If anyone you know is having a difficult time making their mortgage payment, please let them know there is help available before it is too late. The first thing they should do, and right away, is contact The Colorado Foreclosure Hotline, 1-877-601-HOPE, or www.coloradoforeclosurehotline.org. The next thing they should do is contact a Realtor they trust, preferably one who has received special training on how to work with people in this situation.
I received some disturbing news this week from a past client. She hadn’t even yet missed a payment, but was contacted by an out-of-state firm offering loan modification assistance. She is a very intelligent, astute woman, so checked out their website, and it sounded legitimate. She received a “Welcome Package” which contained a document which required her to give them a Power of Attorney to perform on her behalf. She of course paid an upfront fee, and began to relax with the belief that her concerns were being addressed.
Not only did they not get her loan modification accomplished for her, but they told her she would not have to worry about foreclosure while it was in process. She received a Notice of Election and Demand, but ignored it, still with the belief that these people were working on her behalf. When she received the notice of the sale date of her property it was too late.
She told me that she would have contacted me long ago, but she was frankly, embarrassed, and wrongly believed she had found an answer.
All of our brokers have received training, and are Certified Distressed Property Experts. Please don’t hesitate to contact one of us with any questions or concerns you may have.
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