1. Notification of intent to foreclose. Many states require that a lender notify the borrower in advance (30 days, for example) before obtaining a court judgment to foreclose.
2. Nonjudicial foreclosure. Many states permit lenders to add a clause to a mortgage document that permits the lender to foreclose and sell the property without obtaining court approval.
3. Deficiency judgment. Some states permit a lender that forecloses on a mortgage to file a judgment against the borrower entitling the lender to collect from the defaulted borrower any amount of the outstanding mortgage not covered by the sale price.
4. Right of redemption. Some states (New Jersey, for example) permit a defaulting borrower to satisfy the loan default and recover the property if done within a specified amount of time after the property is sold.
5. Military service. If the borrower or the borrower’s spouse is on active military duty, the Civil Relief Act of 2003 prohibits a lender from foreclosing on the mortgage. In addition, the borrower may qualify for an interest rate reduction or even a temporary suspension of mortgage payments.
Don’t forget the HOPE Now Alliance. This new private-sector program negotiated by the federal government should help borrowers with subprime adjustable rate loans that will reset in 2008 or 2009 avoid foreclosure.
The voluntary plan encourages lenders to help qualified subprime borrowers refinance their loans into an FHA-insured or other more affordable mortgage without prepayment penalties. Lenders may also freeze the interest on ARM products at the introductory rate for five years to assist borrowers who are unable to qualify for refinancing. For more information, go towww.hopenow.com.
Ion Real Estate is a hand-picked team of highly respectable experienced Realtors coming together to work with you. Please contact us anytime with any questions. We look forward to serving your Colorado real estate needs. Our experience and dedicated professionalism ensures our clients have exceptional representation every step of the way. At a time where bigger isn't always better, Ion Real Estate has chosen to remain a smaller, highly focused team in order to provide a level of personal service, attention and consideration to our clients that you simply won't find elsewhere. Our decades of experience in the unique world of Denver real estate positions us advantageously to handle all of your real estate needs
"We first met Marc Blitstein online when we were exploring the possibility of relocating from Central Florida to Denver, CO. From the moment we made contact we found him to be friendly, professional and knowledgeable about the Denver real estate market. He was able to tell us about various areas and he even visited property we were interested in on our behalf. Marc returned emails, phone calls, answered all of our questions, inquires and provided assistance with our questions about Denver’s legal requirements. After we had chosen a property, he was extremely thorough and careful to explain all of the ins and outs of our purchase offer, how the electronic documents and filings would be handled, the process of a home inspection, and other miscellaneous details that are involved in buying real estate long distance. He had several very helpful suggestions for us as we worked our way through the process. Marc went above and beyond our expectations. We whole heartedly recommend Marc as a real estate agent for any relocation to Denver or its metro area."