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With Summit County ranked as having one of the top 10 foreclosure rates in the state by the Colorado Division of Housing, the Family & Intercultural Resource Center saw the need to offer a free foreclosure counseling service to locals.
“The Summit Combined Housing Authority found earlier this year that more deed-restricted homeowners than in the past were reporting being unemployed and struggling to keep up with their mortgages,” Rob Murphy, FIRC community support manager said. “In addition, market analysis reports from Land Title Guarantee Company show elevated levels of foreclosures in Summit County and over the last three years, FIRC had been seeing an increase in requests for help with past due mortgage payments.”
FIRC community support staff trained in foreclosure counseling can help homeowners explore options like repayment plans, loan modifications and refinancing through their mortgage company to prevent foreclosure and return to housing stability. While the ultimate goal is for homeowners to be able to stay in their homes, in some cases this is not possible. In these cases, staff can help homeowners explore options for minimizing financial loss incurred through foreclosure and find new housing options.
“For those households who are already in foreclosure, FIRC may be able to help limit the financial loss incurred, as well as with the transition to new housing,” Rob Murphy, FIRC community support manager said.
A recent study showed that families in pre-foreclosure who received counseling were 60 percent more likely to stay in their homes than those who did not, according to FIRC.
In a recent report by the Colorado Division of Housing, communities outside the Front Range are seeing high foreclosure rates despite a 27 percent drop in foreclosure filings in Colorado. The counties with the top 10 foreclosure rates now include Summit, Grand, Gunnison and Park counties.
As a result, FIRC staff has been working with the U.S. Housing and Urban Development Department over the last five months to be trained on the best procedures and options for people facing foreclosure.
“This is a new challenge for our community and local working families,” said Tamara Drangstveit, FIRC Executive Director. “FIRC's new foreclosure program will help some of these families remain in their home enabling them to continue to live in our community.”
The nearest foreclosure counseling services are in Denver, so FIRC is focusing on serving Summit, Lake, Grand and Park counties. The services are available to homeowners in danger of foreclosure on their primary residence, and are not intended for second homes, time shares, vacant land or commercial properties.
For more information or to sign up for FIRC's foreclosure counseling, call (970) 262-3888, email davids@summitfirc.org or visit the FIRC website at www.SummitFIRC.org.
“The Summit Combined Housing Authority found earlier this year that more deed-restricted homeowners than in the past were reporting being unemployed and struggling to keep up with their mortgages,” Rob Murphy, FIRC community support manager said. “In addition, market analysis reports from Land Title Guarantee Company show elevated levels of foreclosures in Summit County and over the last three years, FIRC had been seeing an increase in requests for help with past due mortgage payments.”
FIRC community support staff trained in foreclosure counseling can help homeowners explore options like repayment plans, loan modifications and refinancing through their mortgage company to prevent foreclosure and return to housing stability. While the ultimate goal is for homeowners to be able to stay in their homes, in some cases this is not possible. In these cases, staff can help homeowners explore options for minimizing financial loss incurred through foreclosure and find new housing options.
“For those households who are already in foreclosure, FIRC may be able to help limit the financial loss incurred, as well as with the transition to new housing,” Rob Murphy, FIRC community support manager said.
A recent study showed that families in pre-foreclosure who received counseling were 60 percent more likely to stay in their homes than those who did not, according to FIRC.
In a recent report by the Colorado Division of Housing, communities outside the Front Range are seeing high foreclosure rates despite a 27 percent drop in foreclosure filings in Colorado. The counties with the top 10 foreclosure rates now include Summit, Grand, Gunnison and Park counties.
As a result, FIRC staff has been working with the U.S. Housing and Urban Development Department over the last five months to be trained on the best procedures and options for people facing foreclosure.
“This is a new challenge for our community and local working families,” said Tamara Drangstveit, FIRC Executive Director. “FIRC's new foreclosure program will help some of these families remain in their home enabling them to continue to live in our community.”
The nearest foreclosure counseling services are in Denver, so FIRC is focusing on serving Summit, Lake, Grand and Park counties. The services are available to homeowners in danger of foreclosure on their primary residence, and are not intended for second homes, time shares, vacant land or commercial properties.
For more information or to sign up for FIRC's foreclosure counseling, call (970) 262-3888, email davids@summitfirc.org or visit the FIRC website at www.SummitFIRC.org.
