Consumer Guide to the Multistate Foreclosure Settlement

Colorado has joined a $25 billion multistate settlement with the five largest banks, Bank of America, JPMorganChase, Wells Fargo, Citi and Ally, who account for 60 percent of the home loan servicing market, to end problematic business practices and to help distressed homeowners.

Customers of the five settling banks who are still in their homes but either behind on their payments or underwater should contact the banks directly through dedicated toll-free contact numbers to determine if they are eligible for assistance.

  • Bank of America - 1-877-488-7814
  • Chase - 1-866-372-6901
  • Citi - 1-866-272-4749
  • GMAC/Ally (now Ocwen Loan Servicing, LLC) - 1-800-766-4622
  • Wells Fargo – 1-800-288-3212

Homeowners facing foreclosure also are advised to contact the Colorado Foreclosure Hotline at 1-877-601-4673 or visit www.coloradoforeclosurehotline.org. The hotline works with homeowners in or facing foreclosure. Homeowners who call the free hotline can speak with a housing counselor in their community about their options.

Customers of the five settling banks who lost their home between January 1, 2008 and December 31, 2011 may be eligible for restitution under the settlement. Packets containing a letter from the Attorney General, claim form, instructions and answers to frequently asked questions are being mailed to eligible borrowers through Oct. 12. 

Borrowers who have questions about the packets or believe they may qualify for a payment but did not receive a packet because they have moved, should contact the settlement administrator directly at:

Colorado consumers should read this FAQ (linked here) to determine if they are eligible for restitution or other assistance before contacting their lender. 

To learn more about the national mortgage settlement and review the qualification guidelines and frequently asked questions, please visit www.nationalmortgagesettlement.com. To learn more about Colorado’s ongoing fight against mortgage and foreclosure fraud, visit the Office of the Attorney General’s Mortgage Fraud Information Center.