How to Stop a Foreclosure in Colorado
- 1). Call the foreclosure hotline at 877-601-HOPE. This hotline is provided by the Colorado Housing and Finance Authority (CHFA) and is free of charge. During the call you are connected with nonprofit housing counselors who are able to explain all your options to stop a local foreclosure.
- 2). Apply for a rapid refinance at one of your local banks in Colorado. You need to have good credit and a steady income to qualify for most refinances. Going to the bank in person will help expedite the process, and, by soing so, you have a better chance at quickly stopping a foreclosure.
- 3). Contact your lender to exercise all options to stop the foreclosure. Try working out a modification that will extend your payment term. If they are still unwilling, try to use one of the CHFA provided counselors to mediate the situation and reach a workable solution.
- 4). File for a chapter 13 bankruptcy. Locate an attorney in Colorado with a good reputation for helping clients with this process. Filing a chapter 13 bankruptcy will allow you keep your property and reduce your monthly payments.
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