Falling behind on your mortgage payments can feel overwhelming, but there are steps you can take to manage the situation. Acting quickly and knowing your options can help you avoid serious issues like foreclosure and causing damage to your credit.
Homeowners in Colorado can fall behind on mortgage payments for many reasons, including:
Identifying the reason for your missed payments can help you find the best way to move forward.
Start by reviewing your income, expenses, and debts. Figure out if your financial trouble is temporary or long-term. Knowing how much you can realistically afford will guide your next steps.
Contacting your lender early can make a big difference. Most lenders prefer working with you rather than pursuing foreclosure. Be honest about your situation and ask about available assistance programs.
Ask About:
Colorado offers programs that help homeowners who are struggling to keep up with mortgage payments. Some helpful options include:
If you have home equity and good credit, refinancing could lower your monthly payments. This involves adjusting your loan terms for a better rate or extended repayment period.
Possible Benefits:
If staying in your home is no longer possible, selling may help you avoid foreclosure and protect your financial future.
Options Include:
A short sale lets you sell your home for less than what you owe, with your lender’s approval. This option can work if your home’s value has dropped and you owe more than it’s worth.
With a deed in lieu of foreclosure, you voluntarily transfer ownership of your property to the lender. While it still affects your credit, it’s often less damaging than foreclosure.
If you’re struggling to keep up with your mortgage payments, there are resources available to help:
Here are some important tips to avoid foreclosure:
At New Era Home Buyers, we specialize in helping Colorado homeowners in difficult situations. If you’re struggling to pay your mortgage, we offer a fast cash solution to help you sell your home with minimal hassle.
If you can’t pay your mortgage in Colorado, taking quick action can help you avoid foreclosure. By exploring available programs, refinancing, or selling your home, you can protect your financial future.
Contact New Era Home Buyers today to explore your options and get a free consultation.
At New Era Home Buyers, we specialize in buying homes in Colorado quickly and with no hassle, including houses from homeowners that are behind on their mortgage. We purchase houses in Colorado for cash, including those in need of major repairs, hoarder homes, and other challenging properties and we can buy your house fast enough to stop a foreclosure. With our local expertise and commitment to transparency, we provide a smooth, stress-free selling experience. Additionally, we collaborate with real estate investors in Colorado to offer wholesale properties, ensuring a wide range of opportunities for both sellers and investors. Please contact us directly to learn more about us or to request an offer on your house in Colorado. Brett regularly shares insights with top media outlets, guiding homeowners, investors, and retirees through the complexities of the market. Explore Brett’s full list of contributions and real estate expertise.
Brett is a real estate investor in Denver, Colorado and has been working in real estate for over 20 years. He grew up in Aurora, Colorado and earned his MBA from the University of Denver. Besides flipping houses, Brett loves spending time with his wife Stacy and two daughters Katie and Ellie. In his free time he loves playing golf, skiing and giving back to his community. He owns New Era Home Buyers in Denver, CO.
