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July-September 2007
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The foreclosure rate for Larimer County looks dismal as foreclosure filings are on track to increase 10 percent by year's end, according to new statistics from the Colorado Division of Housing. [. . .]
But the statewide forecast looks even worse. Foreclosure filings increased 6 percent from the first to second quarters, setting the pace for the state to see a 25 percent increase in filings by the end of the year, topping 36,000. [. . .] For a nine-month period from Oct. 1, 2006, to June 30, 2007, the credit counseling service saw a 59 percent increase in foreclosure avoidance calls, compared to the same period last year. Allen said people in Colorado took advantage of adjustable rate mortgages to either buy more house than they could afford or refinanced with adjustable rate mortgages so they could pay off other debts. [. . .] Allen reminds homeowners to take advantage of the Colorado Foreclosure Hotline and consumer credit counseling services before it's too late. There are options when facing a foreclosure, such as working with lenders to possibly modify the mortgage and hold off on adjustments or helping a homeowner find extra money "just to be able to hold on." [. . .] |
“20% rise in foreclosures: Compared with last August, more county residents fall behind”—The Gazette
September 5, 2007 - 9:11AM
The Pikes Peak region’s housing market received more bad news Tuesday: The number of homeowners falling behind in their mortgage payments continues to climb.
[. . .]
Also, for the first eight months of the year, foreclosures were up about one-third over the same period in 2006.
As foreclosures increased, so did the number of homes that went through the foreclosure process and were sold; for the first eight months of 2007, foreclosure-related home sales rose by 23.3 percent over the same period last year.
[. . .]
Rising foreclosures don’t just threaten homeowners who are behind on their payments. They can also create a ripple effect and hurt surrounding property values.
[. . .]
CONTACT THE WRITER: 636-0228 or rich.laden@gazette.com
“ Colorado Foreclosures Still Skyrocketing ”— NO PUBLICATION?
Last Edited: Thursday, 30 Aug 2007, 4:56 PM MDT
Created: Thursday, 30 Aug 2007, 4:45 PM MDT
DENVER— The state Housing Division reports that home foreclosure filings in Colorado are on track to rise 25 percent this year.
[. . .]
The Housing Division says at the current rate, Colorado will have more than 36,000 foreclosure filings this year, compared with about 28,000 last year.
The division says sales of foreclosed homes at public auctions are also rising.
[. . .]
“State Numbers Show Home Foreclosures Rising” – CBS4 Denver
(AP)DENVER The state Housing Division reports that home foreclosure filings in Colorado are on track to rise 25 percent this year.
Filings were up six percent in the second quarter compared to the first three months.
The Housing Division said at the current rate, Colorado will have more than 36,000 foreclosure filings this year, compared with about 28,000 last year.
[. . .]
(© 2007 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
“Foreclosures full speed ahead: Declines 'very unlikely' this year, housing chief says”—Rocky Mountain News
By John Rebchook
August 31, 2007
Colorado's foreclosure pace shows no signs of slowing, with predictions that the number of foreclosures could hit 40,000 by year-end.
[. . .]
"It looks like we're very unlikely to see any declines in foreclosure rates this year," Kathi Williams, director of the Colorado Division of Housing, said in a statement.
[. . .]
Colorado filings at a glance—Rocky Mountain News
Year Foreclosures
2003 13,573
2004 16,801
2005 21,782
2006 28,435
2007* 19,460
• Colorado Foreclosure Hotline, 1-877-601-HOPE.*First Half Of The Year Source: Colorado Division Of Housing For Help
Copyright 2007, Rocky Mountain News. All Rights Reserved.
“ Foreclosure filings, sales up in region”—NCBR Article
By Staff
August 30, 2007 --
[. . .]
The Division of Housing forecasts indicate that, barring major positive changes in economic conditions, foreclosure filings in Colorado will increase to 38,000 for 2007, a 34 percent increase from 2006.
“Record number of foreclosures expected for 2007”—Rocky Mountain News
By John Rebchook
August 30, 2007
Colorado's foreclosure pace shows no signs of slowing, with predictions that the number of foreclosures could hit 40,000 by year-end.
[. . .]
Copyright 2007, Rocky Mountain News. All Rights Reserved.
KUSA
There were 10,017 new foreclosure filings issued in Colorado during the second quarter
of 2007, bringing total foreclosure filings to 19,460 for the first six months of the year.
