Loan modifications could help thousands in Colorado

The move by the Obama administration to pressure lenders to make more permanent loan modifications, could help thousands of people in Colorado.

Nationally, about 650,000 people have been given trial loan modifications, as part of the administrations’ $75 billion foreclosure-prevention plan, but few of those have been converted into the permanent loan reductions.

“I do not think Colorado is driving this debate – it is being driven by bigger states with even bigger problems with this issue,” said Ryan McMaken, spokesman for the Colorado Division of Housing.

Read more from John Rebchook at his blog, InsideRealEstateNews.com. Rebchook wrote about residential and commercial real estate for 26 years at the Rocky Mountain News.