Learning Center » colorado

Husband Reflects On Foreclosure Related Suicide Of Spouse

Julie Parker — Tue, 30 Sep 2008 17:09:34 +0000

The husband of Carlene, John Balderrama is reflecting and going over the incidents that led to the foreclosure related suicide of his wife.

On that fateful Tuesday afternoon John had a premonition of something going wrong when Carlene called him on his cell phone. She just told him to return home immediately and abruptly rung up. Balderrama is a plumbing expert working for a construction company based in Denver. He was at his work site in Andover when his wife called. Sensing trouble he kicked off in his truck driving hard for an hour to reach his home at Taunton. He was met by the police on his front lawn. In a haze he remembered half noting the foreclosure auction notice posted on the door of his modest house.

In respond to his anxious queries he was told that his wife was dead! 54-year-old Carlene lay inside the house in the basement. The wound appeared to be self-inflicted. It was a shotgun blast from one of John’s hunting rifles, which he used to keep, locked in a case. Initially he thought she was murdered. John recalled that she was allergic to rifles. He kept them because on in November for seven days he would go hunting deer with his buddies. He was surprised that she managed to find the keys and load the gun.

The news of Carlene’s foreclosure related suicide hit the headlines across the globe. Official investigation is still continuing.

Just an hour before the police came upon her body, Carlene had faxed a letter to her lenders, PHH Mortgage Corporation of New Jersey telling them in no uncertain terms that if they foreclosed upon her house they would find her dead. The suicide note also had another line, which was not initially released at the time of the news flash. It read, “I hope you’re more compassionate with my husband and son than you were with me.”
John continues to stay in the house with their 24-year-old son.

The PHH had cancelled the foreclosure auction that was scheduled to be held that day at 5 pm but it is not clear whether it was done before or after receiving the fax. Neighbours did not know about the shooting but they noticed that people were coming to bid at the foreclosure auction.

Looking Foreclosures?
ForeclosureListings.com has a comprehensive, searchable database of foreclosures in California, Florida, Texas, Michigan and all US States. Try to search foreclosures by state today! Husband Reflects On Foreclosure Related Suicide Of Spouse

Colorado Foreclosures for Sale

Kevin Simpson — Mon, 01 Sep 2008 16:46:16 +0000

Real estate owned or REO happens when a lender takes a property back from a borrower to cut its losses. This is perhaps one of the easiest means of buying Colorado foreclosures for sale. The lender actually doesn’t want the property, they are in the money lending business, not in the real estate business and therefore want to rid them-selves of the property as quickly as possible.

In this instance the lender is generally the major lien holder over the property, and this wipes out all other liens at the time of auction. When considering Colorado foreclosures for sale, this makes things much easier. The lender in and REO will have paid arrears property taxes, and have generally made any necessary repairs to the property, or will allow a discount to the buyer in lieu of repairs. The title to the property will also be clear.

There is some risk in investing in Colorado foreclosures for sale, but this is low, however profits can also be on the low side. Savings on the purchase of REO’s might only range from 5 – 15 % although it is possible to obtain larger discounts if you know how.

Investing in Colorado foreclosures for sale may provide for really good profits, and there are three ways to go about investing in these properties. One of these methods is bank foreclosures.

The reason why new investors have their minds set on purchasing bank foreclosures is because they believe that there is a bargain to be had. People automatically assume that the bank is the place to borrow money from when purchasing a home. It is rare that you ever hear anyone say “I would like to buy a property from a credit union, mortgage company, or savings and loan”. This is because it is natural to assume that a bank will own the property, this is not always the case. If the Mortgage or Deed of Trust of a property is held by a third party, or pledged as security against a loan, the owner of the property will be the institution who holds the title.

The mortgage is the instrument of security that will protect the bank from loss if the borrower defaults on the loan. So the borrower, borrows money from the bank and gives the mortgage to the bank. Unless a Colorado foreclosure for sale is purchased directly from the bank, the bank never owned the property.

It is the goal of the lender who is foreclosing to take possession of the property in order to recover the balance of the loan, plus interest, taxes, penalties late fees etc. These have all been paid on behalf of the property owner and need to be recovered by the lender. These are standard losses and most states will only allow the lender to recover these costs. These laws are in place to prevent any unfair practices being thrust upon the property owner.

Banks Fueled the Debt Culture of USA

Julie Parker — Fri, 22 Aug 2008 14:30:30 +0000

Many experts opine that it is the debt culture that ultimately led to the foreclosure crisis. The banks are being accused of fuelling the debt culture of USA.

