When you own a condominium property, it's likely that you belong to a Homeowners Association (HOA). You may also belong to an HOA if you live in a neighborhood. While there are many benefits to belonging to an HOA -- such as rules that require neighbors to keep their houses beautiful so property values stay as high as possible -- there are some disadvantages, too. These disadvantages become particularly apparent when a homeowners association is in a bad state of financial health.
If it looks like your home will be foreclosed by your lender in Colorado, you may still have some options that you could employ as an alternative to the foreclosure process. This article will take a look at three potential foreclosure alternatives, which you can discuss with your lender to determine if you qualify.