Attention Colorado Springs homeowners:

• Are you falling behind on your mortgage payments?
• Is your mortgage payment about to adjust and you will not be able to afford the new payment?
• Have you fallen on rough times (divorce, death, illness, layoff…) and can no longer afford your home?
• Do you feel like giving up? Sending your keys back to the bank? Just walking away?

Do you owe more than you could
possibly sell your home for?

Foreclosure is not your only option.

If you let your home foreclose, you will:

• Have a permanent black mark on your credit report that will (in most cases) prohibit you from EVER buying a home again
• Possibly lose employment opportunities with employers who check credit prior to hiring
• Severely limit your ability to EVER buy anything on credit again
• Be liable for the difference between what you owe and what the bank sells the home for after you foreclosure
• Be liable for all attorney fees associated with the foreclosure of your home
• Have a stigmatized “Bank Owned” sign in the yard of your (former) home for all your former neighbors to see

A Short Sale is a GREAT alternative to foreclosure.

A short sale happens when:

A home sells for LESS than the total mortgage on the home, because …

• A homeowner owes MORE than the home could sell for
• The mortgage company(ies) for the property agree to take LESS than they are owed
• The homeowner is in a state of financial hardship and cannot keep making the mortgage payments

A short sale is a great alternative to foreclosure because:

• A short sale DOES NOT REFLECT on the credit report like a foreclosure does
• The only negative marks on your credit report (in many cases) will be the missed mortgage payments
• Your credit CAN RECOVER from late payments
• Once your life gets back on track, you WILL be able to BUY ANOTHER HOME
• In many cases you will NOT BE LIABLE FOR THE DIFFERENCE between what you owe and what the home sells for
• The sign in your yard will be a regular sign – NOT an announcement that you are losing (or lost) your home
• You will have a professional Realtor® ON YOUR SIDE to help you:
  • SELL your home
  • NEGOTIATE with your bank(s)
  • Work through all the PAPERWORK
  • PUSH BACK your Foreclosure Date to allow time to get the home sold
• You can MOVE ON WITH YOUR LIFE without the stigma of foreclosure

*Note: Make sure that you hire a Colorado Springs Realtor® who SPECIALIZES in short sales. In fact, look for a Realtor® who is a Colorado Springs Certified Distressed Property Experts. There are only a handfull of these type of real estate agents in Colorado Springs, so make sure you ask!

Is a Short Sale the Best Option for YOU?

If you can no longer afford your mortgage payment(s) and are (or will be) facing foreclosure on your Colorado Springs home, please consider a short sale. This means that you will need to act fast …

• Contact your mortgage company(ies) IMMEDIATELY and let them know that you are going to SELL your home before it forecloses
• Contact a competent Short Sale Specialist Realtor® and get your home on the market ASAP

Wagner iTeam Real Estate Agents

(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