The new statistics, released Thursday by the Colorado Division of Housing, show that foreclosure filings increased six percent from the 1st quarter to the 2nd, and that the state is on pace to see a 25 percent increase in foreclosure filings this year, topping 36,000 by year's end. In 2006, 28,435 foreclosures were reported.
[. . .]
Zachary Urban, administrator of the Colorado Foreclosure Hotline (1-877-601-HOPE) and director of housing counseling for Brothers Redevelopment, Inc. notes that there's been no drop off in hotline activity.
"What concerns us the most though, is that there is an increasing number of properties going to sale at auction. A foreclosure filing is not the end of the world, but once the home is sold at auction, there's very little that can be done. People need to call us because there's a lot that can be done between the filing and the sale," Urban said.
[. . .]
If you are behind on your house payments, you can get free help by calling the Foreclosure Prevention Hotline at 1-877-601-4673.
Foreclosures on track to climb 25 percent in Colorado—The Denver Business Journal
11:50 AM MDT Thursday, August 30, 2007A total of 10,017 new foreclosure filings were made in Colorado during the second quarter of 2007, up 6 percent from the first quarter and keeping the state on track for a 25 percent increase this year, according to data released Thursday by the Colorado Division of Housing.
There were 28,435 foreclosure filings reported for 2006, and state officials are projecting that number will top 36,000 in 2007.
"It looks like we're very unlikely to see any declines in foreclosure rates this year," Colorado Division of Housing Director Kathi Williams said in a statement. "There are still plenty of adjustable-rate mortgages set to readjust, and there is plenty of inventory on the market. If you can't make your payments, and you need to sell your house, odds are that you won't be able to sell it quickly or easily. That's certainly part of what's driving the foreclosure numbers we're seeing along the Front Range."
[. . .]
The Colorado Division of Housing collects foreclosure data from county public trustees on a quarterly basis. The full report is online at the Colorado Division of Housing Web Site at dola.colorado.gov/cdh/researchers/index.htm
'07 foreclosures on pace to beat record by 25%—Rocky Mountain News
STORY TOOLS
By John Rebchook
August 30, 2007
Colorado is on pace to see a 25 percent increase in foreclosure filings this year, with 19,460 being filed in the first six months of the year, according to a Colorado Division of Housing report released today.
[. . .]
"It looks like we're very unlikely to see any declines in foreclosure rates this year," Kathi Williams, director of the Colorado Division of Housing, said in a statement.
[. . .]
Zachary Urban, administrator of the Colorado Foreclosure Hotline (1-877-601-HOPE) and director of housing counseling for Brothers Redevelopment, said there's been no dropoff in hotline activity.
"What concerns us the most, though, is that there is an increasing number of properties going to sale at auction," Urban said. "A foreclosure filing is not the end of the world, but once the home is sold at auction, there's very little that can be done. People need to call us because there's a lot that can be done between the filing and the sale."
[. . .]
In Colorado overall, foreclosure sales at auction increased by 13 percent to 6,322 in the second quarter, from 5,586 in the first quarter.
[. . .]
Companies promise quick sales but homeowners have to sell low |
Written by GroupWeb EmailWire.Com |
Friday, 17 August 2007 |
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Real Estate's Fault Line
By Barbara Kiviat / Denver
First come the billboards. As you head north, away from downtown Denver, they flip by like flash cards, advertising houses by Lennar, KB Home and Richmond American, from the $100s, the $170s, the low $300s. What they don't tell you is that should you wander into one of the new subdivisions popping up from the prairie, you're likely to be offered tens of thousands of dollars in incentives to buy, and to buy now. At a recent conference of Colorado builders and real estate agents, one speaker counseled salespeople to stop acting so desperate. "It sends the signal that the market is bad," he said, "and to wait for the bottom."
[. . .]
The demand was coming not so much from borrowers as from Wall Street, which packaged the loans into securities to sell to investors looking to pile into "low risk" real estate. So mortgage brokers found ways to squeeze buyers into first and second mortgages even when their finances were questionable. Consider the appellation NINJA, used to indicate a buyer with no income, no job and no assets. "Capital was made available to every Tom, Dick and Harry," says Zachary Urban, who runs the Colorado Foreclosure Hotline.
