|
|||||||||
April-June 2007 Foreclosure Prevention Hotline aids troubled borrowersOf callers who meet with a counselor, about four of five avoid foreclosure, the Division of Housing says.By Aldo Svaldi Article Last Updated: 06/28/2007 02:27:42 AM MDT "We had too much of our lives and heart in that place. ... I still get up at night. It is hard for me to sleep." Emilio Gutierrez, who with his wife, Cecilia, avoided foreclosure through the state's foreclosure prevention hotline. (Post / Hyoung Chang) After calling the Colorado Foreclosure Prevention Hotline and meeting with an Adams County housing counselor, Gutierrez worked out a repayment plan with Countrywide Home Loans, his mortgage provider. "If you have the desire to save your home, call that hotline," Gutierrez said. "You have to be willing to make the sacrifices." About 16,000 people have called the hotline since it started last October, according to the Colorado Division of Housing. About half of callers take the next step of meeting with a housing counselor, said Ryan McMaken, a spokesman for the division. Of that group, about four out of five are able to avoid foreclosure, McMaken said, although that doesn't mean they necessarily keep their homes. About a third of those who meet with a housing counselor still lose their homes in short sales, in which the lender agrees to accept a sales price below what is owed on the mortgage. Several factors help borrowers who go through the hotline to work out better terms with lenders. Counselors screen out troubled borrowers who are too far behind to help or who aren't honest about their financial situation. That helps loss-mitigation agents at the mortgage companies who are typically loaded down with 200 to 300 files each and are eager to prioritize, McMaken said. "It shows the borrower is really engaged. That makes them move up the list," McMaken said. Financial mismanagement, an unsuitable mortgage loan and unsteady work in the circuit-board manufacturing industry combined to put Gutierrez behind, said Mary Ellen De Los Santos, housing counseling coordinator with the Adams County Housing Authority. Last October, Gutierrez got a better-paying job as a service technician for microfilm equipment. He was also motivated to make the necessary sacrifices to catch up, she said. Gutierrez and his wife, Cecilia, share the mortgage on a duplex with their daughter. Their failure would have brought her down as well. Gutierrez, 55, adds that he doesn't want to face the prospect of retirement as a renter, something he has been most of his life. "We had too much of our lives and heart in that place," he said. The couple bring home about $3,000 a month. They are meeting their share of monthly mortgage payments of $1,000 a month and paying another $700 a month to catch up on the missed payments. They should be current by the end of August. [. . .] Staff writer Aldo Svaldi can be reached at 303-954-1410 or asvaldi@denverpost.com. How to get helpCall the state's Foreclosure Prevention Hotline. 877-601-4673 http://www.chieftain.com/business/1182929990/1 Rising number of foreclosures ignites fears of a downturn By RICH LADEN THE GAZETTE Last fall, rising foreclosures prompted state officials to launch a hotline to assist troubled homeowners.
|
Metro vacancy rate dips to a 5-year low
Average monthly rents about 5% below 2003 level
By John Rebchook, Rocky Mountain News
May 25, 2007
[. . .]
A separate report by the Genesis Group, also out Thursday, said "foreclosures represent the most significant challenge contributing to the woes of both the new and resale housing markets." Genesis, which tracks the Front Range housing market, said foreclosures are creating an "involuntary supply" of homes, according to its report.
The thousands of foreclosed homes on the market are "threatening the health of metro Denver's housing market by directly and indirectly reducing demand for existing and new housing."
Kathi Williams, director of the Colorado Division of Housing, said the division's Foreclosure Hotline, (1-871-601-HOPE) is "trying to slow down this dumping of properties into an overall saturated market."
[. . .]
rebchookj@RockyMountainNews.com or 303-954-5207
Copyright 2007, Rocky Mountain News. All Rights Reserved.
Closing foreclosure door
The five bills are intended to stem the loss of homes in Colorado, which led the U.S. in filings last year.
By Will Shanley
Denver Post Staff Writer
Article Last Updated: 05/31/2007 11:37:13 PM MDT
Gov. Bill Ritter today is expected to sign a package of mortgage- related bills aimed at protecting consumers and stemming the state's ongoing wave of home foreclosures.