It was the Fallon Worldwide advertising firm that coined the catchy slogan “Live Richly” to lure the people into house equity loans. Initially many were wary of it – the genii that would teach the people to live beyond their means. But the slogan won the day. The genii was let loose – the forerunner of the foreclosure crisis.

The advertisement cost something to the tune of $1 billion as it thumped around the heads of people from 2001 to 2006. The people were brain washed to take house equity loans to live richly. One advertisement slyly suggested allowing the idea to sink in –“There’s go to be at least $25,000 hidden in your house. We can help you find it.” This is the beginning of the foreclosure story.

Till the other day these second loans were taken only as a last resort when there were no avenues left open. Today these loans have become the fashion – thanks to the shrewd ubiquitous propaganda operations of the banks.

Falling behind payments at record levels the entire country is enslaved by the genii of foreclosure. None of it would have been possible without the willful involvement of the lenders. They have spent billions in advertising to revise the very language of house loans pushing the American psyche towards debt. Being in debt has become something to be proud of. Today the banks too are paying the price for such chicanery. The genii of foreclosure has not spared them either. The countless numbers of foreclosures are dragging them down into the nightmare of credit crunch. The advertisements actively encouraged Americans to get into debt.

The other dangerous slogans were “Is your mortgage squeezing your wallet? Squeeze back” or “The smartest place to borrow? Your place.” In another advertisement there was a wheelbarrow with the line – “The easiest way to haul money out of your house.” The house was described in one as the “the ticket to whatever your heart desires.” Another one teased –“ You’ve put a lot of work into your home. Isn’t it time for your home to return the favor?” In 2004 a popular advertisement stated that for dreams to happen the best way is to use the home. All this screaming opened the doors to the foreclosure mess of today.

Search Foreclosure Listings

Foreclosures In Weld County

Julie Parker — Wed, 28 May 2008 11:58:51 +0000

Foreclosures in Weld County during the first quarter of the current year showed an increase of 26% in comparison to the same quarter of 2007 as per reports released by Colorado Division of Housing. There were 813 foreclosure postings – the second highest in the state. It was a drop of 2.5% from 834 filings that had been listed during the last quarter of 2007. Denver had the highest postings – 2,042. Weld came second with the foreclosure rate being 1:102. Across the state the rate was 1:159.

According to Matt Revitte of ProRealty the figures point to rough days ahead – “there’s still pain to be had” he said. Mortgage lender Angel Fuchs said that the numbers should not be a cause of surprise. It was expected, considering the entry of new set of adjustable mortgage rates being reset.

Across Colorado State there was an increase of 23% in foreclosure activity during the first quarter as compared to that of the previous year of 2007. Foreclosure postings increased by 6% from last quarter of 2007. During the first three months of the current year there were 11,630 foreclosure listings – an increase from 10,995 recorded during 2007, last quarter. In 2007 first quarter there were 9,443 foreclosure listings. During the whole year 39,915 foreclosures had been noted.

It is predicted that foreclosures will spike by 15% in comparison to 2007. It increased by 40% during 2007 and by 30% during 2006.

In Weld County thee were 442 foreclosure sales. Due to change in foreclosure laws it will not be able to collect sales data until the latter half of the year. More time is being now given between sale notice and auction proceedings.

Rivitte says that despite all this, sales have picked up. This is because of the silver lining behind the foreclosure clouds. It is presenting a great opportunity to many. With prices at an all time low one can buy affordable houses. This is the time for renters to check on their credit ratings and qualify for various schemes that are encouraging purchasing of houses.

Foreclosure is a judicial process. When the borrower lags behind in payment the lender seeks the permission of the court to foreclose upon the mortgaged house. . Accordingly a court auction is held. If that fails then the banks repossesses the unit and tries to sell directly. With innumerable foreclosed weighing them down the banks are now offering huge discounts.

Denver Foreclosures

Julie Parker — Mon, 05 May 2008 13:37:27 +0000

Foreclosures increased in Denver seven county metropolitan regions during the first quarter of 2008 but the rate is half of that noted during the same period in 2007. This year there were 7,459 foreclosure postings – 16% increase from the 6,410 listings during 2007. There is no respite in the pace – foreclosures are still rising, said Zachary Urban of Brothers Redevelopment. It has not peaked as yet and remains a hot issue.

Comparing foreclosures in 2006 (first quarter) with that of 2007 it is seen that the increase has been more than 30% in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson Counties. The annual rate of increase during the first quarter of 2008 was thus halved. It brings cheers to some that the trend is going in a reverse direction. The expectation is that it will continue to do so during the forthcoming months. At the end of the month the total number of foreclosures might actually decrease.

