Colorado Foreclosure Hotline:
The Colorado Foreclosure Hotline connects borrowers with non-profit housing counselors who can provide information on a borrower’s options when facing foreclosure. Counselors can also act as facilitators for communication between lenders and borrowers.
All assistance is provided to homeowners free of charge.
We encourage any borrowers (homeowners) in the following situations to call the hotline:
1) Borrowers who have not yet missed a mortgage payment but are concerned they may miss future payments.
2) Borrowers who are already behind on the payments.
3) Borrowers who have received a notice of foreclosure.
4) Borrowers having trouble communicating with their mortgage lenders.
For more information on housing counseling, please visit of the web site of the Colorado Housing Counseling Coalition.
The Colorado Foreclosure Hotline was created by and is sponsored by the Colorado Foreclosure Prevention Task Force. The task force is a consortium of public and private sector organizations concerned about the impacts of foreclosures on Colorado’s families and on the housing market on Colorado.
The Foreclosure Prevention Task Force thanks the Hotline’s financial sponsors:
· The Colorado Division of Housing
· JP Morgan CHASE
· The Colorado Association of REALTORS®
· Freddie Mac®
· The Colorado Mortgage Lenders Association
The Foreclosure Prevention Task Force is fortunate to have participation from the following organizations and agencies throughout Colorado:
JP Morgan CHASE
Colorado Association of REALTORS
Colorado Division of Housing
Colorado Division of Real Estate
Colorado Attorney General’s Office
Federal Reserve Bank of Kansas City – Denver Branch
Brothers Redevelopment, Inc.
Boulder County Housing Authority
Consumer Credit Counseling of Northern Colorado
Aurora Housing Authority
Colorado Housing and Finance Authority
Arapahoe County Housing
Habitat for Humanity of Metro Denver
Douglas County Housing Partnership
Colorado State Housing Board
Pikes Peak Foreclosure Prevention Partnership
Boulder County Public Trustee
Denver County Public Trustee
City of Lakewood
Colorado Association of Mortgage Brokers
Colorado Housing Assistance Corporation
Colorado Mortgage Lenders Association
Adams County Housing Authority
Northeast Denver Housing
Fort Collins Housing Authority
The Real Estate Operation
Consumer Credit Counseling of Southern Colorado
Housing Authority of the City of Colorado Springs
Tips for Avoiding Foreclosure
Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?
- Don't ignore the letters from your lender rn rn
- Contact your lender immediately rn rn
- Contact a HUD-approved Housing Counseling Agency rn rn
- Toll FREE (800) 569-4287 rn rn
- TTY (800) 877-8339 rn rn
If you are unable to make your mortgage payment:
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at http://portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL
6. Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.
7. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets.
Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies.
You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.
10. Don't lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.