Ritter will sign five bills during a ceremony at Brothers Redevelopment Inc., a Denver-based nonprofit that operates the state's foreclosure hotline. The hotline was established last year in response to the thousands of foreclosures in Colorado. The state had the country's highest rate of foreclosure filings per household last year.
[. . .]
He noted that the bills will not necessarily help Colorado residents with homes already in foreclosure. Rather, the bills will help prevent future foreclosures by reining in questionable mortgage brokers who have contributed to the foreclosure epidemic, Urban said.
[. . . ]
Staff writer Will Shanley can be reached at 303-954-1260 or wshanley@denverpost.com
Rental vacancies hit new low of 4.2 percent
[. . .]
Measuring demand for Denver-area rental housing has taken on additional importance in recent years, as housing foreclosure rates have increased.
"Families with several children that have foreclosed, or have been forced to sell for some reason, will be looking to rent a small house or duplex property, and will not be interested in a large apartment complex," Von Stroh said in a statement. "That is driving some of the decline in [rental housing] vacancies."
Colorado No. 2 for foreclosures in April
Colorado had the second-highest foreclosure rate in the nation, and total filings across the country were up 62 percent in April, according to data from RealtyTrac.
[. . .]
Colorado housing officials have disputed RealtyTrac's figures, saying that because of the way foreclosures are reported within the state, Colorado's filings are being double- or even triple-counted.
Article published May 16, 2007
Homeowners teeter
Foreclosure rate climbs in Larimer County
By JULIETTE FARDULIS JulietteF@coloradoan.com
If foreclosures continue on their current pace, Larimer County’s foreclosure rate is expected to increase by about 20 percent by the end of the year.
Seventy-five percent of those foreclosures are the result of refinancing, said Kathi Williams, director of the Colorado Division of Housing in Denver.
[. . .]
“We can’t just look at how many homes foreclosed, but the number of foreclosures per household, said Ryan McMaken, community relations director of the Colorado Division of Housing.
[. . .]
Foreclosure filings in Colorado increased 31 percent from 2005 to 2006 and 110 percent between 2003 and 2006.
Forecasts indicate that, barring major changes in economic conditions, foreclosure filings in Colorado will increase to about 36,000 for 2007, a 25 percent increase from 2006.
Foreclosure filings typically rise to their peak in March, and then decline until mid-year, then start to go back up in July, McMaken said.
The reason filings peak in late February and early March are due to consumer spending at the end of the year, combined with increased heating bills and other unplanned expenses. By April to June, the foreclosures decline, relative to the other quarters, but then the cycle begins again, McMaken said.
[. . .]
With foreclosures still rising, hotline helps thousands
posted by: Jeffrey Wolf , Web Producer
written by: Thanh Truong , 9NEWS Reporter
KUSA - With 9,254 foreclosure filings in the first quarter of 2007, Colorado is on pace to see a 20 to 30 percent increase from the number of filings last year.
The 2006 total was 28,453.
[. . .]
The non-profit organization is part of a public and private consortium dedicated to helping troubled homeowners. Since its creation in October last year, the Colorado Foreclosure Prevention Hotline has helped an estimated 8,000 to 9,000 people avoid the painful process.
The call center averages about 100 calls a day. While each case is unique, Urban says workers generally try to convey three bits of advice to every caller.
"Contact your lender, stay positive and know you're not alone," said Urban.
Contacting the lender, Urban says, is perhaps the most important and most difficult, which is why workers often make the initial contact.
[. . .]
While the hotline's mission is to steer people away from foreclosure, Urban says a "positive outcome" is relative. In some cases, Urban says a home must be lost to save the borrower's credit.
"Sometimes that has to happen. At the time many people would think that it's not a good outcome, but when they realize that the word 'foreclosure' will not be in their credit history, they usually change their minds," said Urban.
The hotline's phone number is 1-877-601-HOPE (4673).
(Copyright KUSA*TV. All rights reserved.)
Weld drops to No. 2 in state in overall foreclosures
Staff Reports
May 11, 2007
Weld County had the second highest amount of foreclosures for the first quarter of 2007, according to a report released Thursday by the Colorado Division of Housing.
[. . .]
Statewide, there were 9,254 foreclosures during the first quarter of this year, which indicated the state could see an increase of 25 percent in total foreclosures for the year, according to the report. If foreclosure filings keep on pace for the remainder of 2007, much of the state will experience an increase of 20-30 percent.
[. . .]
"It's difficult to predict what will happen this year since we don't have a lot of past quarterly data from the individual counties," said Kathi Williams, director of the Colorado Division of Housing, in a press release. "But if foreclosures continue to be filed at current rates, we're looking at a significant increase from 2006 in many counties. Those counties that were hard hit in 2006, such as Adams and Weld, probably won't see much relief this year."
Locally, credit counseling agencies are working to increase their foreclosure services in the region.
Consumer Credit Counseling Service of Northern Colorado, which is part of the Foreclosure Hotline network of counseling agencies, is based in Fort Collins but has a branch on Greeley. Sara Allen, Executive Director of the agency, is working to bring in more counselors that can serve the Greeley area.
[. . .]
"About 50 percent of hotline callers from Greeley who schedule an appointment are either no-shows or they cancel. That's a higher no-show rate than in other areas, where about 65 percent show up, so we're trying to do more community outreach to show the importance of meeting with counselors," Allen said.
Call for Help:
The Colorado Foreclosure Hotline, (877)601-4673 has received more than 14,000 calls since last October, and it often receives over 100 calls a day from homeowners trying to save their homes.
About the report:
The Colorado Division of Housing plans to continue counting foreclosure data from public trustees on a quarterly basis, and will be releasing data for the second quarter of 2007 later this year. The report can be accessed online at the Colorado Division of Housing Web Site at http://dola.colorado.gov/cdh/researchers/index.htm
Denver Business Journal: May 4-10, 2007 Print Edition
Foreclosures on track to exceed '06
Year's filings hit 9,254; pace heads toward 25% jump
By John Rebchook, Rocky Mountain News
May 10, 2007
Colorado was hit by 9,254 foreclosure filings in the first quarter, putting the state on track to top last year's record foreclosures by about 25 percent.
[. . .]
Despite the rising number of foreclosures, the figures are far smaller than the 16,430 filings released in earlier reports by Irvine, Calif.-based RealtyTrac.
"RealtyTrac's numbers are ridiculous and irresponsible," said Kathi Williams, director of the housing division.
She argued that RealtyTrac is counting foreclosures more than once as they move through the process.
[. . .]
The Division of Housing report, based on surveys of public trustee offices statewide, shows Adams County topped the list with one foreclosure for every 98 households.
"No. 1, I think the whole foreclosure situation is a sad situation," said Carol Snyder, Adams County public trustee.
[. . .]
"This year they're starting to crack down on the unscrupulous tactics of some bad actors," she said. "There's a lot of blame to go around with unscrupulous lenders, unscrupulous real estate brokers and unscrupulous home builders. There's a lot of great people in these fields, too, but a few bad actors are causing a lot of problems."
[. . .]
The Colorado Foreclosure Hotline has received more than 14,000 calls since it was launched in October, or about 100 calls a day from people "trying to save their homes," said Zachary Urban, administrator of the hotline and director of housing counseling for Edgewater-based Brothers Redevelopment Inc.
[. . .]
•Colorado Foreclosure Hotline: 1-877-601-HOPESource: Colorado Division Of Housing
rebchookj@RockyMountainNews.com or 303-954-5207
Copyright 2007, Rocky Mountain News. All Rights Reserved.
TheDenverChannel.com
State Survey: Foreclosures Continue Rise
Colorado Filings May Show 24 Percent Increase By Year's End
POSTED: 4:27 am MDT May 10, 2007
Denver -- Nearly 9,300 housing foreclosure filings were submitted in the first quarter, putting Colorado on pace to log a 25 percent increase in foreclosures at year end, according to a state study released Wednesday. [. . .] Division officials compiled the survey at the request of the Colorado Blue Ribbon Panel on Housing and the Colorado Foreclosure Prevention Task Force.
Copyright 2007 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The Pueblo Chieftain Online
Select file then print to print this article.
Published: Thursday May 10, 2007
Pueblo taking a foreclosure beating
By JAMES AMOS
THE PUEBLO CHIEFTAIN
The Colorado Foreclosure Prevention Hotline has been doing a booming business, and many of the callers may live in Pueblo.
