Legal Question in Real Estate Law in Colorado

Re: Morgage

The lender can pursue you for the deficiency. If they will is another question.

If this is a concern you should consider a short sale or deed in lieu. A short sale means that the lender will agree to a sale of the property for less than the amount due. You will, however, have taxable income on the amount forgiven.

Deed in lieu means the lender will accept ownership of the property in place of the amount due.

I would advise you to contact the Colorado foreclosure prevention hotline and talk to a HUD approved counselor. Do not respond to those ads you see about "saving your home" and all those promises. They are looking to make a buck. Contact an attorney and the free advisors. Good luck.