In contrast to Denver and Colorado other states are showing jumbo increases. But Dan Bloomquist in the brokerage business since the last 40 years does not share this optimism. He thinks that the crisis will go on for another two years till 20010. The worst years will be 2008 and 2009 and maybe also 2010. The sun will start peeping from 2011 or the latest from 2012. Dan says that there is a bright side – this is the time to pick up a real bargain. Houses are being sold for $80 to $90 per square foot, whereas previously it was $150.

Analysis points to lending disparities. A good percentage of Latinos and Afro-Americans were peddled risky sub-prime mortgages in comparison to the Whites. This has raised eyebrows regarding discrimination and predatory lending in Colorado. A grant of $300,000 from HUD was sanctioned to the Colorado Division of Civil Rights to research this matter. It was found that while one out of five Whites contracted sub-prime mortgages, one out of every 2.3 Afro-Americans were trapped into these risky agreements.

Originally the idea of implementing the dream of every American owning a house was laudable but greed and ignorance mired the scheme. The prime loans were available only to those with good credit history and income proof. As such a sizeable chunk of the population was left out. The sub-prime mortgage became a tool for making quick profits and duping those who could not understand the implications.

Denver CO Foreclosure Filings

Kevin Simpson — Thu, 27 Dec 2007 15:39:18 +0000

Interested in buying a home for you or making an investment? The ideal location is Denver, Colorado, where you are offered amicable apartments for both purposes. Denver, CO is seen as the best place for living by social and economical reasons by experts. The demand for housing is increasing in Denver, CO and for owner occupation the Department of Housing and Urban Development (HUD) is attaching importance rather than investors. Denver, CO has a number of properties foreclosed and repossessed by HUD as also properties fixed for public auction in thousands. The whirl-wind of housing properties being foreclosed in the recent past in the entire U.S. nation is sweeping Denver, CO also like other cities. The national figure has already crossed an alarming 223,538 of which the contribution made by the State of Colorado is 3 per cent to the tune of 6,290, ranking 9th overall in the national foreclosure. While the rate of foreclosure filings shows a national average of one foreclosure per every 557 U.S. households, Colorado turns out 1.7 times more in this statistics by filing one foreclosure for every 326 households. Denver, CO as the second County in the State has made filing of 1,002 foreclosures in the month of September alone. Overall the State’s foreclosure figure swelled 40% when compared to that of the same period that is September 2006.

So what these figures and statistics about Denver CO foreclosure filings go to show? These figures indicate that the real estate market in Denver, CO is pressed hard by the increased number of foreclosures every month. The home owners in Denver, CO are unable to cope up with the adjustable rate of mortgage lending, which was appearing very small at the time of their going in for home loans, and made a striking increase in the outgo of money every month in their repayment installments rather unexpectedly. Denver, CO home owners invited foreclosure process by their default in monthly repayments and the mortgage lenders of Denver, CO have initiated the foreclosure process. The state of Colorado permits non-judicial foreclosure process and hence Denver, CO is experiencing quick and speedy foreclosure proceedings unlike the other States of U.S. nation. On sending a default notice, after recording it at the County’s Recorder office, the Denver, CO mortgage lenders can embark on the next step of foreclosing the property and selling it through the Trustee sale by the Denver, CO authorities. The time lapse, as in the case of other States in foreclosing is not there in Denver, CO foreclosures. The result is the chances for a home buyer in Denver, CO are slim for negotiating with the distressed home owner directly during the pre-foreclosure periods. The second stage of public auctions in Denver, CO County Sheriff’s office which provides scope for bidding on the properties comes as the next best option. The best option in Denver, CO comes only for purchasing repossessed properties in the post-foreclosure stage. In Denver, CO these repossessed properties lying with Banks and other lenders are the ideal choice of the home shoppers, as they are clean-titled and can save a minimum of 10 to 20% of real money in the closing prices of properties. Denver, CO has 5,927 properties waiting for public auction and 5065 properties repossessed by Banks apart from 275 properties owned by Government agencies. To know more about Denver, CO foreclosure listing properties you can very well visit – foreclosurelistings.com

Foreclosures Rising In Colorado

Julie Parker — Mon, 17 Dec 2007 13:27:46 +0000

According to the Colorado Division of Housing 7,117 Colorado foreclosure homes were sold at foreclosure auctions since January 2007. During the first quarter the total was 5,586 and during the second quarter it rose to 6,322. Each state has different foreclosure laws. In Colorado a unit can be sold at auction to a third party or the lender after 45/60 days from the date of filing the foreclosure notice.

