Brothers Redevelopment administers and headquarters the Colorado Foreclosure Hotline — a network of some 26 HUD-approved housing counseling agencies throughout the state. Established in 2006, the Hotline connects callers with the agency nearest their property in danger of foreclosure.
The goal? To encourage callers to meet with a housing counselor who can provide basic mortgage and financial information and serve as a liaison between borrowers and mortgage companies.
Since its inception, the Colorado Foreclosure Hotline has received calls from more than 175,000 Coloradans hoping to hold onto their homes.
It's a resource that works. According to officials with the Colorado Division of Housing, four out of five homeowners who meet with a housing counselor reach some sort of positive resolution and avoid foreclosure.
The sooner that a homeowner facing foreclosure phones the Hotline, the more options they'll have to find a favorable outcome. For more information, call the Hotline at 1-877-601-4673 or or email a counselor: email@example.com
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 - which 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 lost their home between Jan. 1, 2008 and Dec. 31, 2011, will be eligible for restitution under the settlement. The independent, third-party administrator of the settlement will contact affected victims by the end of the summer.
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 - 1-800-766-4622
- Wells Fargo – 1-800-288-3212
For more information, including information on eligibility, visit the website of Colorado Attorney General