Urban is now dealing with the fallout: 18,000 calls in the past 10 months. Calls from people like Essie Kemp, who lives in the hard-hit neighborhood of Montbello. Kemp is faced with losing the home she has lived in for 23 years, since she can no longer make the payments on her refinanced mortgage. She wanted to have money to buy an air conditioner and fix her pipes. What she got was an adjustable-rate mortgage that spiked after two years. It wasn't until she went to see a housing counselor that she realized her income was listed as $4,000 a month--more than twice what she was making from a part-time job and Social Security. "I've done all I can do to keep my end of the bargain," says Kemp, "but it just didn't work."
And it's not working for about 25,000 people who will receive a first notice of foreclosure this year in the seven-county Denver metro area, according to the housing-analytics firm the Genesis Group. That's about half the number of people who could be expected to put their homes up for sale in a normal market. The most distressed neighborhoods are seeing foreclosure rates rivaling those produced during the state's oil and gas bust of the 1980s--except these days, there aren't mass layoffs to blame. Just flat house prices and tighter credit standards, which make it harder for homeowners to sell or refinance their way out of trouble.
[. . .]
New Warnings for Homeowners in Foreclosure
By: Shawn Patrick
Reporter
KUSA - Housing counselors in Colorado want homeowners to be extremely careful of businesses trying to make money in a growing foreclosure market in the state.
The director at Colorado's Foreclosure Hotline, Zach Urban, says foreclosure prevention services are trying to capitalize on homeowners with unnecessary and costly fees.
[. . .]
Urban says any housing counseling agency approved by the U.S. Department of Housing and Urban Development would not require such payments.
"There are so many people that have come into this business because foreclosures is big money and there's a lot of money to be made in taking advantage of people," said Urban.
Urban suggests if you are going to meet with a foreclosure prevention service, schedule an appointment to see a representative in person to make sure the business is legitimate.
[. . .]
Colorado has a free Foreclosure Hotline for people having trouble making their mortgage payments. If you are calling the hotline at 1-877-601-HOPE (4673), make sure you are dialing the correct numbers.
[. . .]
Published: Saturday July 28, 2007
Foreclosure rates expected to jump higher in Colorado
By: David Ortiviz
The Colorado Division of Housing now forecasts the number of home foreclosures in our state to jump by a whopping 25% in 2007, to 36,000 foreclosures.
[. . .]
"It seems to me that a majority of these families got into a loan that they could not handle," said Rita Godfrey, of NeighborWorks of Pueblo. She says home buyers can possibly avoid a foreclosure down the road if they get at least three estimates from different lenders before they buy a home, to make sure they're not being scammed.
[. . .]
If you think you're close to going into foreclosure call the Foreclosure Hotline at 1-877-601-HOPE.
Posted By: David Ortiviz (Updated: 7/13/2007 4:32:50 PM)
9news Free foreclosure help for homeowners
By: Ann King
9NEWS Researcher
USA - Homeowners having difficulty making their house payments or facing foreclosure are invited to a free meeting hosted by the Federal Housing Administration of the U.S. Department of Housing and Urban Development.
HUD-certified housing counselors and lenders will meet confidentially with people to discuss their loans and payments
[. . .]
The open forum will be an opportunity to learn about available resources that could make all the difference between continuing as a successful homeowner or losing a home to foreclosure.
[. . .]
Foreclosures keep tight grip
New filings rise
By Aldo Svaldi
Denver Post Staff Writer
Article Last Updated: 07/15/2007 10:56:58 PM MDT
Despite predictions that foreclosures would level off this year, new filings rose 26 percent in the metro area through the first half of 2007 compared with the same period in 2006.
[. . .]
"There is nothing to keep this year's total foreclosure numbers from well surpassing last year's," said Ryan McMaken, a spokesman for the Colorado Division of Housing.
[. . .]
While better, the economy still isn't strong enough to create the demand needed to soak up the extra housing inventory in the metro area and push home prices higher, McMaken said.
Changes made this year and last need time to work through the system, he cautioned, just as the seeds of today's problems were planted years ago.
[. . .]
Staff writer Aldo Svaldi can be reached at 303-954-1410 or asvaldi@denverpost.com.
Foreclosure rates expected to jump higher in Colorado
The Colorado Division of Housing now forecasts the number of home foreclosures in our state to jump by a whopping 25% in 2007, to 36,000 foreclosures.
