Colorado foreclosure hotline helps distressed homeowners
With about 4,743 active foreclosures on its books in March 2007, Colorado is near the top of the national list when it comes to homeowners defaulting on their mortgages.
To help distressed homeowners in the Centennial State keep their homes, the Colorado Division of Housing established a foreclosure hotline in December 2006 that offers free advice and counseling.
And, according to a recent article from the Denver Business Journal, “at least four out of five people who have called [the hotline] over the past five months have avoided foreclosure.”
Here’s a snip:
“Specifically, 7 percent of callers who received counseling later lost their homes to foreclosure. Another 12 percent may have lost their homes, but this group includes people in bankruptcy, people who could not later be located, and people who later chose to work with for-profit foreclosure consultants, officials said.
Twenty-two percent of callers sold their home before foreclosure, 15 percent initiated a repayment plan, 13 percent modified their mortgage, 6 percent brought their mortgage current and 5 percent deeded the property to the lender.”
The Colorado foreclosure hotline, which connects nonprofit counseling agencies across Colorado to callers trying to avoid foreclosure, can be reached at 1-877-601-HOPE.
Original post by Foreclosure.com
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