Colorado Springs Bankruptcy Law Blog
On behalf of John A. McLaughlin, Jr. PC posted in Foreclosure on Wednesday, February 22, 2012
For Colorado residents concerned about home foreclosures, there is some good news. According to recent state reports, filings for home foreclosures for January 2012 are lower than they have been for the previous five Januaries.
There has been a 28.2 percent drop in home foreclosure filings and a 23.3 percent drop in foreclosure sales for this month alone, along with an overall 14 month trend of declining foreclosures. Considering these statistics, there is hope that the worst of the Colorado housing foreclosures may be over.
On behalf of John A. McLaughlin, Jr. PC posted in Chapter 7 on Tuesday, February 14, 2012
Anyone can find themselves in need of debt relief. As insulated from the real world as they may seem, even celebrities are not immune.
For example, actor and television personality Gary Busey has formally filed for Chapter 7 bankruptcy. Busey is reportedly in debt to a diverse assortment of entities, including the IRS, medical facilities, banking institutions, lawyers, and others. According to Busey's manager, there are many reasons for his current financial situation, including "past unfortunate choices, associations, events and circumstances."
On behalf of John A. McLaughlin, Jr. PC posted in Personal Bankruptcy on Tuesday, February 7, 2012
During the past year, the bankruptcy filing rate in Colorado fell by 7.7 percent. Some are pointing to this drop in statistics as a sign that many people most affected by the recession that began in 2007 are beginning to have a better grip on their finances and debt. According to the newly released data, this drop in bankruptcy filings for Colorado residents is the first since 2009.
However, for those seeking a solution to their financial ills, there are still advantages to filing personal bankruptcy.
On behalf of John A. McLaughlin, Jr. PC posted in Debt Relief on Thursday, February 2, 2012
Many people in Colorado and elsewhere have had a rough time of things financially the last few years. Whether it's falling behind on mortgage payments or seeing credit card debt rising to a point nearly out of reach, many Colorado residents are finding that filing bankruptcy may be a viable option to resolve their financial problems. But there may be something about their debts that they don't know.
A recent case settled with the Federal Trade Commission regarding a company's alleged deceptive practices with consumers over the collection of old debts sheds some light on the issue. It's getting harder and harder to collect good information on old debts--ones that are several years old. And what consumers might not know is that debts that have surpassed their statute of limitations are no longer fair game for debt collectors. At that point, debts are labeled time-barred and no longer subject to collection.
On behalf of John A. McLaughlin, Jr. PC posted in Foreclosure on Wednesday, January 25, 2012
People in Colorado, like many across the United States, have come face-to-face with the prospect of losing their homes to foreclosure. Two bills now pending in the Colorado State Legislature are designed to alleviate some of the tensions faced by those for whom foreclosure seems a real possibility.
Currently in Colorado, about one of every five homes is underwater, meaning the homeowners owe more on their mortgages than the property is worth. If conditions don't improve markedly in the next few years, more and more homeowners will find themselves on the verge of foreclosure.
On behalf of John A. McLaughlin, Jr. PC posted in Foreclosure on Wednesday, January 18, 2012
Homeowners in Colorado may be interested to know about talks of a potential settlement between the states and several mortgage companies. Attorneys general of several states met last week to talk about their respective mortgage investigations and how they can better work together to get banks to reach a settlement regarding their foreclosure practices.
The government officials want to put together a set of requirements for the five largest mortgage servicers that will regulate how they conduct foreclosures and provide some relief to homeowners. Some of the attorneys general have accused the five largest companies--Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial--of deceiving homeowners and conducting illegal foreclosures.
On behalf of John A. McLaughlin, Jr. PC posted in Foreclosure on Friday, January 13, 2012
Many homeowners in Colorado are anxious about their prospects for selling their homes. With so many people underwater, it sometimes seems like the housing market will never turn around. In fact, not long ago Goldman Sachs predicted that house prices won't get back to a peak matching 2006 levels for at least two decades.
In this environment, foreclosure often seems like a real possibility for many homeowners. But what about those people who can still pay their mortgages, but find themselves deeply underwater anyway? A growing choice for many of these people is to simply walk away--known as a strategic default.
On behalf of John A. McLaughlin, Jr. PC posted in Foreclosure on Thursday, January 5, 2012
Struggling with financial issues and mortgage payments is sadly becoming common in Colorado and elsewhere. One especially sad case involves a Cleveland family facing a holiday foreclosure on their home. The family is struggling financially to pay their bills and mortgage and is also facing serious medical expenses due to the wife's cerebral palsy diagnosis. The bank has taken foreclosure action against the homeowners of 20 years.
The action against them is likely to force them out of their home in January. The husband claims that the bank has been unwilling to work with the family to prevent the foreclosure. He lost his job as a computer technician and believes that even though he has a good lead on a new job, his case is too far gone for them to be able to salvage their home from the foreclosure.
On behalf of John A. McLaughlin, Jr. PC posted in Foreclosure on Wednesday, December 28, 2011
Despite a recent decline, the foreclosure crisis continues to hold a grip on Colorado and the rest of the nation. However, it may be possible to prevent foreclosure or to even seek an alternative method of saving your home. One Colorado family may seek compensation for their home that has seemingly been affected by chemical contamination.
When they lived in the home, the family had been suffering from problems such as skin rashes and nosebleeds. When they moved out in early 2011, their medical conditions stopped. The house subsequently entered foreclosure and is now owned by Wells Fargo bank. A foreclosure sale had been scheduled for December 20, but it was delayed until April 11, 2012. The family believes this is due to the hydrogen sulfide inside the home.
On behalf of John A. McLaughlin, Jr. PC posted in Foreclosure on Thursday, December 22, 2011
So far this year, Colorado foreclosure sales have decreased across the state by almost 21 percent. Moreover, foreclosure filings have dropped by 29 percent. However, if you look at November 2011 only, the figures are not as good. As compared to November 2011, foreclosure sales have increased by 7.9 percent, whereas foreclosure filings are down by only 22 percent.
On the other hand, Larimer County in particular is underperforming Colorado state averages. The Colorado Division of Housing reports that 733 Larimer County residences have been sold through foreclosure this year; 833 had been sold by the same time last year. In other words, foreclosure sales have only declined by 12 percent in Larimer County. When comparing November 2011 to November 2010, Larimer County foreclosure sales have skyrocketed by 47 percent, even though filings have declined by 37 percent.