[. . .]
"It seems to me that a majority of these families got into a loan that they could not handle," said Rita Godfrey, of NeighborWorks of Pueblo. She says home buyers can possibly avoid a foreclosure down the road if they get at least three estimates from different lenders before they buy a home, to make sure they're not being scammed.
[. . .]
If you think you're close to going into foreclosure call the Foreclosure Hotline at 1-877-601-HOPE.
Posted By: David Ortiviz (Updated: 7/13/2007 4:32:50 |
More than 12,000 metro-area foreclosures so far this year
By John Rebchook, Rocky Mountain News
July 11, 2007
Forget the notion that metro-area real estate foreclosures are cooling off.
For the first half of the year, the seven-county Denver area logged more than 12,000 foreclosures, a 25 percent increase over the first six months of 2006.
And expect them to keep piling up for several more years.
"It is devastating to see the number of families going through this," said Zachary Urban, who heads the Colorado Foreclosure Hotline. He also serves as a director and counselor at the nonprofit Brothers Redevelopment in Edgewater.
[. . .]
Urban said the vast majority of people who lose their home during the foreclosure process want to buy again. The hotline, since it was created by the Colorado Division of Housing and other agencies last October, has answered more than 17,500 calls.
[. . .]
The task force’s recommendations include programs that help people understand loans. Other ideas include requiring more warning that an enforcement action will be taken and strengthening laws on predatory lending.
Copyright 2007, Rocky Mountain News. All Rights Reserved.
Foreclosure Prevention Hotline aids troubled borrowers of callers who meet with a counselor, about four of five avoid foreclosure, the Division of Housing says.
By Aldo Svaldi
Denver Post Staff Writer
Article Last Updated: 06/28/2007 02:27:42 AM MDT
"We had too much of our lives and heart in that place. ... I still get up at night. It is hard for me to sleep." Emilio Gutierrez, who with his wife, Cecilia, avoided foreclosure through the state's foreclosure prevention hotline. (Post / Hyoung Chang)
After calling the Colorado Foreclosure Prevention Hotline and meeting with an Adams County housing counselor, Gutierrez worked out a repayment plan with Countrywide Home Loans, his mortgage provider.
"If you have the desire to save your home, call that hotline," Gutierrez said. "You have to be willing to make the sacrifices."
About 16,000 people have called the hotline since it started last October, according to the Colorado Division of Housing.
About half of callers take the next step of meeting with a housing counselor, said Ryan McMaken, a spokesman for the division.
Of that group, about four out of five are able to avoid foreclosure, McMaken said, although that doesn't mean they necessarily keep their homes.
About a third of those who meet with a housing counselor still lose their homes in short sales, in which the lender agrees to accept a sales price below what is owed on the mortgage.
Several factors help borrowers who go through the hotline to work out better terms with lenders.
Counselors screen out troubled borrowers who are too far behind to help or who aren't honest about their financial situation.
That helps loss-mitigation agents at the mortgage companies who are typically loaded down with 200 to 300 files each and are eager to prioritize, McMaken said.
"It shows the borrower is really engaged. That makes them move up the list," McMaken said.
Financial mismanagement, an unsuitable mortgage loan and unsteady work in the circuit-board manufacturing industry combined to put Gutierrez behind, said Mary Ellen De Los Santos, housing counseling coordinator with the Adams County Housing Authority.
Last October, Gutierrez got a better-paying job as a service technician for microfilm equipment. He was also motivated to make the necessary sacrifices to catch up, she said.
Gutierrez and his wife, Cecilia, share the mortgage on a duplex with their daughter. Their failure would have brought her down as well.
Gutierrez, 55, adds that he doesn't want to face the prospect of retirement as a renter, something he has been most of his life.
"We had too much of our lives and heart in that place," he said.
The couple bring home about $3,000 a month. They are meeting their share of monthly mortgage payments of $1,000 a month and paying another $700 a month to catch up on the missed payments.
They should be current by the end of August.
[. . .]
Staff writer Aldo Svaldi can be reached at 303-954-1410 or asvaldi@denverpost.com.
How to get help
Call the state's Foreclosure Prevention Hotline. 877-601-4673
http://www.chieftain.com/business/1182929990/1
Borrowed time
Rising number of foreclosures ignites fears of a downturn
By RICH LADEN THE GAZETTE
Front lawns, driveways and foreclosures. These days, they’re a part of nearly every Colorado Springs-area neighborhood.
