Workout

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Posted by Reinstatement Services, Inc. on August 27, 2003 at 19:00:55:

In Reply to: foreclosure consequences ,Colorado posted by christy p. on August 27, 2003 at 18:17:06:

In Colorado, you risk exposure to a Deficiency Judgment if the sale of the property does not produce enough to pay off the outstanding debt. If a Deficiency Judgment is granted, collection efforts can range from garnishing wages and bank accounts to the attachment of other real property owned in the county to settle the debt.

The problem as I see it is you requested your lender to find funding for a quasi-hard-money loan. This comes with additional fees and related costs. I'm sure that there are other remedies availble that might be more fitting to your needs.

If you continued to save the monthly payment during the review period then the additional time it took to put a workout in place is really irrelavent, right?

Currently, you are coming due on 6 outstanding payments. It is not mandatory that you accept the loan offered.

So far as mandatory fees are concerned, the type of loan you have and the insurer of the loan will determine in large part maximum allowable charges for legal fees, late fees, and other miscellaneous charges.

By walking away, things will only get worse before they get better.

Best to figure out a remedy now while things look bleak rather than dire.

There's still time.

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: In Colorado, you risk exposure to a Deficiency Judgment if the sale of the property does not produce enough to pay off the outstanding debt. If a Deficiency Judgment is granted, collection efforts can range from garnishing wages and bank accounts to the attachment of other real property owned in the county to settle the debt.





: The problem as I see it is you requested your lender to find funding for a quasi-hard-money loan. This comes with additional fees and related costs. I'm sure that there are other remedies availble that might be more fitting to your needs.





: If you continued to save the monthly payment during the review period then the additional time it took to put a workout in place is really irrelavent, right?





: Currently, you are coming due on 6 outstanding payments.   It is not mandatory that you accept the loan offered. 





: So far as mandatory fees are concerned, the type of loan you have and the insurer of the loan will determine in large part maximum allowable charges for legal fees, late fees, and other miscellaneous charges.





: By walking away, things will only get worse before they get better.  





: Best to figure out a remedy now while things look bleak  rather than dire.





: There's still time.








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