Mortgage Program Offers Relief to Delinquent Home Owners
KREX News Room
GRAND JUNCTION, Colo. - A new loan program seeks to help struggling homeowners trying to get caught up on a delinquent mortgage.
The program is funded by monies received by Colorado's attorney general's office as part of the multi-state foreclosure settlement that took place earlier this year.
Under the Colorado Mortgage Reinstatement Program, struggling homeowners can qualify for up to $10,000 to help with their late payments.
"These funds have been set aside to assist borrowers who are past due on their mortgage, but have the ability, if they could get caught up, to going back to making their regular payments," explained Amy Case, a supervisor with the Grand Junction Housing Authority.
This loan program that is interest-free and does not need to be repaid until the house is sold or refinanced.
"It's very unique. Actually, Colorado was one of the first states in the nation to decide how to utilize the funds that they received as part of the settlement. Colorado dedicated all of its state funds to preserving affordable housing," said Case.
In order to qualify for the program, residents must be able to prove a temporary financial hardship. Residents must also provide documentation to be able to continue making mortgage payments on a normal basis after getting caught up.
The first step to making that happen is getting in the door. The Grand Junction Housing Authority says many families just don't know all of their options.
"Those families are usually trying to work with their banks and they're frustrated with the process. We have professionals who will help you through that process from step one all the way until hopefully a resolution, for no charge to you" said Case.
The non-profit says they serve hundreds of households a year around the Western Slope and have offices in Rifle, Glenwood Springs and Delta.