May 1, 2008
Douglas County Housing Partnership Foreclosure Mediation Program to Expand
New funds to provide foreclosure counseling for nearly 225 residential mortgage holders by Dec. 31, 2008
Through a $75,000 grant from NeighborWorks and administered by the Colorado Housing and Finance Authority (CHFA), the Douglas County Housing Partnership (DCHP), will now have the resources to provide foreclosure counseling services to an additional 225 residential mortgage holders who are in various stages of foreclosure.
This grant is good news for the Partnership’s Foreclosure Mediation Program, which began nearly one year ago. The goals of the Program are to prevent mortgage defaults, assist home mortgage lenders and borrowers in working out mortgage defaults and resolve foreclosure actions that are either initiated or threatened by lenders.
The grant will allow for a foreclosure counselor to be retained, specifically dedicated to the implementation of the Foreclosure Mediation Program. The foreclosure counselor will offer Foreclosure Workshops on the first and third Tuesdays of each month at 7 p.m. beginning on May 6 at the DCHP office, 9350 Heritage Hills Circle in Lone Tree. Weekday, evening and weekend counseling sessions will also be offered on an individual basis by appointment.
An experienced, knowledgeable counselor will work with individuals to help them understand the foreclosure process and timeline; help them prepare and follow a personalized budget; and establish a reasonable plan for them to follow in moving forward.
To be eligible for this program, the owner-occupied home must be located in Douglas County.
The Douglas County Housing Partnership (DCHP), a Multi-Jurisdictional Housing Authority, was formed as a cooperative effort between businesses and local and county governments to address the issue of the lack of affordable housing for people who work in the area. The DCHP operates with financial support from the jurisdictions of the City of Lone Tree, the Town of Castle Rock, the Town of Parker and Douglas County as a political subdivision and public corporation of the State of Colorado. For more information, please visit www.douglascountyhousingpartnership.org or call 303.784.7856.
The CHFA helps improve the lives of people throughout Colorado by financing the places where people live and work. CHFA was created in 1973 by the Colorado Legislature to address the shortage of affordable housing in the state. Since then, CHFA has established itself as the front-runner in the affordable housing industry by financing single family mortgages for qualifying homebuyers and supporting developments of apartments for low and moderate income residents. In 1982, when Colorado had economic difficulties, CHFA began making loans to small and medium sized businesses. CHFA is a responsible advocate of affordable housing and small business issues for the Colorado community. For more information, please visit www.chfainfo.com.