Colorado Foreclosures Include Million...

Colorado Foreclosures Include Million Dollar Homes

There are 12 comments on the www.rockymountainnews.com story from May 16, 2008, titled Colorado Foreclosures Include Million Dollar Homes. In it, www.rockymountainnews.com reports that:

New foreclosure filings in Colorado were 23 percent higher during the first quarter of 2008 ...

Douglas County, one of the richest and fastest-growing counties in the nation, is seeing on average one $1 million home go into foreclosure each week.

Join the discussion below, or Read more at www.rockymountainnews.com.

1yradjrateisrisi ng

Idledale, CO

#1 May 16, 2008
Have we talked ourselves into recession yet?
diedrich

Malvern, PA

#2 May 16, 2008
I would like that home for pennies on the dollar...

“Don't like the rules?...Leave”

Since: Mar 07

Denver, but on pause...

#3 May 16, 2008
Maybe people who aren't "millionaires" shouldn't be out there buying "Million Dollar Homes"...
That's the biggest problem out here, folks living beyond their means...Just because someone else can afford it, doesn't mean everyone can have one...

And, bust the hell out of each and every Lender, Broker, and Agent involved...There's NO EXCUSE for falsifying income documents, or lending to ILLEGALS...

Finally, quit building homes...Based on the amount of foreclosures NATIONWIDE, we don't need any new ones...

“The blogorobber - opposite ?”

Since: Jun 07

Mother Earth

#4 May 17, 2008
Hussie wrote:
Maybe people who aren't "millionaires" shouldn't be out there buying "Million Dollar Homes"...
That's the biggest problem out here, folks living beyond their means...Just because someone else can afford it, doesn't mean everyone can have one...
And, bust the hell out of each and every Lender, Broker, and Agent involved...There's NO EXCUSE for falsifying income documents, or lending to ILLEGALS...
Finally, quit building homes...Based on the amount of foreclosures NATIONWIDE, we don't need any new ones...
Much of what you cited - I agree with.

But remember that our "free market" economy is based on deception and a monetary shell game that keeps the inflationary spending by the reckless Republicans circulating.

Why can't they jump out of some windows like in the 30's. I'll show them the way and help them out onto the ledge for fu#*king a perfectly good economy and leadership position the U.S. maintained among most world leaders until they stole the election when they took office.

I am looking forward with feverish anticipation of a good ol a$$ thumping of the GOP this fall. I am already in the street waiting for all takers including Ol'man Mutt McCain !

Everything gets hyper analyzed in an economy based on Karl Rove sound bites and not sound economic principles, and the misguided Whitehouse who doesn't have a clue how to compete in a globalized economy.

The soothsayer who previously commented about the recession is probably one of the greedy who is responsible for sucking the money out of the room under false pretenses.

“Don't like the rules?...Leave”

Since: Mar 07

Denver, but on pause...

#5 May 18, 2008
mrinternet wrote:
<quoted text>
Much of what you cited - I agree with.
But remember that our "free market" economy is based on deception and a monetary shell game that keeps the inflationary spending by the reckless Republicans circulating.
Why can't they jump out of some windows like in the 30's. I'll show them the way and help them out onto the ledge for fu#*king a perfectly good economy and leadership position the U.S. maintained among most world leaders until they stole the election when they took office.
I am looking forward with feverish anticipation of a good ol a$$ thumping of the GOP this fall. I am already in the street waiting for all takers including Ol'man Mutt McCain !
Everything gets hyper analyzed in an economy based on Karl Rove sound bites and not sound economic principles, and the misguided Whitehouse who doesn't have a clue how to compete in a globalized economy.
The soothsayer who previously commented about the recession is probably one of the greedy who is responsible for sucking the money out of the room under false pretenses.
And you think the Liberal Dems are going to do better?...Have you seen the current state of Californias economy?...The Dems have spent the state broke, to the point of little chance for return...Obama has no clue, whatsoever, and Billary has too many skeletons (many of former associates) in her closet...McCain is not "Bush", and should not be denegrated for things he did not do...
T Russert

Pueblo, CO

#6 May 18, 2008
Hussie wrote:
<quoted text>And you think the Liberal Dems are going to do better?...Have you seen the current state of Californias economy?...The Dems have spent the state broke, to the point of little chance for return...Obama has no clue, whatsoever, and Billary has too many skeletons (many of former associates) in her closet...McCain is not "Bush", and should not be denegrated for things he did not do...
Did you watch meet the press this morning?

