The Colorado Foreclosure Hotline got a funding boost when Colorado Attorney General John Suthers announced this week that his office has awarded it a two-year, $600,000 grant.
The grant will enable the nonprofit to continue its mission of helping homeowners avoid foreclosure.
The grant will be funded with money generated from fines and penalties the office of the attorney general 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, according to a press release from the attorney general.
On average, the Hotline’s four-member team receives roughly 3,000 calls per 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 or visit www.coloradoforeclosurehotline.org.