Hope for Colorado Distressed Homeowners to Avoid Repo Home

Struggling families in Colorado who are facing foreclosures and trying to deal with the impact of recession have found some help that could alleviate their miserable condition.

First off is the Help for Working Families Fair where distressed homeowners received advice on repo home prevention, finances, unemployment benefits, housing, home weatherization, utility assistance and health care.

The advice is given out for free to distressed homeowners by representatives of about 25 nonprofit organizations.

Another development that gave hope to homeowners who want to avoid repo home and are trying to survive the recession is Governor Bill Ritter’s signing of several bills into law.

One bill, the House Bill 1276 offers distressed homeowners who are facing foreclosure with a 90-day moratorium to work out solutions to make their account current. The bill, sponsored by Senator Morgan Carroll and Representative Mark Ferrandino, allows homeowners to communicate with foreclosure counselors under the Colorado Foreclosure Hotline program.

Under the bill, homeowners who are eligible for the repo home prevention program will have the opportunity to negotiate with their lenders to work out ways that would help them remain in their homes and avoid foreclosure.

The Colorado Foreclosure Hotline was one of the participants in the Help Fair. The agency helps troubled homeowners who have missed a payment or two or are on the brink of foreclosure. It warns homeowners against missing monthly mortgage payments and fraudulent lending practices.

Colorado Housing Assistance Corp. (CHAC), another fair participant, offers mortgage loan programs, free classes to educate novice homebuyers and borrowers and supportive financial counseling.

CHAC program coordinator Charlotte O’Donnell said that the Help Fair’s intention was well intended. However, she noticed that the event was a little challenging because it was organized at the last moment and therefore, it lacked the marketing needed for the event to reach to all concerned homeowners.

Additionally, ODonnell thinks that it was a mistake to hold the event at the Capitol because the place was not accessible to all those who want to join.

Meanwhile, Ritter also signed into law the House Bill 1310 which classified workers as either contractors or employees to make sure that working families would not be deprived of benefits such as unemployment insurance protection.

All the bills signed by Ritter are aimed at helping homeowners avoid repo home and survive the economic crisis.

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