Foreclosure Could Lead to More Problems
In some states, home foreclosure is the end of the process. Not in Colorado. In Colorado, even after a home is foreclosed on, the homeowner could be held financially responsible.
When a lender forecloses on a home, the home will be sold. If the money that is earned from the sale isn't enough to pay back all that is owed on the first mortgage, second mortgage and even on homeowners association fees, you as the owner could be held responsible through a deficiency judgment.
If the lender chooses not to get a deficiency judgment, it could send you a 1099 and file it with the IRS. The deficiency then would be considered income for the homeowner, which the homeowner would have to pay taxes on.
At the Meurer Law Offices, we offer experienced attorney services to people in Denver and the surrounding area. We are able to address deficiency judgments and other post-foreclosure matters. We have been doing this since 1991.
How to Stop a Deficiency Judgment ... Or Even a Foreclosure
Our experience means that we know the wide range of options available to deal with a deficiency judgment. One of the most effective ways is to file bankruptcy, which not only can relieve you of the burden of the judgment, but of all other debts that may be on your shoulders as well.
Of course, bankruptcy isn't the only option to stop home foreclosure. Mortgages can be modified, and stripping second mortgages is a possibility. There are a variety of options offered by non-profit organizations, including FMHA programs, VA programs, HOPE programs and more. We will work with you to find the right option for you.
Initial Consultations are Always Free
All cases are handled on a fair, flat fee basis. We never sneak in extra charges for copies, postage or anything else. You will know the cost up front. There will be no surprises.
To review your case with an experienced lawyer, call us at 888-842-5857 or send us an e-mail.
