Some interesting news today, both nationwide and for Colorado Foreclosures in particular. There have been plenty of news stories and rumbling about the settlement being worked out between all of the states and the five largest mortgage lenders.
Today the settlement was announced, and it appears that Colorado will get $204.6 million in foreclosure releif funds. From The Denver Business Journal:
Under the terms of the settlement, Colorado, which served on the executive committee that oversaw the settlement negotiations, will receive:
· $73.3 million that will be available to grant principal reductions on loans to make a modification possible. Approximately 40 percent of these funds will also be available to ease the effects of foreclosure, including waiving deficiency balances, enhanced cash-for-keys payments and blight prevention;
· $52.5 million in cash to the state;
· $46.3 million worth of refinancing benefits to underwater borrowers; and,
· $32.49 million in payments to homeowners who lost their homes to foreclosure between January 1, 2008 and December 31, 2011.
The past mortgage modification programs have been spectacularly ineffective and it will be interesting to see if this program has any real impact. It may make some Denver short sales easier, but based on all of the past “government help,” I wouldn’t bet on this having a major impact.
We’ll continue to post more information as it becomes available, but in the meantime, if you have questions on Colorado Foreclosures or Denver short sales, give our team a call at 303-726-1874.
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