Foreclosure SOS Prompts Denver City Officials To Help It's Residents

According to a survey conducted by the National League of Cities in March, out of the 211 elected officials who took the survey, ¼ said that the main cause of homelessness in the cities of their residence was foreclosure. Additionally, in another survey conducted by the National Coalition for the Homeless it was found that 2/3 of the 115 local officials who took the survey felt there had while they had seen an increase in homelessness, not much was done to help them nor could an exact count be given for them.

Though Denver may not stand very high on Colorado foreclosure list, the truth is that there is an increase in the number of people facing some foreclosure or the other like bank foreclosure etc, and not much has been done to educate or counsel them so far. While some Denver residents leave their homes before their lenders foreclose the property and are lucky enough to find another place to live, not all Denver residents are so lucky.

Zachary Urban, the director of Brothers Redevelopment housing counseling for the Colorado foreclosure hotline says, “We do get those folks who’ve moved from a home into a motel room and aren’t clear where they’re going to go from there.” However, this is not typical of just Denver and can be seen for all foreclosures by state.

Interesting, despite there being plenty of foreclosed homes in Denver, records suggest that the amount of money lost by the foreclosure victims is limited. While some had made only small down payment and very little on principle at the time of foreclosure, others may have made just a few mortgage payments before their properties were foreclosed. Despite the fact that the scenario may be less bleak than expected, it’s definitely been difficult.