Homes in Foreclosure are under close watch as the state attorney General is ensuring that investors abide by a Senate Bill when dealing with people in distressed properties. Home Foreclosure numbers on the western slope of Colorado remain fairly high. As of Friday February 10, 2006, here in Grand Junction the number of homes in Foreclosure is 35. A nearby city, Clifton, hikes that up to 47, while other surrounding towns making up Mesa county total that to 67 homes in Foreclosure.
Colorado Attorney General, John Suthers, is stepping up to the plate in providing consumer protection for people in Foreclosure. Suthers is supporting Senate Bill 71 which: Enacts the “Colorado Foreclosure Protection Act”. Prohibits certain deceptive and unconscionable business practices. Requires purchasers of residences in foreclosure and foreclosure consultants home owners information necessary to make informed decisions regarding the potential or actual foreclosure of the residences. Specifies minimum requirements for contracts between such parties. According to the Colorado Department of Law, Suthers is speaking in public forums in parts of Colorado, including Grand Junction to educate communities on mortgage and foreclosure.
Essentially state officials are stressing that investors with mal-intent steer clear of financially distressed homeowners. This is good news for Coloradans as well as investors. This legal action may be offensive to some investors who buy homes in Foreclosure, where it might seem as if all investors in this business are being generalized. However, if looked at in another light, it is apparent that the Senate Bill 71 is really just a “good” thing. It is good for both homeowners as well as investors.
For Homeowners, it is bad enough having to deal with the negative stress of potentially losing a home to Foreclosure. When a dishonest investor comes along and tries to take advantage of a person already in distress, it is double the stress load for those individuals. Ethically and morally it is not right. Overtime as the dishonest investors weed out, (us) legitimate investors won’t have to worry about being generalized and more importantly, homeowners can be assured of kosher deals to help them out of home Foreclosure.
Any bill passed in the Senate which protects the rights of homeowners as well as the integrity of honest investors, in my opinion is necessary, and, for investors, should be relieving! Perhaps Colorado’s increase of homes Foreclosure has sprung a rise in the issue; An independent source exhibits Colorado as having the highest rate of home Foreclosures in the country, where there is one for about every 680 households.
Conclusion
Out west, here in the grand valley, Grand Junction is revealing a number of Foreclosures. For these people undergoing a home foreclosure, it is probably a relief to know that there is help from local investors who will give them a new beginning. The emotional distress accompanied by the fear of losing a home in Foreclosure can be extremely overwhelming. An investor, who presents someone in Foreclosure with the help they need to get out of the ugliness, is not only offering them a new start but also a brighter financial future.