During the first three quarters of this year 19,025 houses in Colorado have been sold at foreclosure auctions. In 2006, during these three quarters 15,112 units had been sold. 2007 has seen the highest number of sales since the Department of Housing has been keeping track of numbers from 2003.

Foreclosure is a legal process involving many steps. There is the possibility that all the numbers filed do not end up in auction sales. In the first, second and third quarters of 2007 the number of foreclosure filings were 9,443, 10,017 and 9,500 respectively. During the first three quarters of this year 28,960 filings had been listed. In 2006 the total number during this same time period was 28,435.

The information has been collected from County Trustee offices of Colorado. Foreclosure numbers decreased in the third from the second quarter in Adams, and Denver counties by 22% and 17% respectively. The trend was slowing down also in Pueblo and El Paso Counties. But in Weld, Jefferson and Boulder County it rose by 15%, 8% and 28% respectively.

The foreclosure crisis was triggered off by the housing boom, which had been fueled by a frenetic buying of houses by taking easy loans from the sub-prime mortgages. Some were genuine borrowers who did not understand the implications of low rates but were interested in improving their socio-economic status by owning houses. Many were speculators and investors who were sanguine that house prices could never tumble down. But when more and more borrowers found it impossible to cope with increased rise in interest houses began to foreclose. When the numbers reached jumbo figures the lenders realized that they had chewed more than they could digest. It became a giant crisis affecting both society and economy. Politicians became alarmed and all heads got together to sacrifice some scapegoats and work out a viable solution – at least for the time being. Perhaps the slowing down is partially due to this move but the overall trend is not good.

Denver Foreclosure Homes: a real experience

Kevin Simpson — Fri, 14 Dec 2007 11:57:07 +0000

Owning Denver Foreclosure Homes promises to be a great and enduring experience. Denver is the most populated and the capital city of the state of Colorado. By living in Denver, you can remain close to the mountains as it is located in the River Valley of South Platter, on the High Plains to the East of the Southern Rocky Mountains’ Front Range. The city of Denver is also known as ‘The Mile High City’ because of its altitude of one mile above sea level. Some of the must see sites in Denver are:
• Denver Art Museum: The museum is located in Denver’s Civic Centre and is known for its American Indian Art collection. It has a collection of more than 55,000 art pieces from across the globe.
• Denver Zoo: An 80-acre zoo located in City Park of Denver, it houses species from all over the world, including carnivorous mammals, hoofed mammals, pachyderms, reptiles, birds and fishes.
• Wings over the Rockies Air and Space Museum: The Museum is situated on the grounds of Lowry Air Force Base in Denver. It has a collection of over three dozen aircrafts, performs open cockpit demonstrations, organizes Summer Space camps for kids, etc.
• Denver Center for the Performing Arts: It is an organization in Denver which showcases live theatre performances.
• The Museum of Science and Nature: The museum has palaeontology exhibit of dinosaur remains, and other fossils.
• Denver’s Downtown Aquarium: The aquarium has an aquaria that holds approximately 4,500,000 liters of water. It exhibits a variety of fishes and other marine animals. It is the largest aquarium between California and Chicago.
• Six Flags Elitch Gardens: It is an amusement park including The Darien Lake Theme Park Resort, White Water Bay, Frontier City, Waterworld Concord, Wild Waves Theme Park and Splash town Houston.

The famous educational institutions in Denver are:
• The Regis University: It is a Roman Catholic university giving education to both boys and girls.
• The University of Denver: It is a co-educational independent university.
• The Auraria Campus: It includes the University of Colorado at Denver and Health Sciences Center, Metropolitan State College of Denver and the Community College of Denver.

Denver International Airport is the main airport of Denver. The city houses a number of internationally renowned professional sports teams which play sports such as base ball, hockey, foot ball, soccer, basket ball, ice hockey, etc. Denver Foreclosure Homes give you an opportunity to enjoy your life to its fullest. You can spend your weekends hiking, cycling and skiing in the mountains. The climate is quite moderate and the snow is not as bad as it is in other northern places. Southern Denver accommodates hundreds of technology firms. Doing technology business in Denver can be very beneficial.