He has been tagged as John McCain Bush.
Just Curious

Denver, CO

#7 May 20, 2008
Hussie wrote:
Maybe people who aren't "millionaires" shouldn't be out there buying "Million Dollar Homes"...
That's the biggest problem out here, folks living beyond their means...Just because someone else can afford it, doesn't mean everyone can have one...
And, bust the hell out of each and every Lender, Broker, and Agent involved...There's NO EXCUSE for falsifying income documents, or lending to ILLEGALS...
Finally, quit building homes...Based on the amount of foreclosures NATIONWIDE, we don't need any new ones...
I'm with you H! I don't get everyone putting all the blame on the lending industry for the increase in foreclosures due to sub-prime, and the like, deals. Why anyone in their right mind would sign up for such "deals" in the first place is beyond me. If you only make $30K a year you can't afford a $250K house...regardless of the lending. If it seems to good to be true then it usually is. And so, say you do sign up, why is it the lending industry's fault that you didn't keep your end of the deal and are now in foreclosure? the excuses of "well, there were so many papers to sign and it was so fast.." is BS. You are alwyas given a good faith estimate of the entire contract you take home to read carefully and go over with your lawyer if you feel the need. It could be day of closing, sitting at the table, if you are not comfortable with something you DO NOT have to sign. I don't feel pity for these people.

I also agree, quite building. Sell what it sitting idle first.
Bag Boy

United States

#8 May 20, 2008
Curious, give me a job!

“Don't like the rules?...Leave”

Since: Mar 07

Denver, but on pause...

#9 May 20, 2008
Just Curious wrote:
<quoted text>
I'm with you H! I don't get everyone putting all the blame on the lending industry for the increase in foreclosures due to sub-prime, and the like, deals. Why anyone in their right mind would sign up for such "deals" in the first place is beyond me. If you only make $30K a year you can't afford a $250K house...regardless of the lending. If it seems to good to be true then it usually is. And so, say you do sign up, why is it the lending industry's fault that you didn't keep your end of the deal and are now in foreclosure? the excuses of "well, there were so many papers to sign and it was so fast.." is BS. You are alwyas given a good faith estimate of the entire contract you take home to read carefully and go over with your lawyer if you feel the need. It could be day of closing, sitting at the table, if you are not comfortable with something you DO NOT have to sign. I don't feel pity for these people.
I also agree, quite building. Sell what it sitting idle first.
But, I also agree that there's culpability on the part of the lending institutions...They knowingly accepted falsified income documents, passed off by the Agents/Brokers who should also be held accountable...I will never support the notion of the Government bailing them out...If you base an entire business transaction on lies, clean up your own damn mess and leave the rest of us taxpayers out of it..."We, the People..."owe them nothing for their scandalous actions, and if we tolerate a bailout, we will be rewarding their criminal behavior...

“Don't like the rules?...Leave”

Since: Mar 07

Denver, but on pause...

#10 May 20, 2008
T Russert wrote:
<quoted text>
Did you watch meet the press this morning?
He has been tagged as John McCain Bush.
So someone gave him a monikor...I have one too, but it doesn't necessarily reflect who I am...

Explain "Barak Hussein Obama"...His real name, which resonates things that many Americans are leery of...

Or "Hillary Rodham-Clinton"...She must not be all that happy with her husband/marriage, or she wouldn't have hyphenated her last name...

You see, there's alot that can be assumed by ones name...But who's into "assuming"?...

“Poke the bear at your own risk”

Since: Sep 07

Broomfield, CO

#11 May 20, 2008
Both sides of this housing forclosure issue are at fault. The borrower for living beyond their means or not educating themselves to what they are purchasing with regard to subprime loans AND the mortgage companies lending them the money!
Let the mortgage companies loose some, it'll teach them to be careful and make sure who they lend to has the means to make the payments. Also, there was an article yesterday about the "squatters" moving into vacant homes, well the mortgage companies own them, why the HELL are they not upkeeping them, renting them to stave off their losses until the home can be auctioned. Why aren't they out there finding a way to capitalize on a bad situation?
Seriously, they just sit back & whine that they've lost money, instead of trying to keep those losses to a minimum, & us taxpayers are supposed to bail them & the overspenders out?
I am NOT for McCain, I will vote whomever on the democratic ticket for sheer fear that McCain is intending on the same path as the shrub. Him saying if it take 100 years that's how long we'll stay is just a small sign he has NO intentions of diverting from current policy.
But back to the subject at hand, MAKE the mortgage companies EAT their mistakes as well as the overspenders, Screw a bailout. Stupid irresponsible idiots!
I have refinanced my home, I did NOT take out any more equity than I needed AND I am credit worthy enough for a FIXED rate mortgage, if you want to own a home, work your ass off like the rest of us, pay your bills and shop for a home in which you will be able to make the mortgage payments on for 30 years, don't come whining to us to bail you out!
Just Curious

Denver, CO

#12 May 20, 2008
Agreed! I definitely do not think the Government should bail them out for any reason. I thought that was just talk. Are they really going to bail them out? And if so, how?

I also agree about the brokers being held accountable. But some of the lending institutions didn't have anything to do with the initial loan qualification process. For example, the company that I make my mortgage payment to is not the one I signed with. My original company sold my mortgage to the current "owners." But my original deal still stands of course. So they shouldn't be held liable if I or my broker had knowingly falsified anything. Which wasn't the case! Just making a point.

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