If you are wondering about delinquent mortgages in Colorado and how its delinquency rates compare with other states in the country, you will be pleased to know that on at least one report Colorado ranks 43rd on the list...only a handful of states have slightly better delinquency rates than Colorado does.
According to calculatedriskblog.com reporting on the Q1 2010 Mortgage Banker's Association Delinquency Survey there are 34 states with mortgage delinquency and foreclosure rates topping 10 percent. With its 43rd place ranking, the Mortgage Banker's Association reports Colorado as having about 6% of its mortgages with more than 90 days delinquency and in foreclosure with an additional 3% of mortgages delinquent, but under the 90 day mark.
It is interesting to note that while Colorado has some of the lowest mortgage delinquency rates in the country, mortgage brokers operating in Colorado were completely unregulated until 2007. The Colorado State Attorney General's Consumer Protection Section has been vigorously pursuing fraud in this area since the regulations began three years ago.
Consumers, particularly senior citizens looking to reduce their monthly expenses fell for deceptive advertising practices and were shocked to discover after closing that what they thought were fixed interest rates, were just teaser rates that changed as quickly as a month later, and even worse that their new payments were setting them up for negative amortization. The Colorado State Attorney General has also pursued action against several firms who used advertising designed to make them look like government agencies and now is focusing on stopping companies who are involved in foreclosure rescue scams and loan modification scams. Colorado maintains an excellent Mortgage Fraud Information website which is packed with information for consumers who find themselves in financial stress and either already delinquent on their mortgage or facing delinquency. Visit http://www.coloradoattorneygeneral.gov/departments/consumer_protection/mortgage_fraud_information_center.
Consumers can learn about their rights under the Colorado Foreclosure Protection Act as well as find out what to do if they have been contacted by a foreclosure rescue company, or a company that offers to work on a loan modification for you for a fee, as well as what to do if you are facing foreclosure.
The good news is that despite the lack of mortgage broker regulation in Colorado until three years ago, more than 90% of mortgage loans in Colorado are NOT delinquent, there are easy to access resources for consumers who need help and the Attorny General is vigorously pursuing mortgage related fraud.
