New government crackdown on mortgage companies could help more Colorado homeowners in foreclosure
The Treasury Department announced Monday it will be withholding payments from companies that fail to modify troubled mortgages so they are easier for families to pay.
The Colorado foreclosure hotline has been working with families in danger of losing their homes here and housing officials are encouraged by the news.
Ryan McMaken, spokesperson for the Colorado Division of Housing, says the state’s hotline has been doing a record number of loan modifications and this crackdown will help even more residents in the foreclosure process.
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“When people come to the hotline there are a variety of different solutions that they may end up with: a repayment plan, a short sale, deed in lieu of foreclosure, or a loan modification,” he said. “That’s what this is really geared toward is doing more loan modifications and so the hotline’s been doing record numbers of loan modifications and that’s certainly what a lot of people want to get when they call the hotline.”
McMaken says qualifying for a loan modification depends on several factors including who your lender is and your economic situation.
“… it’s going to come down to the client in many cases as to what the particular case is and how responsive the client is as well as the client’s situation economically,” he explained. “In some cases for a family that just simply doesn’t have any income it’s not going to be a situation where a loan modification is going to be feasible.”
This Saturday, the Colorado Foreclosure Hotline will host “Taking Action” for homeowners and renters. The event runs from 10 a.m. to 2 p.m. at the Centro San Juan Diego located at 2380 Lawrence St. in Denver.
McMacken says the goal is to help people meet face-to-face with counselors so they can kick things off for their foreclosure process.
Colorado’s Foreclosure Hotline number is 1-877-601-HOPE.
Source: http://www.9news.com/news/local/article.aspx?storyid=128009&catid=346
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