Pueblo County has one of the highest foreclosure rates in the state, according to a new state study of foreclosure numbers, released by the Colorado Division of Housing.
[. . .]
Pueblo also had one of the higher densities of foreclosures in the state, one for every 152 occupied residential units. The state rate is one foreclosure for each 385 units.
The national surge in foreclosures last year and this year has made lenders more flexible on helping homeowners stay in their houses, according to Zachary Urban, director of Colorado's Foreclosure Hotline.
People who call the hot line at 1-877-601-HOPE (1-877-601-4673) can talk to a housing counselor who will give them advice and serve as a mediator between them and their mortgage lender. Urban said callers tend to be people who bought their first home, lived there a few years and have found out that they can't pay their mortgages. Many have adjustable-rate mortgages, which have had higher payments in the last few years.
People in foreclosure can do several things to save their house, including working out a payment plan with their mortgage lender or finding a way to leave the house without having it foreclosed and taken from them, Urban said. Some lenders are willing to write off the difference between what a person owes on their mortgage and what they sell the house for.
Urban said lenders don't want the houses and are working harder now to keep homes from being foreclosed.
[. . .]
Homeowners who face foreclosure must call the hot line for help rather than ignore the situation, Urban said. When you get late-payment notices, don't just set them aside.
"That's probably about the most dangerous thing to do is ignore it," Urban said. "If you don't want to call your lender, let us call your lender for you."
(Source: Colorado Division of Housing. No information available for Bent, Huerfano, Kiowa, Rio Grande or Saguache counties.)
©1996-2007The Pueblo Chieftain Online
Business
Housing market remains in storm
Foreclosure rate up on Front Range
By Aldo Svaldi Denver Post Staff Writer
The Denver PostArticle Last Updated:05/10/2007 02:30:45 AM MDT
Foreclosures continued to batter the Front Range housing market in the first quarter, dashing hopes that stronger job growth would hold back rising delinquencies, according to a report Wednesday from the Colorado Division of Housing.
[. . .]
"I thought I would see some moderation and flattening," said Ryan McMaken, a Housing Division spokesman who compiled the report. "(But) we will exceed last year's numbers."
[. . .]
Foreclosures remain concentrated along the northern Front Range, with Adams, Weld, Arapahoe, Denver and Pueblo counties the hardest-hit areas.
[. . .]
The Denver Post examined the root causes of Colorado's foreclosure epidemic in a 10-part series last year called "Foreclosing on the American Dream."
Government officials and nonprofit groups have focused on early intervention, trying to reduce the percentage of foreclosed homes that end up going back to lenders.
Central to that effort is the Colorado Foreclosure Prevention Hotline, 877-601-4673, which has fielded more than 14,000 calls since opening in October.
Those efforts appear to be bearing some fruit, even as total foreclosures rise. Last year, about half of all foreclosures resulted in a lender taking possession.
[. . .]
A larger number of calls to the foreclosure hotline are from borrowers with adjustable-rate, interest-only and payment-option loans, said Zachary Urban, director of housing counseling with Brothers Redevelopment and the hotline's supervisor.
Unable to handle escalating mortgage payments and declining home values, more borrowers are losing their homes with their jobs, health and marriages intact.
[. . .]
The foreclosure hotline hopes to have more counselors, particularly for Adams and Weld counties, in place by this summer, McMaken said.
Staff writer Aldo Svaldi can be reached at 303-954-1410 or asvaldi@denverpost.com.
May 10, 2007 6:24 am US/Mountain – Channel 4
State Survey Shows Foreclosures Continue To Climb
(AP)DENVER Nearly 9,300 housing foreclosure filings were submitted in the first quarter, putting Colorado on pace to log a 25 percent increase in foreclosures at year end, according to a state study released Wednesday.
[. . .]
Division officials compiled the survey at the request of the Colorado Blue Ribbon Panel on Housing and the Colorado Foreclosure Prevention Task Force.
(© 2007 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. )
Foreclosures rising statewide
By John Rebchook
May 9, 2007
There were 9,254 foreclosures during the first quarter of 2007 according to a report released today by the Colorado Division of Housing. There were 28,453 foreclosures during all of 2006, indicating that Colorado may see an increase of 25 percent in total foreclosures for 2007.
