The best resource available to consumers facing foreclosure is the Colorado Foreclosure Hotline, which can be reached at 1-877-601-HOPE (4673). Homeowners who contact the Colorado Foreclosure Hotline to receive assistance stand a much better chance of saving their home than those who go it alone. The hotline is an immediate resource that distressed borrowers can call to receive counseling from nonprofit, HUD-approved housing counselors. The counselors can also negotiate modifications for borrowers.
The hotline is administered by the Colorado Division of Housing, but many partners from the housing community came together to sponsor the hotline, including the Colorado Attorney General’s Office, lenders and nonprofit housing counselors. Since its inception in October 2006, the hotline has received more than 100,000 calls and assisted more than 19,000 homeowners reach a positive resolution. Four out of five homeowners who speak with a Colorado Foreclosure housing counselor successfully avoided foreclosure.
The Office of the Attorney General awarded the hotline a $500,000 grant in early 2009. These funds, derived from Colorado’s settlement with Countrywide in February 2009, were provided so the hotline could undertake greater efforts to reach out to homeowners facing foreclosure, including minority borrowers.