Foreclosure Hotline…call for help

Facing Foreclosure in Colorado?…Call for help

Colorado launched a Foreclosure Hotline this week. It’s purpose is to assist people who are delinquent on the mortgages. Counselors will act as intermediaries between homeowners and lenders, to work out a game plan, help organize finances, avoid scams, reduce potential liability and possible sell or keep the home.

If you are delinquent on your mortgage payments, please call for help. The number is 1-877-601-HOPE (4673).

Irony in action

The Foreclosure Hotline is expected to cost $300,000- $500,000 over the next two years. It is being funded in part, by the Division of Housing. Additionally the Attorney General’s office will be kicking in money it receives from Ameriquest a lender who has been involved in predatory lending practices. Ameriquest owes $295,000 million in a national settlement involving less than wonderful lending practices.

Foreclosures cost the taxpayer in the end

A study done by the University of Colorado-Denver last year found on average one foreclosure costs the municipality $10,000 per home.

Foreclosures drive down property values. Empty homes attract additional problems, they become playgrounds for kids who often times destroy the home, costing the lender more to bring it up to salable condition. Some empty homes become meth labs, creating worse dangers yet.

What’s a neighbor to do about foreclosures?

Neighbors can help the community by watching vacant homes for unusual activity. If you see something out of the ordinary happening in a vacant home take it upon yourself to contact the authorities. Being a watchdog for the neighborhood will help solve the problem is less time. It’s not a question of being a nosey neighbor but one of responsibility and pride. Protect your neighborhood and your property values.

About the Author

Kristal Kraft
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog