For many Colorado residents, it seems like the financial challenges of the economy just will not quit. Although positive signs are showing up, many families struggling with debt in Colorado are still waiting to feel the good effects, and filing for bankruptcy remains a possibility.
For others, some positive news recently surfaced. Colorado metro counties saw foreclosure filings fall 36.8 percent during November. This decline represents the lowest level recorded during any month since 2007. Foreclosure auction sales were also down over this period. The start of the foreclosure process is indicated by foreclosure filings, while the auction sales represent the number of foreclosures that have been sold at auction at the end of the process.
One county in the state -- Mesa County -- saw a 17.8 percent increase in foreclosure filings. Moreover, some economists noted there would be some ups and downs in foreclosure filings.
Ultimately, while the numbers represent positive news for Colorado, it is clear many residents are still in need of debt relief. For those who see foreclosure as imminent, it is important to confront the problem directly.
In order to stop foreclosure, some people may need to file for bankruptcy, which imposes an automatic stay on all foreclosure proceedings. Filing for bankruptcy is an attractive option because it allows a resident to continue living in the home while a repayment plan is hammered out or debts are discharged. During that time, the debtor can try to put money toward paying off outstanding mortgage bills.
For individuals struggling to make mortgage payments, it is essential to contact a qualified bankruptcy attorney who can work through the process and help determine the best strategy for debt relief.
Source: Denver Post, "Foreclosure filings in Colorado metro counties down 36.8 percent," Howard Pankratz, Dec. 12, 2012