The Colorado Foreclosure Hotline was recently given a two-year grant worth $600,000 by the state’s attorney general’s office. The money will come largely from fines levied against Countrywide and Wells Fargo, part of those companies’ penalties stemming from allegations of mortgage fraud.
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Currently, the Colorado Foreclosure Hotline receives about 3,000 calls per month from residents at risk for losing their homes, and has just four employees. Since it was started in 2006, it has helped more than 132,000 Coloradans receive more information about how they can avoid foreclosure. In all, more than 25,000 have received enough help from the program to keep their homes.
“The Colorado Foreclosure Hotline is the best resource available for consumers facing foreclosure,” said Colorado Attorney General John Suthers. “It is free and has a proven record of helping homeowners in distress assess their options and make an informed choice. This grant will help keep this resource available for the next two years as Colorado continues to experience historically high levels of foreclosures across the state.”
Many consumers who are facing foreclosure may turn to government assistance programs in an effort to receive financial help in avoiding the process. However, many of these programs are difficult to qualify for.