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.
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April 10, 2007 at 4:50 pm
Pingback from Realty News » Colorado foreclosure hotline helps distressed homeowners
June 5, 2007 at 12:16 pm
Linda
There is also a community counseling organization that helps homeowners avoid foreclosure and stay in their homes…contact:
http://www.savemyhome.tv/lsmith83054
June 28, 2007 at 6:09 pm
Dean
A loss of a job,death in family, medical expenses and other life-altering situations can happen to anyone, causing us to fall behind in our mortgage loan payments.
If we neglect paying our credit cards it hurts our credit rating; if we neglect our home loan payments the lender will foreclose, and repossess our home. We are often embarrassed to talk about our money problems, but that approach doesn’t solve anything.
Put your pride on hold and get serious about avoiding foreclosure.Contact your lender as soon as you know your payments will be late. Never ignore the lender’s letters and do not assume you are in a hopeless situation. Lenders do not want to foreclose, and will usually work with you to get your account back on track.
Below are Solutions for Temporary Problems
1.Reinstatement When you are behind in your payments but can promise a lump sum to bring payments current by a specific date.
2.Forbearance You are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current. Lenders sometimes combine Forbearance with Reinstatement if you know you’ll have the funds to bring your account current by a specific date. 3.A Repayment Plan If your account is past due, but you can now make payments, the lender may agree to let you catch up by adding a portion of the past due amount to each currentmonthly payment until your account is current.
Solutions for Longer-Term Problems
1.Mortgage Modification If you can make your regular payment now, but cannot catch-up the past due amount, the lender may agree to modify your mortgage. One solution is to add the past due amount into your existing loan, financing it over a long term. Modification might also be possible if you no longer have the ability to make payments at the former level. The lender might modify your mortgage to extend the length of your loan, or take other steps to reduce your payments.
2.Selling Your Home If catching up is not a possibility, the lender may agree to put foreclosure on hold, giving you some extra time to attempt to sell your home. http://www.wesellhomesdfw.com can help by purchasing your home.
3.Deed in Lieu of Foreclosure The lender may allow you to give-back your property, in turn forgiving the debt. This does negatively affect your credit record, but not as much as a foreclosure. The lender may require that you attempt to sell the house for a specific time period before allowing this option; the option may not be possible if there are other liens against the home. http://www.webuyhouseseasy.com/sell_house.htm
November 28, 2007 at 9:11 pm
Stop Foreclosure Advocate
Thanks for this excellent resource site!
Bill in Denver