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22 Feb 2012
Even though Colorado has expiencede a decline in foreclosures, there is more to the story... Even though Colorado has expiencede a decline in foreclosures, there is more to the story...

Colorado Foreclosure Decline: More to the Story

Recent media reports indicating that Colorado foreclosures are on the decline don't tell the whole story.

Colorado foreclosure attorneys know there is much more to it, and many families continue to suffer as the result of greedy banks and careless politicians.

According to a story by Reporter Heather Draper of the , the urban counties in Colorado have seen a dip in the numbers of foreclosure sales and filings this past January, as compared to a year ago.

Draper cites the new figures released by the state's division of housing, which reports that foreclosure filings have dropped nearly 30 percent since last year, from 2,699 in January 2011 to 1,939 this January. She also cites foreclosure auction sales, which dipped from 1,499 last January to 1,150 this January.

While all this might be true - and encouraging if it continues on this same slope - we must remember that this report is only comparing two, 30-day time frames. A 23 to 30 percent decrease sounds like a lot, but we're not talking about this in terms of an entire year.

In truth, the housing crisis in which this country finds itself embroiled is far from over. And what many homeowners might not realize is that filing for bankruptcy can actually help by allowing the opportunity to shed their second and third mortgages on homes that are underwater anyway. Filing for bankruptcy will also halt the foreclosure process, and potentially give you and your family the opportunity to stay in your home, at least temporarily, until you can work with an attorney to determine the next step.

One misconception people have is that they have to be current on their mortgage payments in order to keep their home. This is not always true. A Colorado foreclosure attorney can help you sort through the legal mess.

According to the Journal, all counties except Broomfield showed a decrease in foreclosure auction sales. It's important to note, however, that some of those counties saw only minimal slides, like Mesa County which reported a 2.5 percent decline. A percentage like that is within the margin of error, and therefore not definitive enough to say whether things are actually improving or not.

Foreclosure can be a complicated process, but with the help of an experienced attorney, it can be far less stressful.

Stephen H. Swift

Managing Attorney
Law Office of Stephen H. Swift, P.C.

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