The Colorado Foreclosure Hotline was established in 1986 as a central point of contact for homeowners in danger of foreclosure. Brothers Redevelopment administers and headquarters the Colorado Foreclosure Hotline, which is a network of some 26 HUD-approved housing counseling agencies located throughout the state. Established in 2006, the Hotline connects callers with the agency nearest their property in danger of foreclosure. Since its inception , the Colorado Foreclosure Hotline has tracked foreclosure prevention housing counseling data. In five years, housing counselors have met face-to-face with more than 39,000 Colorado homeowners and have assisted 35,000 in reaching a positive resolution.
In a face-to-face housing counseling session, a HUD-approved counselor will analyze a homeowner’s hardship, loan product, budget, and proof of income, and based on that information, assist the borrower in piecing together a loss mitigation packet (a collection of information sent to the lender as part of the workout process). The counselor educates the homeowner on the Colorado foreclosure process, budgeting techniques, workout options, and how to communicate with the lender. In many cases, counselors call the lender with the borrower present and effectively communicate the homeowner’s financial picture and hardship, guiding both the borrower and the lender to the option that makes most sense.
To learn more, the Colorado Foreclosure Hotline has issued this Flyer, which provides an overview of the assistance they provide. And, to find out about the resources that are available, you can call the Colorado Foreclosure Hotline’s toll-free number — 1.877.601.HOPE.