Denver Foreclosures

In the last few years, the rate of foreclosures in cities across the nation has increased significantly, particularly in Colorado. In light of this foreclosure “epidemic,” the following article provides a brief overview of the foreclosure process under Colorado law, and how homeowners who have chosen to sell their Denver home can benefit by selling as FSBO. Our goal is not to encourage people with financial trouble to sell their Denver homes (for many it is not the best solution), but rather emphasize the advantages of FSBO for those who have already made the decision. While we sincerely hope that homeowners in danger of facing foreclosure are able to keep their homes and improve their financial situations (we discuss some of the resources that are available to help people do just that), some do choose to sell their homes. For these people, FSBO provides a number of advantages over selling a home through more traditional means.

The greater Metro Denver area had a record number of foreclosure filings last year, with 39,915, a 40% increase over 2006 figures and more than four times the amount filed in 2003. Many borrowers now facing foreclosure were encouraged to take on adjustable-rate mortgages, and when interest rates rose, the loan quickly outpaced their ability to repay it. Still others are in danger of losing their homes due to nothing more than bad luck, the loss of a job, or unexpected financial obligations.

Our reason for discussing the foreclosure process is to serve as a good starting point for homeowners to begin researching their options. There have been a lot of recent efforts in Colorado to provide resources and help educate people about the many, many things they can do to avoid foreclosure. Many homeowners are in this situation due to causes largely beyond their control (as mentioned above), and avoiding foreclosure can make a big difference in a borrower’s ability to buy another house in the future. High foreclosure rates hurt everyone, so we want to help get the word out.

If you are thinking about denver real estate or selling your denver home, check out our website at www.fsbometrodenver.com and if a foreclosure looks like it will be in your future we will also help you sell your home for way less than a realtor would and nobody wants to give it to the bank. Denver homes for sale are at an all time high, we will help you sell your home fast!