An interesting piece of news on Colorado Foreclosures. It seems that homeowners who had equity in their home when the foreclosure sale happened, may not be receiving the proceeds due them at sale.
This is one of the many dangers of just “walking away.” We’ve seen several home owners who could have attempted a short sale or loan modification simply decide it wasn’t worth it. When you walk away from a mortgage, you’re giving up on a lot more than just your house. Make sure you consult with legal and real estate experts before you give up hope.
If you’d like to talk more Denver short sales and your options, give us a call at 303-726-1874.
From the Denver Business Journal:
Many Coloradans whose homes are sold in foreclosure auctions aren’t being told that they are owed money — sometimes thousands of dollars — from the sales.
The Denver Post’s David Migoya reports that despite a state law requiring counties to turn over any proceeds from foreclosure auctions to homeowners after debts are paid, that doesn’t happen in many cases. The Post found that homeowners in Denver, Arapahoe and Douglas counties alone were owned $653,000 since 2008.
Read more: Foreclosed homeowners aren’t getting sales money | Denver Business Journal