The Colorado Foreclosure Hotline received a two-year, $600,000 grant to continue its work, all thanks to the Colorado Attorney General.
John Suthers finalized the grant, which will aloow the hotline to continue to help homeowners avoid foreclosures for two more years.
“This grant will ensure that the Colorado Foreclosure Hotline will continue to provide vital assistance to homeowners across the state,” Suthers said. “The free hotline has been proven to help homeowners get out of or avoid falling into foreclosure.”
The grant will be funded from the fines and penalties the Office of the Attorney General has recovered through settlements with Countrywide Financial Corporation and Wells Fargo to resolve allegations related to mortgage fraud. The use of the funds from each settlement is directed by court orders.
The Colorado Foreclosure Hotline, established by the Colorado Foreclosure Task Force and managed by the nonprofit Brothers Redevelopment, serves as a network of more than two dozen HUD-approved housing counseling agencies. The agencies work with homeowners in or facing foreclosure. Homeowners who call the free hotline can speak with a housing counselor in their community about the options. In many cases, these counselors may also serve as an intermediary between the borrower and the mortgage loan servicer.
On average, the Hotline’s four-member team receives roughly 3,000 calls each month. More than 140,000 Coloradans have called the hotline since its inception in 2006. The network’s counselors have helped more than 25,000 Coloradans better understand their options and work to either avoid or not fall into foreclosure.
Consumers with questions can the Colorado Foreclosure Hotline at 1-877-601-4673.