Blog – Foreclosure Mitigation Services

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We work with homeowners to determine what caused them not to be able to make mortgage payments. Examples include: temporary employment outages, medical expenses, other debt servicing, needed to relocate, death of homeowner.

If we jointly determine that the situation is temporary, we use our HUD Budgeting tools to ensure homeowner is able make mortgage payments going forward. Then we connect the homeowner with those at the mortgage company and government agencies that provide methods to get back on track. Examples include: A Forbearance Agreement, A Loan Modification, and Refinance Your Mortgage. With these options the homeowner retains ownership and stops the foreclosure, thus saving the homeowner’s credit.

Another option is to delay foreclosure proceedings temporarily to give time to rethink if can again ability to begin to make payments at a later date by filing “Chapter 13 Bankruptcy”. This merely puts a temporary hold the foreclosure proceedings, but typically require engaging a Bankruptcy Attorney.

If we jointly determine that it is unlikely that the homeowner can make house payments going forward, then we provide methods to end the mortgage obligation. Typically, this means title will transfer to new owners and typically it means homeowner and/or their estates lose paid in equity. Examples include “Short Sale” (when property is severely damaged), “Sell As-Is ” via real estate agency or auctioneer These options homeowner loses ownership of their home and a foreclosure is recorded against homeowner, if home sells for less than is owed may result in mortgage company filing a “Deficiency Judgement” of shortfall which then becomes income to homeowner, and damages homeowner’s credit.

However, we have unique mitigation program alternatives that captures paid in equity for the homeowner which include “Equity Partnering with Homeowner” (when house needs improvements to market) or “Subject-To” (if home just purchased and highly marketable). Again, our unique Foreclosure Mitigation Service options are where the homeowner or their estate derives a significant portion of their paid in equity back at end of these processes. Thus, in these options homeowner sells their property at top of the market prices, no foreclosure is recorded and the homeowner’s credit is saved. Note Homeowner, Bank and County Public Trustee claim everybody wins!

We also know that some homeowners or their estates merely want to stop having to deal with their mortgage company and want out now or ride out the foreclosure process time clock and then leave. Examples include: “Deed-in-Lieu of Foreclosure” (immediate) and “Do Nothing and Lose Your Home” and County Public Trustee sell at auction on Sale Date. Rarely do these houses sell for much more than what is owed and sometimes sell for less and the homeowner has a Deficiency judgement recorded showing the deficiency as income for taxation purposes. Both of these options wind up having a foreclosure recorded against homeowners and should only be used if homeowner is overwhelmed emotionally and has given up!

Please consider giving us a call (720) 272-5799 or contacting us via email Helpline@ForeclosureMitigationServices.org, to help you get through this difficult time with the best outcomes for you and your family.

Affiliates Include:

HUD – Budget Worsheet
Colorado Foreclosure Protection Act

Please Share Your Solution Choice

We need to track homeowner Foreclosure Mitigation decisions in order to help others. Please let us know what action you have chosen to take to mitigate your foreclosure. Thank you!