? how far behind the borrower may be etc... There really isn't an easy or general answer to this question.
Are you interested in purchasing a bank owned property? There are some great values in today's market. Visit my website at: www.SearchNorthernColoradoMLS.com.
Are you looking for ways to hang on to your property? There are some great programs in place to help if this is the case.
Please feel free to call and discuss your needs with me anytime, 970-290-2836. I'd be happy to try and help. Kathy
RE/MAX Alliance, 970-679-1686, each office independantly owned and operated... more
Jim, sounds like you need some help and you need it quick. Have you spoken with your Mortgage company yet? You need to have an open communication with them. You usually don't go to jail if you go into foreclosure, but I would definately make contact with an attorney as well. Have you spoken with a Realtor? There are Realtors that specialize in foreclosure that could give you useful information. How far behind are your tenants? Why are they still tenants? You should have them evicted and get someone in that can pay! Don't wait. Do something now! Good Luck, let us know how things turn out.... more