Fort Collins, Loveland and Windsor real estate and homes for sale in Colorado -
Rob Kittle & The Kittle Team
- REALTOR®
- NUMBER1EXPERT®
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There are several alternatives for a homeowner to consider when foreclosure is looming. Before proceeding, a homeowner must first choose whether or not he or she wants to keep his or her home.
If a homeowner wants to keep their home:
Repayment plan: The homeowner establishes a payment schedule with the lender to pay the delinquent amount.
Special forbearance plan: The homeowner requests a temporary reduction or payment suspension that will be increased after a set specific period of to repay the delinquent amount.
Modifying the mortgage: The homeowner can refinance the debt and/or extend the term of the loan.
HUD partial claim: If the homeowner has a loan insured by the Federal Housing Administration the lender can get a one time payment from the FHA-Insurance Fund to get the mortgage payments up to date.
Refinance: The homeowner can negotiate a new loan with a different interest rate in order to make smaller payments.
All options listed are subject to approval of the lender.
If a homeowner does not want to keep their home:
Sell the house: Depending on the situation, the homeowner may be able to sell the house for more than is owed to the lender.
Assumption: The homeowner turns over possession of the house to another person who then assumes the responsibility of the payments.
Short sale: The lender and the homeowner come to an agreement to sell the home at a loss in order to get the homeowner out.
Pre-foreclosure sale: The homeowner can sell the home and use the proceeds to settle the mortgage debt, even if the proceeds are less than the amount owed.
Deed in Lieu of Foreclosure: The homeowner surrenders the property to the lender without further damage to his or her credit.
Kittle Team Keller Williams 2580 E. Harmony Road Ste 201 Fort Collins, CO 80525 970-690-4920 Fax: 970-377-3701 robkittle@NUMBER1EXPERT.com
As a leader and owner of the Colorado Home Specialists, Rob graduated with honors from the University of California in Santa Barbara with a B.S. in Hydrology and a B.A. in Environmental Sciences. After purchasing his first home in Fort Collins shortly after graduating, he was intrigued as to why there were so many students who were renting when could own a home and enjoy the benefits that home ownership provides. This passion led to a full time career in Real Estate where he initiated a first time home buyer program for the Colorado State University Students.
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