[. . .]
"It's difficult to predict what will happen this year since we don't have a lot of past quarterly data from the individual counties," said Kathi Williams, Director of the Colorado Division of Housing. "But if foreclosures continue to be filed at current rates, we're looking at a significant increase from 2006 in many counties."
Zachary Urban, administrator of the Colorado Foreclosure Hotline, 1-877-601-HOPE, and director of housing counseling for Brothers Redevelopment Inc. notes that hotline activity continues to grow.
"The hotline has received over 14,000 calls since last October, and it often receives over 100 calls a day from homeowners trying to save their homes, " Urban said.
Many hope that the hotline is mitigating some of the foreclosure activity throughout the state. "Naturally, we're concerned that foreclosure numbers continue to increase," said Susan Kirkpatrick, Executive Director of the Colorado Department of Local Affairs. "Thanks to the Hotline and the counseling efforts of non-profits throughout Colorado, we know that thousands of people who've fallen behind on their payments have managed to avoid foreclosure. But, it's clear that the need for these services isn't about to go away."
[. . .]
Copyright 2007, Rocky Mountain News. All Rights Reserved.
Foreclosures up in first quarter
By Aldo Svaldi
Denver Post Staff Writer
Colorado's rising foreclosure rate shows no sign of abating, according to a first quarter count from the Colorado Division of Housing.
[. . .]
Foreclosures expected to climb 25% in Colo.
The Denver Business Journal - 10:37 AM MDT Wednesday, May 9, 2007
Colorado is on track to see a 25 percent increase in foreclosures in 2007, according to data released Wednesday by the state Division of Housing.
[. . .]
"It's difficult to predict what will happen this year since we don't have a lot of past quarterly data from the individual counties," Kathi Williams, Director of the Colorado Division of Housing, said in a statement. "But if foreclosures continue to be filed at current rates, we're looking at a significant increase from 2006 in many counties."
The Colorado Foreclosure Hotline (1-877-601-HOPE), a free counseling service for struggling homeowners that was launched in October 2006 as partnership between the Division of Housing and several area lenders, has received more than 14,000 calls, according to its administrator, Zachary Urban.
No surprise: 2007 foreclosure rates up
There were 9,254 foreclosures during the first quarter of 2007, according to a report released yesterday by the Colorado Division of Housing.
There were 28,453 foreclosures during 2006, suggesting that Colorado could see an increase of 25 percent in total foreclosures for 2007, said CDH spokesman Ryan McMaken.
[. . .]
"It's difficult to predict what will happen this year since we don't have a lot of past quarterly data from the individual counties," said Kathi Williams, director of the Colorado Division of Housing. "But if foreclosures continue to be filed at current rates, we're looking at a significant increase from 2006 in many counties."
The Colorado Foreclosure Hotline (877-601-HOPE) has received more than 14,000 calls since October from people trying to save their homes.
April 20, 2007 : Colo. Div of Housing Figures and hotline information used for Foreclosures increase 30 percent
Jump over last year's first quarter surprises experts
By John Rebchook, Rocky Mountain News
April 14, 2007
More than 6,200 real estate foreclosures have been filed in the seven-county Denver area in the first three months of the year, a 30 percent jump from the record pace in the first quarter of 2006.
[. . .]
Kathi Williams, head of the Colorado Division of Housing, said she knew "the first quarter wasn't going to be pretty" based on the number of homeowners who were delinquent on mortgage payments.
On Thursday, Williams attended a seminar with experts from Wells Fargo, JPMorgan Chase and U.S. Bank to help counselors who take questions at the Colorado Foreclosure Hotline (1-877-601-HOPE). She said the bankers appear more willing than ever to try to help people stay in their homes.
[. . .]
Foreclosure hotline offers help
Survey: More than 1/3 staying in home
By JULIETTE FARDULIS
JulietteF@coloradoan.com
For those in Colorado facing the threat of home foreclosure, there is a place to call for help and hope. The Colorado Division of Housing’s foreclosure hotline is receiving about 75 calls per day, the most from Fort Collins, Colorado Springs and the Denver area. A recent survey followed up with 1,500 callers to see what had happened to them since their calls. |
NOTE: The Pueblo Chieftain also carried this story.
