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80% success rate for state's hotline on foreclosures

By John Rebchook, Rocky Mountain News (Contact)

Published April 10, 2008 at 9:52 a.m.
Updated April 10, 2008 at 11:54 p.m.

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Housing counselor Creighton Angst works Thursday at Brothers Redevelopment Inc. with a woman going through foreclosure. The Colorado Foreclosure Hotline has received 8,000 calls since Jan. 1, compared with 20,363 calls in 2007.

Photo by Preston Gannaway / The Rocky

Housing counselor Creighton Angst works Thursday at Brothers Redevelopment Inc. with a woman going through foreclosure. The Colorado Foreclosure Hotline has received 8,000 calls since Jan. 1, compared with 20,363 calls in 2007.

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The Colorado Foreclosure Hotline received 3,050 calls in March, bringing the total number of calls to more than 8,000 since the beginning of the year.

The hotline - 1-877-601-HOPE - received 20,363 calls in 2007. Since the service was launched in October 2006, it has received more than 33,200 calls.

According to a report released Thursday by the Colorado Foreclosure Prevention Task Force, borrowers who meet with the hotline's counselors have an 80 percent chance of avoiding foreclosure.

Most people who called received loans from five lenders: Countrywide, 29 percent; Wells Fargo, 14 percent; Citigroup and affiliates, 11 percent; Washington Mutual, 11 percent; and JPMorgan Chase; 9 percent.

Fourteen percent who called sold their home before final foreclosure; 9 percent were able to pay off missed payments; 8 percent initiated a repayment plan with the mortgage company; and 8 percent received a mortgage modification from the mortgage company.

Only 2 percent were able to refinance their loans, and 2 percent executed a deed-in-lieu of foreclosure.

Comments

  • April 10, 2008

    11:51 a.m.

    Suggest removal

    Diff writes:

    I called them - they were NO HELP what so ever!
    Seemed unless forecloser was eminent they could, would do nothing for you.
    I was two months behind one from over a year before - my mortgage Holder CHASE BANK would not ever talk to me about helping me out -
    ON MY OWN , after almost 6 monthts I found a way to get a re-fi and save my house - ultimately I had to dip into my IRA.
    Good luck to those seeking help here - I bet only a small % get anything....

  • April 10, 2008

    3:01 p.m.

    Suggest removal

    Marshdale writes:

    Sasquach. Do you have a sympathetic bone in your body, or are you just plain old mean all the time?

  • April 11, 2008

    2:17 p.m.

    Suggest removal

    KarlCheney writes:

    According to Sasquatch It's apparently only liberals losing their houses. And people losing their houses makes him feel good!! You are a sick F#@k..

  • April 16, 2008

    10:16 a.m.

    Suggest removal

    trepidation writes:

    It seems our friend SASQUATCH is like my boss; they're both really good at examining something from their comfy seats. The get a great sense of enjoyment sharing their academic point of view, but does that really justify your arrogant tone? Were you just as smart when nobody was paying attention to this issue?

    Please make genuine statements you can develop on your own, instead of talking down and regurgitating from the last three article you read.

    SASQUATCH, it's big game hunting time. I'm calling you out.