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How can Colorado residents stop foreclosure?

Recent foreclosure statistics in Colorado still offer a somewhat murky picture of the state's overall housing crisis. In general, the number of foreclosures has gone up while the amount of foreclosure auction sales has gone down.

According to the Colorado Division of Housing, metro counties in Colorado saw a slight decrease -- 1.6 percent -- in foreclosure filings in the month of August. Also recorded was a six-year low in foreclosure auction sales, representing a 10.4 decrease from a year ago.

So far, Boulder and Weld counties have demonstrated the greatest declines in foreclosures. Those counties saw filing decreases of 8.6 percent and 8.3 percent, respectively. Unfortunately, statistics showed that the picture in Mesa County isn't so positive. There the community saw a 26.4-percent rise in foreclosures during the first eight months of the year.

These numbers may be interesting on some level, but what do they mean for the individuals who are facing financial challenges that could cost them their homes? Coloradans who are dealing with unmanageable mortgage debt should know that stopping foreclosure could be a viable option. To do that, you may need the help of an attorney who works to get struggling homeowners the debt relief they deserve.

Restructuring debt through Chapter 13 bankruptcy can provide the protection a homeowner needs. Chapter 13 lets people keep their homes. Similarly, Chapter 7 bankruptcy -- otherwise known as liquidation bankruptcy -- can temporarily stop foreclosure proceedings.

If Denver-area residents would like to know more stopping foreclosure or reorganizing their assets, then our Lakewood bankruptcy protection page is there to help.

Source: Vail Daily, "Foreclosure numbers fluctuating," Randy Wyrick, Sept. 24, 2012

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