What is Foreclosure in Broomfield, Colorado?

Find the right Foreclosure Bankruptcy attorney in Broomfield, CO

Foreclosure is the legal procedure by which the lender in a mortgage arrangement takes possession of the property (typically a house) that secured the loan. This is done when the Broomfield, Colorado debtor has repeatedly failed to make their payments. Foreclosure often requires the house to be sold at auction. Often, banks want to get rid of the property as soon as they can, in order to make as much money as possible, and move forward.

In every state, including Colorado, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be supervised by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the whole balance will be covered, as well as the odds that there will be some money leftover for the debtor). In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the borrower owes, the bank cannot go after the debtor for the remainder. You should consult with an lawyer in Broomfield, Colorado to see if this is the case. However, this typically doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Colorado?

First, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. It is necessary to remember that banks don't really want to own homes in Broomfield. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will allow you to keep paying them in the long run.

If you can't work anything out with your lender, or have become totally unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt may be forgiven. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.

How Can A Broomfield, Colorado Attorney Help?

If you are facing foreclosure, a good Broomfield, Colorado real estate lawyer can help. While keeping your home might not always be possible, an attorney can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Broomfield

Broomfield, Colorado is a consolidated city-county in the suburban Denver area of Colorado. Its population is currently about 56,000 people.

In the 1990s, Broomfield, Colorado and many other communities in the Denver area experienced massive economic growth, largely in the technology sector. Like many tech-heavy economies, the bursting of the dot-com bubble in the early 2000s took its toll on Broomfield, Colorado. However, the tech industry in the area has generally recovered, with companies like IBM, Oracle, and Seagate being the largest employers in the city.

The presence of these technology companies has led to many large law firms setting up offices in and around Denver, which employ many Broomfield, Colorado lawyers.

Of course, not all Broomfield, Colorado lawyers work for international mega-firms. In fact, the vast majority of them don't. Most attorneys in Broomfield, Colorado are engaged in much more down-to-earth practice areas, and can help you with most legal issues that an ordinary consumer is likely to face.

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