House Bill 1276 is now giving homeowners a 90 day deferement on their foreclosure sale. This means the public auction process will be delayed. This new HB can offer up to 90 days addtional days for the homeowner and their housing counselor to get the home sold, or get into a repayment plan.
When the homeowner is in a foreclosure process, this means the county Public Trustee has received filed documents from the lender, and the lienholder has posted this document physically on the home.
Eligibility does not mean that the homeowner will qualify automatically for this deferement, but a housing counselor can help them make good decisions for their family. Some rules are:
1. The home must be owner-occupied.
2. The home must be a primary residence.
3. The mortgage cannot be greater than $500,000.
4. The homeowner must have some source of income that allows them to make two-thirds of their regular mortgage payment.
5. The homeowner must continue actively working with a HUD-approved housing counselor to negotiate with their mortgage company.
The Colorado Foreclosure Prevention Hotline has information about the 90 day deferment and they can help families if concerned about foreclosure. 1-877-601-4673.
Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com
Joan@JoanCox.com
About Me
- Joan Cox
- Denver, Colorado, United States
- With 13 years in real estate, I specialize in relocation, new construction, investor purchases, first time homebuyers and sellers. Ask me about my web site! Call today - 720-231-6373 In August 2009 I opened MY OWN Metro Brokers office in the Tech Center.
