Colorado Repos Victims
Posted on May 7, 2008
Filed Under Repos | 1 Comment
Unity is strength. This is the message being broadcast as the cities club together to help the foreclosure victims.
In Colorado repo homes increased by 40% from 2006 to 2007. In the state the first ranker was Weld County. The mortgage crisis had affected one out of every 29 houses. The causes are many – job loss, high gas price and sub-prime mortgage sector’s predatory lending. This was done by inflating house values against a background of slowing down of the economy.
The effect of repos has been a chain reaction. With many families being evicted of houses, the building industry has suffered losses. Investors, contractors and financial bodies are in the doldrums and many have downed shutters. The real estate has slumped causing fall in tax collections.
Repo Homes seem to spare none and as such it is better to be alert about the position of loans. One should keep a sharp eye on certain factors – missed payments, increase of mortgage installments, receipt of collection notices, payment of necessities through credit cards and resorting to borrowing to clear other utility dues. These are all warning signals of impending danger.
The mayors of Evans and Greely cities have forged partnerships with other local elected officials in Weld County to assist those in need. Help will be coming in the form of advice, financial assistance and the like as alternatives to foreclosures. The Weld County Mortgage Assistance and Counseling Forum has been set up. Since the past few months it has successfully been in operation – educating the community and referring the parties to the proper links to contain foreclosures. The forums are scheduled to meet regularly at different venues like Greely Recreating Center and City of Evans Community Complex. The sessions are free with participants from different agencies and HUD taking part. A hot line has been set up. There are also other groups in the private sector organizing help like Bridges of Hope. The housing counselors meet the foreclosure victims individually to sort out specific foreclosure related issues.
Thus the most important first step for the victims is to respond and seek help. Community groups are there to talk and give support. The forum is the best opportunity to avail of such help. This message is being strongly broadcast by Lyle Achziger the Mayor of Evans and Ed Clark the Mayor of Greely.
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Hi! I was surfing and found your blog post… nice! I love your blog.
Cheers! Sandra. R.