Denver, CO

Please come to an important Town Hall Meeting
Curbing Foreclosure Rates

Monday, January 7, 2008
7pm - 8:30pm
Standley Lake Public Library
8485 Kipling St. Arvada, CO 80005

A letter from Colorado House of Representative Debbie Benefield:

There has been an alarming increase in home foreclosures nationwide, including 1.7 million foreclosure proceedings between January and August of this year alone. The Colorado Division of Housing reports that foreclosure filings in Colorado have increased 110% since 2003. A state record high of 28,960 foreclosures were reported during the first nine months of this year. According to mortgage research company RealtyTrac Inc., there were 6,425 filings in November, or one for every 320 households.
Home foreclosures have a devastating effect on those families who lose their homes. But there are also far-reaching implications for surrounding neighborhoods, communities, and states. As the value of foreclosed property declines, support for public services such as police patrol and fire protection must come from other sources, including schools, parks and recreation, or public works. Families left without homes, decreased economic activity, and the extra strain on our vital resources must be addressed.
The State of Colorado is taking proactive steps to reverse this alarming trend, working to stabilize and even decrease the foreclosure rate. The Department of Real Estate recently enacted an emergency rule change which restricts prepayment penalties on mortgage loans. The rule change is a result of coordinated efforts by legislators, Governor Ritter and state agencies to curb the growing foreclosure crisis in Colorado. During the coming months, several legislators are holding a series of town hall meetings on this issue.

I will be hosting our area’s town hall meeting on January 7th. Part 1 of the meeting will be devoted to exploring how foreclosure impacts middle-class Coloradoans, to explain the details of the rule change and to discuss what more can be done. During Part 2, foreclosure counselors will be on hand to take questions and explain the assistance services available to interested participants. I encourage you to attend and invite family members, neighbors and friends to come with you.

Sincerely,
Debbie Benefield
State Representative, House District 29