[. . .]
For the five years ending in 2006, the area had more than double the number of foreclosures it did the previous five years.
A Gazette analysis found the heaviest concentrations of foreclosures in lower- and middle-income neighborhoods.
In parts of the city, one in five homes is in foreclosure.
[. . .]
Last fall, rising foreclosures prompted state officials to launch a hotline to assist troubled homeowners.
Lawmakers, meanwhile, tightened regulations on mortgage brokers this year to head off fraud and rein in foreclosure numbers.
But the problem has been building for years and won’t go away overnight, local experts say.
[. . .]
Williams, of the state Housing Division, agrees with Lowderman that the 1980s were worse. Still, she said, some pockets of the state are seeing falling property values now.
The end of the state’s foreclosure woes is nowhere in sight, and holders of subprime loans remain candidates for foreclosure, Williams said.
[. . .]
“It will take us a while,” Williams said, “to get all this mess cleaned up.”
Data analysis by Annie Mullin.
CONTACT THE WRITER: 636-0228 or
rich.laden@gazette.com
Loose standards, big trouble
For many, mortgage terms looked good at first
By WAYNE HEILMAN THE GAZETTE
El Paso County’s mounting foreclosure problem has its roots in the national meltdown of mortgages: unscrupulous lenders making loans to borrowers with shaky credit history using loans that had little chance but to go bad.
In many cases, local homeowners facing foreclosure have subprime loans — loans made with loose credit requirements and such exotic-sounding features as interest-only payments and negative amortization, a Gazette analysis of mortgage data shows.
The surge of foreclosures stems from efforts to stretch lending standards for borrowers. The loans often were made to borrowers with no down payment, bad credit or low incomes.
[. . .]
The surge in foreclosures captured the attention of legislators and newly elected Gov. Bill Ritter in the session that ended in May. On June 1, Ritter signed into law a series of bills designed to protect borrowers and slow the growth in mortgage foreclosures by:
c Expanding state regulation of mortgage lenders and prohibiting them from engaging in misrepresentation, fraud and conflicts of interest.
c Increasing penalties for deceptive advertising and requiring lenders to find loans that take borrowers’ financial situation into consideration.
c Requiring lenders to act with “good faith and fair dealing” and making failure to do so a violation of the state’s consumer laws.
Data analysis by Annie Mullin.
CONTACT THE WRITER: 636-0234 or
wayneh@gazette.com
PREVENTING FORECLOSURE:
WHAT TO DO
Having trouble making a mortgage payment? Seek help immediately. Call your lender before a foreclosure notice comes in the mail; you’ll have a better chance of keeping your home. Ask to speak with the “workout division” — the folks who try to resolve problems, not collect bills. In some cases, you can negotiate payment plans with lenders.
Sometimes, lenders would rather work out a deal or refinance the loan than pay thousands of dollars to hire an attorney and go through the foreclosure process.
Lenders sometimes will buy back a home under what’s known as a “short sale” — paying a lesser amount for the home than its fair-market value. It’s not necessarily good for property values in a neighborhood, but it allows the homeowner to avoid foreclosure.
HELP
Colorado’s Foreclosure Hotline: (877) 601-HOPE. The hotline, launched in October, is operated by Brothers Redevelopment, a nonprofit Denver housing redeveloper. Counselors certified by the Department of Housing and Urban Development give free advice to homeowners on preventing foreclosure or what to do if a foreclosure is imminent.
Pikes Peak Foreclosure Prevention Partnership: 444-8833 or www.ppar. com/ppfpp/default.htm. The nonprofit group offers free advice to homeowners on what to do stave off foreclosure.
Colorado Housing Counseling Coalition: www.coloradohousingcounseling.org. The nonprofit group promotes affordable housing and also provides foreclosure counseling.
Colorado Mortgage Lenders Association: (800) 611-4832, (303) 773-9565 and www.cmla.com. The organization represents lenders, but nevertheless has information about home buying and borrowing.
COLORADO DIVISION OF HOUSING;
GAZETTE RESEARCH
CAROL LAWRENCE, THE GAZETTE
Mortgage banker Robert “Hutch” Hutchinson, president of Colorado Online Mortgage, says borrowers can fall into “a financial trap.”
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