What is Foreclosure in Thornton, Colorado?

Find the right Foreclosure Bankruptcy attorney in Thornton, CO

Foreclosure is the legal process 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 Thornton, 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 on.

In every state, including Colorado, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be overseen 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 entire balance will be covered, as well as the odds that there will be some money leftover for the borrower). In some states, original mortgages are "non-recourse loans," meaning that the lender can only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Thornton, Colorado lawyer to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans which have been refinanced.

How Can I Avoid Foreclosure in Colorado?

First, and most importantly, you should not ignore the issue. Failing to respond to foreclosure calls from your lender will not make a problem go away. You should stay in touch, and be forthright with, your creditor as much as possible. It is critical to remember that banks don't really want to own homes in Thornton. 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 enable you to keep paying them in the long run.

If no deal can be worked out, or the mortgage payments have become prohibitive, you might consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders usually treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency might be forgiven. There is also the option of a "short refinance," which forgives a substantial portion of your mortgage debt, and refinances the rest.

How Can A Thornton, Colorado Attorney Help?

If you are facing foreclosure, a good Thornton, Colorado real estate attorney can help. While keeping your home might not always be possible, a lawyer 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 Thornton

The city of Thornton, Colorado has a population of about 118,000 and is located in Weld and Adams counties. Thornton's location near the city of Denver and near the Rocky Mountains allows for ample opportunities for business, residence, and recreational activities. Thornton's community is marked by a high degree of volunteerism and participation in local events.

Thornton, Colorado is an unique city in that it actively pursues development of recreation programs and facilities. Overall, Thornton boasts over 80 city parks and more than 1,000 acres of land designated for public parks. The city also maintains numerous athletic fields, swimming pools, tennis courts, and gymnasiums. Indoor and outdoor facilities provide Thornton residents with ample opportunities for leisure activities year-round.

There are many opportunities for business and retail shopping in Thornton, Colorado. Popular places for residents and tourists to visit include Larkridge Mall, Thorncreek Crossing Shopping Center, and Thornton Town Center. These locations offer many choices for restaurants and national retail stores. Thornton is also surrounded by nine major colleges and universities within a 45-mile radius. These include Regis University and University of Denver. Many Thornton residents work at these institutions, and events and festivals are often held on the campuses.

Lawyers in Thornton, Colorado offer legal services in a broad range of fields. Many Thornton lawyers are members of multiple state and county bar associations. The Thornton Municipal Court is where many lawyers process legal claims.

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