Foreclosure hotline helps spare homes |
By Margaret Jackson |
Article Last Updated:04/05/2007 01:51:20 AM MDT |
|
Meeting with housing counselors has helped at least four of every five callers to the state's foreclosure hotline avoid losing their homes. Since it was established five months ago, the hotline (1-877- 601-HOPE) has received more than 11,000 calls from people in jeopardy of foreclosure, said Zachary Urban, director of housing counseling for Brothers Redevelopment Inc. and the administrator of the hotline. "The majority of people don't even know what kind of loan they have," Urban said. "That in itself is scary." Brothers conducted a survey of 1,500 hotline callers to measure the counseling success for the Colorado Foreclosure Prevention Task Force, a consortium of nonprofits, real-estate professionals and state agencies. Among those surveyed, about 26 percent didn't know what type of loan product they had; 18 percent had an adjustable-rate mortgage; 13 percent had an option ARM; 16 percent had an interest-only loan; 15 percent had an 80/20 loan; 7 percent had a fixed-rate loan; and 5 percent had some other type. A big surprise was that 75 percent of those surveyed were refinancing, rather than purchasing, said Kathi Williams, director of the Colorado Division of Housing and co-chairwoman of the Foreclosure Prevention Task Force. "It's very obvious that people were inspired by ads to pull cash out to pay off higher-interest credit cards," she said. |
Foreclosure Rate in Colorado OVERSTATED!
Contributed by: Lane Hornung on 4/18/2007
Colorado has made headlines over the past six months as the reluctant recipient of the dubious honor of being the nation's foreclosure capital.
According to RealtyTrac, one out of every 33 properties in Colorado is in foreclosure for a total of 54,747 foreclosures in 2006.
However, a study conducted by the Colorado Division of Housing, which inventoried about 95% of the state's foreclosures, found the number of foreclosures to be about half that, for a total of 28,435 foreclosures, translating to one out of every 58 homes.
That's a BIG difference!
[. . .]
Foreclosing on a house in Colorado is much different than foreclosing on a home in Texas. As a result, comparing one state's foreclosure rate against another state may be relevant, or it may completely false and misleading.
Comparing the rate of Colorado in one year to the rate in another year is much more informative. According the Division of Housing study, Colorado foreclosures are up 31% in 2006 over 2005.
[. . .]
|
Colorado foreclosure hotline seen as a success
By John Rebchook, Rocky Mountain News
April 4, 2007
At least 4 out of 5 callers to the Colorado Foreclosure hotline who meet with housing counselors avoid foreclosure, according to a report released today by the Colorado Division of Housing and Brothers Redevelopment, Inc. The report comes as the foreclosure hotline surpasses 10,000 calls five months after the hotline launched.
Receiving about 75 calls each day, the hotline (1-877-601-HOPE) connects callers with local housing counselors throughout the state.
Homeowners who call are encouraged to meet with housing counselors.
Among those who work with a counselor, fewer than one in 5 lose their homes to a foreclosure sale at auction, while most work with the counselors and with mortgage companies to find other options such as repayment plans, modifications to the mortgage agreement, or selling the home before final foreclosure.
[. . .]
"We’re very happy to see that the hotline is having a positive effect," said Kathi Williams, Director of the Colorado Division of Housing, and co-chair of the Colorado Foreclosure Prevention Task Force. "This shows how critical it is for households facing foreclosure to get help as quickly as they can. Homeownership counseling can and does help families avoid foreclosure."
The Colorado Division of Housing is among the hotline’s primary financial supporters.
[. . .]
"Early intervention is still the key," said Zachary Urban, Director of Housing Counseling for Brothers Redevelopment, Inc. "Clearly, the closer one gets to the foreclosure sale, the harder it is to save the home. The hotline counselors have been able to help a lot of people, but they can help more if people call sooner."
With 10,000 callers in five months, the Colorado Foreclosure Hotline is the likely the busiest hotline in the nation.
"We can’t find any other single state in which so many have called a foreclosure hotline in as short a period of time" said Williams.
[. . .]
