CONIFER, Colo. -- Some Colorado homeowners are frustrated with the banks. They claim they can’t get consistent information about their mortgage and the accompanied foreclosure risk.
Like so many homeowners, John and Nancy Wakefield got behind on their payments. But because CitiBank kept accepting their checks, they assumed everything was back on track.
Even when a foreclosure notice came, they say the bank told them they would have a chance to work things out.
Yep. There is a Colorado Foreclosure Hotline. If you pull up their website they give a typical timeline for how things are supposed to work in a perfect Colorado. It's not happening, but it's at least a little info. They have counselors too who can and will walk people through the options and processes, but you can't get through to them right away, so if you need to speak with them, be prepared to camp out by your phone for a callback.
Bottom line, the banks need to find another way. They can't keep track of their own records in their rush to grab money. They would be better served if they would revamp that part of their business plans to include genuinely working something out that would allow for the homeowners' recovery and a possible sale after housing values increase again. But, they've been doing business as usual in this field for so long that they can't see the damage yet both to themselves and to their customers. The sale of foreclosure homes in this area has crashed the market in some price ranges--it's just stupid.
