Short answer: Call your loan servicer's loss-mitigation department, open every letter, and get free advice early: from a HUD-approved housing counselor (Colorado Foreclosure Hotline, 1-877-601-HOPE) and from a local broker if selling might be part of the answer. Before a Notice of Election and Demand is recorded, most options are still open.
Your checklist for this week
- Open every letter from your lender and the county Public Trustee. Write down any dates.
- Call your servicer and ask for "loss mitigation." Ask what options you qualify for.
- Call the Colorado Foreclosure Hotline (1-877-601-HOPE) for free counseling.
- Gather your last 2 months of bank statements, 2 pay stubs, and your last tax return.
- Find out roughly what your home would sell for today, and what you owe on all loans.
- Don't sign anything from an investor or "foreclosure rescue" company before you understand your options and your rights.
Your options
Keep the home
Repayment plan, forbearance, loan modification, or reinstatement (catching up in full).
Sell with equity
If you owe less than the home is worth, sell before a foreclosure sale and keep the difference.
Short sale
If you owe more than it's worth, your lender may accept less than the full payoff.
Deed in lieu
Giving the home back to the lender. Usually only after a short sale has been tried, and not possible if there are other liens.
Please don't stop paying on purpose to "qualify" for something. It can cost you the home and hurt your credit.
Talk it through with a real person, free
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