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I am wondering if anyone out there has gone through a foreclosure in Colorado with a 1st with one bank and a HELOC with a different bank? I am debating the merits of a foreclosure over short sale as I have been advised by an attorney friend of mine that with the short sale the bank will get my financial information up front and could see that I have a steady job with decent salary and go after me for the default judgement whereas with a foreclosure they do not get the financial info up front and would have to take me to court to get it, making it less likely they would come after me.

The house is vacant and has been on the market for 3 months and I don't care if my credit gets destroyed, I just want the ordeal over with so I can move on. (I lost the job I had when I bought the house and took a job out of state - my current salary is double what it was when I bought the house but I now live in one f the most expensive cities in the US so my cost of living is ridiculously high. All this has me afraid the bank will only look at my salary and not my situation if I try the short sale).

Any advice??? I'd especially like to hear from someone who has gone through this in Colorado.

adonis · Posted: Wed Jul 08, 2009 12:31 am Post subject:

Hi sobedave,

In order to approve a short sale, the lender will look both your situation as well as your financial condition. If the lender is convinced, then only he would approve your short sale. If the lender feels that you will be able to continue with your payments, he will never agree to a short sale.

You've mentioned that you don't care about your credit. In such a situation, you can let the lender foreclose the property. This will lower your credit score by 250 points and it would remain in your credit report for the next 7 years. Also you would be responsible for paying off the second mortgage dues.

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Short Sale or Forcelosure in Colorado