The Colorado Springs real estate market has a high level of homes that are in some state of distress – facing foreclosure. When the numbers are as high as they are across the country, there are always, inevitably, scoundrels out there to take advantage of desperate people.

The best defense against Colorado Springs foreclosure scams is EDUCATION. Facing foreclosure is already a highly stressful situation. The last thing you need is to be con'd by a criminal out to make money off of your misfortune. The more you know about your rights and options as a Colorado Springs homeowner, the less likely you will be taken advantage of.

Read an example of a Chicago home owner who was the victim of a forecosure scam

If you are facing a Colorado Springs foreclosure, your top 5 options are:

1. Catch up on your mortgage payments.


2. Enter into a forbearance agreement with your lender (long story short – lender agrees to take all the missed payments and break them up over a few months and add them to your payment until you have paid off your past payments…)


3. Refinance the loan into a manageable monthly payment (VERY specific circumstances only)


4. List your house with a Colorado Springs Realtor® and sell it before the foreclosure date.


5. Let the home foreclose.

If someone approaches you with an answer to your Colorado Springs foreclosure issue, OTHER than those listed above, be wary.

According to the FBI (source), there were 6.900 suspicious reports  of mortgage fraud in 2003, and in just the 1st 8 months of 2008, there have already been 48,500 suspicious reports of mortage fraud. That is absolutely discraceful… and these are just ones that have been reported. (Imagine all the ones that haven't been reported…)

The best way to educate yourself is to understand your REAL options (above) and know what to look for in a foreclosure scam. Below is a video and a variety of links to great resources for avoiding a foreclosure assistance scam.

Watch this Foreclosure Assistance Scam video – Foreclosure Scams 101, produced by Freddie Mac:

http://www.youtube.com/AvoidFraud

Read More About Avoiding Foreclosure Assitance Scams:

• Massachusetts AG Wins $1.8 Million Foreclosure Assistance Scam …


• Beware Foreclosure Assistance Scams


• Foreclosure Assistance: Learning To Spot The Scams


• Beware of Foreclosure Assistance Scams


• $35 Million Foreclosure Assistance Scam Busted in Maryland …

Read More ABout Avoiding a Foreclosure:

• Top 3 Ways to Avoid Foreclosure in Colorado Springs


• Why a Colorado Springs Short Sale is a Great Alternative to Foreclosure


• Foreclosure SUCKS – You Have Options


• Colorado Springs Short Sale Scam is Mortgage Fraud

Posted By: Mariana Wagner – Colorado Springs Real Estate Agent – Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Certified Distressed Property Short Sale Experts
(719) 434-7525

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525