Foreclosure - Foreclosure Forum Draws A Crowd

Foreclosure Forum Draws A Crowd

March 20th, 2008

Denver city is the capital of Colorado situated in the South Platte River Valley just east of the Rocky Mountains. Downtown Denver is at the confluence of Cherry Creek and South Platte River. Its elevation being exactly one mile high, it has been nicknamed Mile-High City. Today it is one of the foreclosed cities in the state and the country that is causing grave concern. This bustling city is reeling under its impact.

In a conference room in Invesco Field over 300 people crowded in to participate in the largest foreclosure forum so far. The regional director of US department of Housing and Urban Development, Carson, wanted the residents to understand that foreclosures are tragic but they are not unavoidable. The event was organized by HUD, the city of Denver and many community housing counseling bodies to help the foreclosure victims traumatized by the turn of events The HUD secretary Alphonso Jackson could not attend because of weather related problems.

In 2007 there were 26,500 foreclosure listings said the Mayor of Denver, John Hickenlooper – the latter having been a foreclosure victim in 1976. He analyzed the situation is a ‘systematic failure’ and not because of the failure of individuals. The system has systematically failed to deliver.

Among the foreclosure victims seeking help was Sharon Foxworthy whose mortgage dues jumped from $2,400 to $3,000. She had become desperate trying to seek help. By holding in abeyance other bills her family could meet the March dues. But they need to quickly refinance to avoid foreclosure. It is expected that about 96% of those seeking help will benefit from taking help of the counselors that have been approved by HUD. A hot line has started operating and has already received 200 calls.

There are many factors behind this heavy onrush of foreclosures. Primarily the sub-prime mortgages are being blamed for peddling loans the people could not afford. There are allegations that the weaker sections of society – those who are not conversant with English and the elderly have been the targets. But now all sections are affected by the foreclosure landslide – the lenders, borrowers as well as the society at large. Abandoned houses are attracting crime while tax kitties are becoming slim. The dollar is being devalued and the ripples are being felt right across the globe as the whisper goes around that America is sliding into recession. At local levels steps are afoot to tackle the problem.