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Foreclosure Hotline...need help...call now.

unhappy man talking on the phone

Facing Foreclosure in Colorado?...Call for help

Colorado launched a Foreclosure Hotline this week. It's purpose is to assist people who are delinquent on the mortgages. Counselors will act as intermediaries between homeowners and lenders, to work out a game plan, help organize finances, avoid scams, reduce potential liability and possible sell or keep the home.

If you are delinquent on your mortgage payments, please call for help. The number is 1-877-601-HOPE (4673).

Irony in action

The Foreclosure Hotline is expected to cost $300,000- $500,000 over the next two years. It is being funded in part, by the Division of Housing. Additionally the Attorney General's office will be kicking in money it receives from Ameriquest a lender who has been involved in predatory lending practices. Ameriquest owes $295,000 million in a national settlement involving less than wonderful lending practices.

Foreclosures cost the taxpayer in the end

A study done by the University of Colorado-Denver last year found on average one foreclosure costs the municipality $10,000 per home.

Foreclosures drive down property values. Empty homes attract additional problems, they become playgrounds for kids who often times destroy the home, costing the lender more to bring it up to salable condition. Some empty homes become meth labs, creating worse dangers yet.

What's a neighbor to do about foreclosures?

Neighbors can help the community by watching vacant homes for unusual activity. If you see something out of the ordinary happening in a vacant home take it upon yourself to contact the authorities. Being a watchdog for the neighborhood will help solve the problem is less time. It's not a question of being a nosey neighbor but one of responsibility and pride. Protect your neighborhood and your property values.

Kristal Kraft

Broker Associate, ABR, CIPS, CRS, GRI, ePRO, PMN, PNG
TheBerkshire Group, REALTORS
3801 E. Florida Ave., Suite 400
Denver, Colorado 80210
303-589-2022 ~ direct 303-953-5362 ~ fax

Selling Colorado Since 1984, Serving the Following Areas:

Denver Home Search	Highlands Ranch Home Search	Parker Home Search	Englewood Home Search
Littleton Home Search	Search Denver Foreclosures	Greenwood Village Home Search	Relocation to Metro Denver

Posted by Kristal Kraft ~Denver Real Estate~303-589-2022 on 10/12/2006 10:19 AM

Comments (19)

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Originally posted at: Denver Real Estate & Relocation: Foreclosure Hotline...need help...call now.

This post has been included in Colorado Information

19 Comments on Foreclosure Hotline...need help...call now.

OCT

2006

Damn.... A GOLD STAR and not one comment. They must look for your blogs first... ;o)

Good job again... why don't you be an investigative reporter also...in your spare time. You do have spare time, right? lol

Seriously though....this is talked about often. People...watch in the next 5 to 13 months.... these will be popping up like crazy. And sorry to say, but I would say many lenders and loan officers are at fault for this. I am just throwing a polite number out there....but I would say about 15% of the loan officer's are at fault.... again, I think I am being polite.

Great information. I wonder if we have something like that out here in CA. I have heard about a program called "Acorn" through B of A for folks that are having difficulty with some of the loans they were unfortunately given. Have you heard about that and do you happen to know if there is something in my area that would be similar in order to help folks?

Strong post, i dont think we something like that here in california Gena. I will have to do research on this.

I really do have out who helps here in llinois because I have had a few people coming up to me with mortgage delinquency problems. I will definately post about it when I get that info.

If it works in CO maybe some other states will follow suit. The hard part will be getting the word out to those in need before it's to late.

BTW, Kristal I responeded to your message, but haven't heard back from you. Did you get my e-mail?

Also you might want to read this post about tags, besides the post read the comments by Matt Heaton.

Great post. I agree about keeping an eye on vacant homes. I don't think we have a hotline here either, so I will look into it as well. ines

I bet you will have investors in that area buy similar phonelines to that, I would put money on it. This would be to trick people into calling them instead.

Kristal,

Good info as always. I do not know if they have anything like that here in Flroida, but i do know it takes up to 6 months to foreclose on a property here.

That is good info for you private lenders out there. Be careful in Florida.

The foreclosure hotline in California is 858-699-4590. Good opportunities to save your home through a hard money loan.

Okay, I know. I shamlessly plugged on that one

As a lender, we will turn over every rock posible in order to not forclose on a home owner. This is because when you forclose on someone it becomes your fault that they are losing their home, and not the simple fact that they are not paying their mortgage. As a result they will in a lot of cases destroy the house. They will rip up fixture, toilets, sinks, and even wall outlets.

So to me this Hot Line is a great idea. Anything to keep from getting to forclosure gets my vote.

Great information Kristal. I'm going to check to see if we have this in Arizona as we can expect foreclosures will hit this market hard in the near future.

Thanks for the information and to Brian for the California number.

OCT

2006

Kristal,

I am wondering if they have in spanish too, I have some people that I can refer sometime :)

Ray Saenz

Ray, This is Denver, I'm sure they have bilingual help. Why not call and ask. Perhaps if they don't you can volunteer.

I considered volunteering, it would be a good way to learn the system and maybe help some people.

Call the Division Of Housing and Brothers Redevelopment, see if they need you.

Hey brian that shamless plug can benefit us all ................

Kristal,

Not bad idea, I will call them when I am a little bit free of time, I have bunch of stuff to do, I just took a look of this message so fast. :)

Hi Kristal,
Good post. I need to check whether we have a hotline in Washington. Seems likea great idea.

NOV

2006

Hey Kristal,

Thanks for starting a great discussion! This is a VERY IMPORTANT topic that must be addressed with the consumer, especially in CA.

Scott

DEC

The banks do want your house. I have not found my lender, Washington Mutual willing to help at all, as a matter of fact, they want to take my house before it sells on the court house steps in January. They sent a courier out to photograph it before we even went to court. All of these lenders are crooks, they don't care about anyone but themselves, and they proved it by what they did with their government bail out monies. Not one dime trickled down to the working man. Florida will have the highest forclosure stats in 08 and 09. And just to note, my dilemma is not due to sub prime borrowing like the media would have you believe, it is due to the corporate greed that exists in this country. I live in st. augustine, florida, and our county commissioners opened the flood gates for corporate builders to come in and rape our county. The county got in return, almost $10,000.00 for every house built in excess of 1700 sq ft. They turned a blinds eye to all of the illegals that these builders brought in, and erased set backs so these companies could squeeze as many houses as they could on a parcel of property. Now, they are crying poor!! What happend to all of that money!!! Corrupt government coupled with greed and indiference, that is what this country is all about.

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