Re: Colorado Forclosure Situation & Effects (help)


Posted by Nick(Colorado) on September 26, 2007 at 16:08:01:


In Reply to: Colorado Forclosure Situation & Effects (help)
Posted by Guy on September 26, 2007 at 13:32:39:


Guy:

Seek a sale, short sale, or DUI, in that order before
foreclosure. The uncontrolled sale of the property at
foreclosure is the least desirable path to take here.

Q1: The attorney fees, and court costs will be
reflected in the lender's memorandum or bid.
You do not have to directly pay court costs.

Q2: Normally a short will indicate 90 or 120 days
delinquent, its better than foreclosure.

Q3: Yes. If that first forecloses, and the second
does not redeem, it becomes an unsecured debt.
They can get a judgement for the full amount,
run after you for years.

Q4: No, but sometimes a good idea if you are
running from a deficiency.

Q5: Yes. The general case would be the second
becoming unsecured as indicated above.


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