The years 2007 to 2012 were pretty rough for homeowners across the nation. Boulder County didn’t suffer nearly as much as other markets, such as Las Vegas and Phoenix, where homes lost a considerable amount of value. Boulder County has experienced a strong real estate market since 2012 and is still showing considerable strength. If the market is so strong, then why write an article about foreclosure? Over the years, I have found is that even in good markets, it’s always best to be prepared for any circumstance. People lose jobs, experience health issues, and for a variety of reasons can’t make their house payments. When a homeowner gets behind in their payments, they usually don’t know what to do — so they do nothing. In fact, in the last recession, over 70% of homeowners did just that — absolutely nothing — and walked away from their homes. In reality, there are several options, and foreclosure should be the very last one.
Credit and homeownership can often be rescued if the homeowner takes quick action. At the first sign of not being able to make the monthly mortgage payment, the homeowner should start out with contacting a real estate attorney, a REALTOR®, and their lender to review all the options summarized below: