Short Sales and Foreclosures

Foreclosures and Short Sales

There are Alternatives to Foreclosure.  Contact us for help or utilize the tools that we have provided to explore your options.

Read what one family had to say about the tenacity of the Own This Home Team.  Want to hear from more families just like you.  Click Here

Informative Videos and Helpful Tips

These resources are provided to you by Kathy Scribner and Billie Jo Downing.  The Own This Home Team has successfully closed 200+ short sale transactions and continues to be one of Northern Colorado's top short sale negotiation teams.  If we can be of service, please contact us either by email or call 970-481-4150.  Your information will remain confidential.  We are here to assist you to the best of our ability.

Options to Avoid Foreclosure and What is Loss Mitigation

  1. Never, never and again we repeat never pay anyone claiming to be able to help you modify your loan or stop foreclosure!  Instead call the Colorado Foreclosure Hotline at 1-877-601-HOPE or   This government and privately funded organization offers FREE housing counselors to help you in determining your options.  They have a 95% success rate in helping homeowners avoid foreclosure.
  2. Contact us via email or Call 970-481-4150 to discuss your situation.  At the Own This Home Team, our number one priority is to try to keep you in your home.  We are well connected in the local community to get you the right resources to avoid foreclosure.  This is FREE.  We truly have the belief that whatever we give freely will be returned to us in plenty.  We have helped hundreds of families just like you through very difficult times.

View these Video Tips about Short Sales provided by the Colorado Division of Housing

A.  What is a short sale?

A short sale is when you owe more money on your loan than your home is worth and you negotiate with the bank to accept less than what they are owed.

B.  Who can qualify for a short sale?

Two very important factors in qualifying for a short sale are 1) You must have experienced some hardship and 2) You must not have any assets.  Depending upon the type of loan you have, there may be additional qualifications.

C.  Do I have to miss a payment in order to do a short sale?

The answer is no in most cases.  There are some loan types that do require delinquency in order to qualify for a short sale.  We NEVER advise you to miss payments in order to participate in a loan modification or a short sale.

D.  How will a short sale affect my credit?

The biggest hit to your credit are your late payments.  A short sale by itself does not cause your score to go down significantly.  After closing a short sale closes, your late fees will start to season on your credit report and your score will start to rise. 

E.  Will the bank come after me for any money that I owe them?

One of the best things about negotiating a short sale is the ability to have some control over the outcome.  Negotiating a "full and final settlement" with the bank is our number one goal.  It is a goal we achieve 99% of the time. 

F.  When will I be able to buy a house again?

The lending rules are very complex but download this matrix postshortsalematrix.pdf for help in determining your situation.  But for the most people it is about a 3 year wait.

G.  Will I have to pay taxes on the deficiency?

The Homeowners Mortgage Debt Relief Act has been extended to December 31, 2013.  You should always seek the advice of a qualified CPA in this matter, but generally if the home was your primary residence and the loan was purchase money, you should qualify to be protected from having pay taxes on any deficiency.