In this BrokerIPTV video from the 2010 Realtor Rally in Denver, Kathy Soltero learns about the Colorado Foreclosure Hotline from Sarah Noel.
Interviewer: Hi, I am Kathy Soltero with BrokerIPTV.com. We are here at the 2010 Realtor Rally and we are talking with Sarah Noel, who is with Colorado Foreclosure Hotline, the very timely and a very important hotline that has been established over the last few years. Tell us a little bit about it.
Sarah Noel: The Colorado Foreclosure Hotline was established in October of 2006. What we do is, use an 800 number to network 26 different HUD-approved nonprofit housing counseling agencies. So when a borrower who is concerned about falling behind calls that 800 number, they enter in their five-digit zip code they are coding or route them to the agency that's nearest their property. We are really an advocate for face-to-face housing counseling sessions to take a look at homeowners' budgets, loan products, hardships and then help them find a sustainable solution for their situation.
Interviewer: There is a lot of frustration for a homeowner who is going through some of these because they may call a hotline and then get busy signals, the busy signals, what's going to happen when they call you guys?
Sarah Noel: Yeah the Colorado Foreclosure Hotline only services in Colorado. So the thing that makes us different is that we're local and they can meet face-to-face with someone after calling the hotline. We do ask the borrowers to call the hotline or allow about three to four business days for a counselor to get back to them and in some cases that may mean leaving a message, but we always follow up with any client who can't get through to their counseling agency to help them find someone that they can meet with us as soon as possible.
Interviewer: What kind of success rate would you say you had, you have been in three years so, which you can see some sort of return?
Sarah Noel: Ot the people who meet face-to-face with their housing counselor, 80% of them will find a positive resolution for their situation. It doesn't necessarily always mean staying in the property, but it does mean avoiding that foreclosure on their credit report. So it's about four out of five people are avoiding foreclosure when they meet with their HUD-approved housing counselor.
Interviewer: And what is the hotline number because I think that's probably one of the most important things that people are watching this or tuning into find out?
Sarah Noel: The number is 877-601-4673, which is HOPE.
Interviewer: Okay and it's the Colorado...
Sarah Noel: Foreclosure Hotline.
Interviewer: Sarah thank you very much for joining us.
Sarah Noel: Thank you.
Interviewer: And for more real estate-related topics, you can be sure to tune into BrokerIPTV.com.
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