If you are concerned that you may be facing the possibility of foreclosure in the future, you may be wondering if it’s possible to get your house in Colorado Springs back after foreclosure. After all, you do need a place to live!
Unfortunately, if you start wondering about this AFTER the court rules in the favor of your lender and agrees with the lender to proceed with foreclosure, it is very hard for you to get your house back.
Instead of wondering whether you can get your house in Colorado Springs back after foreclosure, here’s another option…
If you are not yet in foreclosure, the good news is that you have options.
The first, and best, option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your house and instead just collect the money owed to them. The lender would really not prefer to be the homeowner and have to deal with selling the house.
But, if that’s not an option for you at this time, then you may decide to do what a lot of homeowners facing foreclosure are choosing to do: Sell your home before it is foreclosed upon and pay the lender what is owed to them.
While this may not seem at first to be an ideal option (because you’ll have to give up your house), it’s still a preferable to foreclosure, because you’ll have cleared up your debt to the bank and you won’t have the long-term impact to your credit score that a foreclosure would have. This is important in that your credit rating has a long term impact on your life and where you can go from here.
This option is proactive and long-term, which is why homeowners facing foreclosure love it: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your home in exchange for the long-term benefit of a better credit rating.
Here’s a secret to selling your Colorado Springs area home fast so the bank can’t take it
You could work at trying to find a buyer to take your home, but you have to accept up front that this could take weeks if not months. This works only if you have the time to do it. However, a faster and easier option is to find an investment firm that buys houses as-is for cash, fast. Instead of spending all of your time and energy trying to locate a buyer, there are many companies that can do this for you. Companies like Swift Results, Inc. will buy the house from you at a reduced price, and very quickly.