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New help for Colorado homeowners facing foreclosure
f you are interested in a short sale, It’s important to utilize a Colorado Springs Real Estate Agent that specializes in Pre-foreclosures, Foreclosures, and Short Sales; and has a successful and ethical track record. Call Kathy Torline – Nordstrom, 719-287-1049.
Governor Ritter is expected to sign a new bill approved by the state Senate that will give 
homeowners facing foreclosure an 90 day window to try and work out a way to keep their homes. The bill would require the state to post a notice on the doors of foreclosed homes no later than 15 days after the foreclosure notice is delivered. The homeowner would then have five days to contact the state’s foreclosure hot line (1-877-601-hope) and set up an appointment with a foreclosure counselor. If the homeowners can prove they have income then the lender will be required to meet with them to try and work out a payment plan.
During the next 90 days, foreclosure proceedings would be suspended, although the homeowner would have to keep paying 2/3 of the mortgage payment. Mortgage brokers support the plan as they’re more interested in saving the investment than taking possession of the homes where it would show up as bad debt and that doesn’t help the lenders.
This new bill would certainly help many Colorado homeowners though not everyone would benefit. If the homeowner has no income due to a loss of a job, and they have no ability to repay the mortgage, there’s no help for them in this bill . The lenders are only required to meet with these homeowners, not come to an agreement with the owners, but many are willing to try, given all the foreclosed homes they’re carrying on their books.
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