Tagged : Foreclosure

The word foreclosure is not a pleasant word in the world of real estate for either the lender or the mortgage holder. Foreclosure essentially means the mortgage is being terminated, typically because of lack of payment of the part of the mortgage holder. Foreclosure proceedings can also refer to the process of the government foreclosing on the property owner for unpaid taxes.

Most mortgages, whether for commercial or residential real estate, operate on the basic principle of borrowing money from a bank or other lending institution for the purchase of property. The bank needs to secure the money they have lent, so this requires security, which is often the property itself. The lending institution is then relatively safe in the event the mortgage holder…

Nobody who buys a new house wants to end up losing it in foreclosure, but there is always the possibility that financial difficulties may make it difficult to repay your mortgage, particularly in a bad economic climate. If you are facing such problems, however, it is important to realize that there are viable alternatives to foreclosure, which may be more suitable for your particular situation. You should look for the solution that matches your financial needs and the type of loan that you have taken out.

Reinstatement can be a good option if your problems making the loan repayments have only been temporary. You may be able to make an agreement with your lender to repay all of the late payments and the penalties that you have incurred by a specific…

BRUCE SWEDAL EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

BRUCE SWEDAL of RE/MAX SOUTHEAST, INC. 3600 S YOSEMITE ST. SUITE 150, DENVER, CO 80237 has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider…