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Colorado Leads the Nation in the Number of Foreclosures - With Highest foreclosure rate in nation, Colorado has over 10,000 pre-foreclosures
Colorado Leads the Nation in the Number of Foreclosures

 

NewswireToday - /newswire/ - Denver, CO, United States, 2006/07/12 - With Highest foreclosure rate in nation, Colorado has over 10,000 pre-foreclosures.

   
 
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Over 10,000 homes across the state are in the pre-foreclosure process, according to foreclosure.com. Mortgage defaults are expected to gain momentum as interest rates rise, energy costs increase and consumer debt ratios continue to remain the highest in history.

Denver County tops the list with 2,703 pre-foreclosures, meaning homeowners are at least three months late paying their mortgage and there is a recorded “notice of default” against the property, announcing the lender’s intention to foreclose. At this stage, according to Colorado foreclosure law, the 100 day auction countdown begins.

Other areas with rising mortgage foreclosures include Westminster with 1,749, Adams County with 968, Jefferson County with 937, Colorado Springs with 935 and Greeley with 762 recorded foreclosure notices.

While many homeowners receiving an NOD (notice of default) don’t know what to do, licensed real estate agents nationwide are now seeking advanced training on how to build their businesses by assisting homeowners avoid foreclosure. This comprehensive short sale broker/agent training system touts listing the “upside-down” property for sale and subsequently negotiating a discount with lenders on the entire mortgage balance owed.

The process is known as a real estate short sale. Specially-trained real estate professionals are now in high demand by not only homeowners, but also mortgage lenders who can save tens of thousands of dollars by avoiding costs associated with completing a foreclosure process against a defaulted borrower.

By educating themselves and their clients, licensed real estate agents and brokers can offer a variety of solutions to homeowners, as well as the ability to sell the equity-deficient home at no out-of-pocket cost to the homeowner. Brokers then earn an industry-standard sales commission paid by the lender, not the homeowner.

“A real estate agent or broker has a vital job in the pre-foreclosure market niche. Homes with negative equity are growing exponentially across the US, “ says Margot Murphy, The Short Sale Pro and licensed broker in Portland, Oregon. “Now, more than ever, an agent or broker can truly help a homeowner out of a tight situation by selling the equity-deficient home and creating win-win-win-win situations for all parties involved.”

Ms. Murphy is the founder of RealEstateProGuides.com and has taught this pre-foreclosure niche market strategy to thousands of licensed real estate professionals nationwide.

Advanced short sale training has been widely received in the California markets of Sacramento and San Diego, and now Murphy and her crew are heading to Colorado for intensive short sale training with broker/agents on July 27th.

In a traditional listing, Realtors™ help their clients list, market, and sell their home to a buyer. In the case of a short sale transaction, the agent or broker not only lists, markets and sells the home, but the broker also negotiates directly with the lender to settle the mortgage payoff at a discount of the balance due on the note. The broker/agent is paid a well-deserved commission by the lender. This home sale strategy can prove advantageous for homeowners who desire to meet their loan obligation, yet they are ready to move on and rebuild.

“This type of real estate listing is challenging, but also very rewarding because everybody wins. The bank or lender wins, the buyer wins, the seller wins and the broker who closes the deal wins because the lender pays the sales commission. I teach Realtors™ how to perfect this important strategy because I am convinced it’s only going to grow as a market sector in the coming years,” Murphy said.

“If enough agents are equipped with this knowledge,” Murphy said, “it literally can help hundreds of thousands of homeowners across America.”

 
 
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Colorado Leads the Nation in the Number of Foreclosures

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Publisher Contact: Lauren Ellis Galey - RealEstateProGuides.com 
303-596-4490 lauren.galey[.]comcast.net
 
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