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.

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Erica Chouinard
Coldwell Banker Residential Brokerage
8490 E. Crescent Parkway
Greenwood Village, CO 80111
Direct Cell: 720-233-6481
Fax: 720-221-0661
Office: 303-409-1300 ext 1226
My Assistant, Lisa: 303-671-1387
Direct Email: Erica@DenverCoHomes.com
My Assistant's Emal: Lisa@DenverCoHomes.com

When I first began my real estate career in 2001, I saw it as an opportunity to work with all kinds of people while helping them during one of the most important decisions in their lives, the purchase or sale of a home. Selling real estate has evolved into much more than just a business career: it is an experience I treasure everyday. Patience balanced with perseverance is the approach I use with my clients in regards to their real estate needs. This involves taking the time to discover the client’s must have's plus their wish list while also educating them in all the details associated with buying and/or selling a home. Aggressive negotating and a high level of professionalism are paramount in my business philosophy. With four full time agents and a full time assistant, you can rest assured your real estate needs will be taken care of!

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