Another Day...Another Sad Colorado Foreclosure Story
In April, the Joint Economic Committee provided data detailing how Colorado led the nation in the greatest number of households facing foreclosure, and now one unique household in the state finds itself in a similar dilemma.
An Avondale family with four quadruplets just 18 months old is facing foreclosure and claiming that they were the victim of mortgage fraud. Colorado has been described in the past by housing experts as the "Wild, Wild West" of mortgage fraud, and the Stanislao family has come to understand how the state got this dubious nickname.
Parents Brett and Wendy Stanislao need to stop foreclosure quickly, a proposition that's easier said than done when trying to balance the financial commitments that come with raising their quadruplets-Giovanni, Vincenzo, Bella and Valentino.
Like many families throughout the country, the Stanislao's saw their adjustable rate mortgage recently balloon beyond their means. With mortgage payments up an extra $200 per month starting this past January and exceeding $1,000 in one particular month, the Stanislao family tried to refinance their mortgage.
What they then learned would prove to be shocking to them. The Stanislao family specifically learned that their home was not worth what they thought and that they did not have the equity they believed to have in the property.
Upon closer inspection, a KOAA.com story detailed how the family purchased their Colorado home for $87,000 on New Year's Eve of 2004. The home was "appraised" a few weeks later with the purchase and appraisal price showing $107,000. This was on January 17, 2005, and it turns out that an appraiser didn't actually show up to the house until four days later of this date.
Different mortgage brokers relayed to the Stanislao family how they were the victim of mortgage fraud. The family has been unable to keep up with its mortgage payments and is now in desperation mode to stop foreclosure in Colorado.
The story detailed how Colorado Mortgage Fraud Task Member I.J. Hill is looking into the Stanislao's situation and will soon present his findings to the nearby Pueblo District's Attorney Office. In the meantime, people can help the Stanislao family by calling the Vineland United Methodist Church at (719) 948-2984.
This Colorado Foreclosure Story Is Disturbing on Many Levels!
This foreclosure story reveals the problem in not only Colorado but also throughout the country as mortgage fraud, foreclosure rescue scams and predatory lending have preyed on homeowners. With more and more people needing to stop foreclosure, these scammers and deviants have made the problem much worse.
There was a mortgage foreclosure for one in every three households in Colorado last year with the Denver-Aurora area witnessing 37,400 foreclosures alone. Such high figures have spawned more and more scammers from the seedy underbelly and muck, and families in panic mode to stop foreclosure have become open targets.
In response to such developments, Governor Bill Ritter recently signed five new Colorado foreclosure laws that will closely monitor and license mortgage brokers and make it a crime to pressure someone to falsely appraise a property.
Hopefully, these new foreclosure laws will have their intended effects in Colorado. But for the Stanislao family, what's next?
Whether you need to stop foreclosure in Colorado or another state, the best thing to do is not to panic. With that said, you need to take immediate action and visit Foreclosure-Fighter, where you can be educated on possible options to stop foreclosure, including refinancing, Chapter 13 bankruptcy and a debt workout plan. Simply fill out of one of the respective forms on this page or call 1 (877) 219-9153, and we'll begin to help you address your situation as soon as possible.