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Trulia Denver, Other/Just Looking in Denver County, CO

What exactly is the government doing in 2013 to help struggling homeowners stay in their homes?

Asked by Trulia Denver, Denver County, CO Wed Jan 9, 2013

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Folks, don't wait for the Federal Government to swoop in and fix the foreclosure crisis. Hot as the market seems right now here in the Denver area, and now that the Attorneys General have settled their claims with the largest banks, banks will be starting up foreclosures again in massive numbers. Know that most economists believe it will be another six years before all the distressed inventory has worked its way through the market. Half of all foreclosures that will have resulted from the crisis that began in 2007, have yet to go through foreclosure!

It is very important that everyone understand that the foreclosure process in Colorado is the only one of its kind in the country, and that Colorado state law was changed in 2006 to make it almost impossible for homeowners to fight a faulty/fraudulent foreclosure. I am still encountering homeowners who have had fraudulent (robo signed) documents recorded on their properties!

Representative Beth McCann is introducing legislation, next week I believe, to fix the 2006 law that gave banks the right to take anyone's home without proving they really own the note. All it takes is for the foreclosure attorney representing the bank to sign a "Qualified Holder" statement saying the bank has the right to foreclose, whether they have seen the actual paperwork or not! This is outrageous and deprives homeowners of legal due process. It is really important that we get behind this bill in the Colorado House of Representatives and get it passed. Contact the representative from your district and insist they pass this important legislation, this year.
0 votes Thank Flag Link Sat Jan 19, 2013
Trulia Denver,

The government is offering help in a few different ways.

1. Refinancing programs. Restructuring loans.These are helping a limited amount of homeowners
2. Shortsales. Encouraging and helping homeowners with new, quicker processing (at least on paper)
3. There are some programs that allow homeowners to be foreclosed and then rent back the home.
4. Loan Modification. A helpful program, but relatively few qualify to benefit from this program.
5. All of these programs at least allow the borrower to stay longer even if on a temporary basis.
6. In Colorado borrowers are encouraged to call the Colorafo Foreclosure Hotline for free consultation on all these programs and more - http://j.mp/V01QKW .

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Jan 12, 2013
The Government, Ummmmmm, who knows. There are other non-governmental agencies that are helping struggling homeowners. Contact me for more information.
0 votes Thank Flag Link Wed Jan 9, 2013
This question is not from an actual struggling homeowner, right? Anyway, the only answer I can give to your question is, it's the same government we had in 2012, 2011, 2010 and 2009. So the answer is ... lots of talk, plenty of nothing.
0 votes Thank Flag Link Wed Jan 9, 2013
I'm a short sale expert. I'd be happy to discuss all of your different options with you.
Web Reference: http://www.my5280homes.com
0 votes Thank Flag Link Wed Jan 9, 2013
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