You can search Denver Foreclosure Homes online by logging on to www.foreclosurelistings.com. If you look for Denver Foreclosure Homes, you will find that houses of different sizes, types and styles are available, including one-bedroom houses, two bedroom houses, vacation homes, luxury homes, mansions, etc. Foreclosure homes can be bought at a reasonable cost. It is advisable that you hire a legal attorney since buying Denver Foreclosure Homes will require a little bit of extra legal work. After choosing Denver Foreclosure Homes of your choice, you can contact a financial company, the involved bank or a real estate agent, to find out more about the home. Denver Foreclosure Homes can be bought by those who are looking for homes for residential purposes, as well as by those who want to invest their money in some property. There is no need to approach professionals or agents who charge fees for finding Denver Foreclosure Homes for you. With a little research, you can find a top-class residence or a property at a very reasonable price.

Foreclosure Scammers Licking Chops – Beware!

Julie Parker — Thu, 27 Sep 2007 12:13:41 +0000

In the raw the jackals and vultures move in when the big predators have had their fill. It seems to be the same today in human society – and that too in America. Victims facing foreclosures are in a traumatized state – ready to clutch at any straw of hope. They cannot think rationally and calmly. This is the ideal scene for the scammers to enter the stage and pick the bones. With foreclosures on the rise it is a party out there for those who have a taste for rotten carcass. The foreclosure scammers are gorging and belching. Beware!

The wolf in sheep’s clothing comes knocking with sweet words of help. They promise the sky. But instead of succour the foreclosure victims find themselves not only without their foreclosed homes but also with slimmer purses – notes and coins they could have ill afforded to have lost during this severe weather.

Reports about sham rescue schemes from about all the 50 states have been pouring it – reports BBB. The number of foreclosure scams complaints rises in proportion to the number of foreclosures. Thus the maximum number is reported in the worst affected places like Georgia, Colorado and Ohio.

The line of action follows the route of email and posting of printed offers. It seems to be the same story repeated everywhere. There are even eye-catching web sites to trap the unwary. Treat personal approach with extreme caution. Usually hand written notes are pushed inside mailboxes overflowing with messages of concern for the foreclosure victim’s plight. No documents should be signed that writes away the title deed. Get the documents scrutinized by someone who knows and can be trusted – preferably a legal advisor. The helpers offer to negotiate satisfactory terms to stop foreclosures. The assurance is that if the process fails then the fees will be refunded. Some have been desperate enough to pay $1,300. Neither was action taken nor was the money returned – only precious time was lost.

The general advice to mortgage victims, from all responsible quarters, is to contact BBB – which is available on the web. A reliability-report is available for free. It is also relevant to remember that those who offer help should have a license from the state’s Department of Finance. A license from Real Estate Commission is required for those trading in property. The bottom line however is – contact the lender directly and immediately.

Arm Yourself Against Foreclosures By Reading The Book

Julie Parker — Wed, 12 Sep 2007 12:27:28 +0000

Lloyd Segal, a mortgage broker, in a timely move has authored a book full of punch to motivate borrowers into action against foreclosures. For those caught in the net the situation is not only agonizing but also insulting and traumatizing apart from being a economic catastrophe.

With foreclosures marching on with the highest peak in ten years Wall Street has started to quake and shiver.

The ‘How-To’ book is about how to keep your roof intact, negotiate with the lender and refinance, how to interpret the law to your favour and take recourse to other means like bankruptcy to fend off the wolf from the door. However Segal warns that sometimes nothing delivers and owners have to face up to the harsh reality of being unable to keep the unit. It is at this point that the book is of invaluable help giving advice focusing not on the foreclosure so much as getting rid of the financial burden. The approach is to squeeze out the maximum financial benefit and prevent damage to credit ratings. Nothing affects credit history more than a foreclosure past.

The book is full of hope and tells you to keep your chin up even when the dreaded foreclosure notice arrives. The first thing is to stay calm and fearless. Be determined not to surrender without a fight. It takes few months for foreclosures to become effective and Segal shows how to make the best use of this bonus.

He begins by putting the question – is the property worth keeping? The answer will involve taking into account equity of the unit and credit ratings together with future budget planning of the victim.

Next he says that, more often than not the lender is not an ogre and is willing to negotiate. Foreclosure process is expensive for them and moreover lenders do not want to sit on idle bricks and mortar.

If the first step fails then the other options are refinancing or filing for bankruptcy. Military persons may avail of special protection clause if still in service.

The tone of the book is impressed with the firm belief of the author that it is possible and very much so for the ordinary house owner to take the bull by the horns and subdue it. As a second line of action he suggest consultation with legal and financial experts.

Looking Foreclosures?
ForeclosureListings.com has a comprehensive, searchable database of foreclosures in California, Florida, Texas, Michigan and all US States. Try to search foreclosures by state today! Arm Yourself Against Foreclosures By Reading The Book