What is Foreclosure in Greeley, Colorado?

Find the right Foreclosure Bankruptcy attorney in Greeley, CO

Foreclosure is the legal procedure by which the lender in a mortgage arrangement takes possession of the property (usually a house) that secured the loan. This is done when the Greeley, 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 collect 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 some states, original mortgages are treated as "non-recourse" loans, meaning that, at most, the lender can take possession of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the borrower for the remaining balance once it sells the house. You should consult an attorney in Greeley, Colorado to find out if this is the case here. This usually does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Colorado?

First, and most importantly, you should not dismiss the issue. Failing to respond to foreclosure calls from your lender will not make an issue go away. You should stay in touch, and be honest with, your creditor as much as possible. You should keep in mind that banks usually don't want to take your Greeley home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will prevent you from defaulting.

If you can't reach a solution with your lender, there are other options. You can, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will receive the proceeds of the sale, and the rest of the debt will be forgiven. You could also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Greeley, Colorado Attorney Help?

If you think foreclosure is imminent, a good Greeley, Colorado lawyer may be your best hope for staving it off. Even if keeping the house proves impossible, a good attorney can minimize the financial effects.

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Life in Greeley

Greeley, Colorado is a city in Weld County. It is that county's largest city, and the county seat. It has a population of about 93,000 people, making it the 12th most populous city in Colorado.

Greeley began in 1869 as a community known as the "Union Colony of Colorado," an experimentalUtopiancommunity based on "temperance, religion, agriculture, education and family values." Over the decades, Union Colony, largely due to relocation and demographic changes, gradually evolved into a mainstream American city.

Modernly, the economy of Greeley, Colorado is based on healthcare, services, government employment, and insurance. One of the largest employers in Greeley, Colorado is the State Farm insurance company, which employs over 1,300 people, including a decent number of Greeley, Colorado lawyers.

Most lawyers in Greeley, Colorado, however, work in private practice. This means that if you need legal assistance, there's almost certainly a Greeley, Colorado attorney who can help you with your legal issues.

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