Foreclosure-prevention program has few takers in Colorado

A report released this week by the Colorado Division of Housing shows that while residential home sales increased in the state in February, so did the number of foreclosures. At the same time, US Treasury released figures last Friday on the numbers of homeowners in danger of foreclosure who have been helped by the federal mortgage modification program. And while there was a slight increase in the number of modifications in February nationwide, only about 16 percent of the more than 1 million people who have signed up for the program have received permanent assistance.

In Colorado, there has been a relatively low number of troubled mortgage holders who have been helped by HAMP: 14,320 mortgage-loan modifications (of which 2,613 were permanent modifications and 11,707 active trial modifications), according to the report.

Housing advocates lay the blame with both the federal government and with the banks.

Maeve Conran reported the story for KGNU and Free Speech Radio News.

Foreclose-prevention program has few takers (MP3, 4 min 14 sec)
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