The Colorado Foreclosure Hotline is a joint project of state agencies, mortgage lenders, real estate associations and non-profits from throughout Colorado. Brothers Redevelopment, Inc. administers the hotline network. Callers to the hotline are given the option of connecting to a central call center in Denver or being connected with a local housing counseling agency based on the caller’s zip code.
Copyright 2007, Rocky Mountain News. All Rights Reserved.
Foreclosure hotline helping homeowners Staff Reports
April 4, 2007
The Colorado Foreclosure hotline is working.
According to the Colorado Division of Housing and Brothers Redevelopment Inc., four out of five callers to the hotline who met with housing counselors avoided foreclosure. The two agencies released a report Wednesday as the number of calls to the hotline surpassed 10,000 five months after it was launched.
The information in the report was obtained through a sample of 1,500 hotline callers contacted by Brothers Redevelopment to measure counseling success for the Colorado Foreclosure Prevention Task Force, a group of nonprofits, real estate professionals and state agencies.
The hotline has been getting about 75 calls each day. Callers are then connected with local housing counselors throughout the state. The report said that among those who work with a counselor, fewer than one in five lose homes to foreclosure. Instead, homeowners work with counselors and mortgage companies to find other options such as repayment plans, modifications to their mortgage agreement or selling the home before final foreclosure.
Among those surveyed, 42 percent were at least three months delinquent in their payments; 6 percent of callers who received counseling were able to bring payments current without other action; 15 percent initiated a repayment plan; and 22 percent sold the property.
[. . .]
For more:
The Colorado Foreclosure Hotline -- (877) 601-4673 -- is a joint project of state agencies, mortgage lenders, real estate associations and non-profits from throughout Colorado. Brothers Redevelopment, Inc. administers the hotline network. Callers to the hotline are given the option of connecting to a central call center in Denver or being connected with a local housing counseling agency based on the caller's zip code.
Foreclosure hotline seeing success
If you know someone in danger of losing their home, there may be help. The state's foreclosure hotline is showing impressive numbers. The hotline started back in October. There have been 11,300 calls. In four out of five cases, the caller has been able to avoid foreclosure.
Church ministers, company CEO's, radio announcers; they have all called housing counselors. Many callers have missed three mortgage payments or more. Counselor Kait Thompson says there is, "crying, a lot of crying, they don't know what their options are."
Thompson spends several minutes asking questions. Callers often don't understand the terminology. Counselors like Thompson try to work out an arrangement between callers and mortgage companies. In four out of five cases, it works and people don't foreclose.
[. . .]
"The sooner you call the more options are available," said state housing director Kathi Williams.
[. . .]
You can call the foreclosure hotline at 1-877-601-HOPE.
Posted By: Susan Davies (Updated: 4/9/2007 8:02:32 PM) |
Foreclosure hotline helping homeowners
Staff Reports
April 4, 2007
The Colorado Foreclosure hotline is working.
According to the Colorado Division of Housing and Brothers Redevelopment Inc., four out of five callers to the hotline who met with housing counselors avoided foreclosure. The two agencies released a report Wednesday as the number of calls to the hotline surpassed 10,000 five months after it was launched.
[. . .]
For more:
The Colorado Foreclosure Hotline -- (877) 601-4673 -- is a joint project of state agencies, mortgage lenders, real estate associations and non-profits from throughout Colorado. Brothers Redevelopment, Inc. administers the hotline network. Callers to the hotline are given the option of connecting to a central call center in Denver or being connected with a local housing counseling agency based on the caller's zip code.
Foreclosure hotline helping most callers
The Denver Business Journal - 12:48 PM MDT Wednesday, April 4, 2007
At least four out of five people who have called the Colorado Foreclosure Hotline over the past five months have avoided foreclosure, the Colorado Division of Housing said Wednesday.
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 data is based on a survey of 1,500 of the approximately 7,000 people who had called the hotline.
Call volume was highest in the following ZIP codes: 80013, 80015, 80022, 80229 and 80601.
The foreclosure hotline, launched in October 2006, connects nonprofit counseling agencies across Colorado to callers trying to avoid foreclosure. It is a joint project of the state housing division and Chase Bank.
The hotline number is 1-877-601-HOPE.
Hotline answers call to stop foreclosures
Officials: 4 out of 5 users' homes saved during first 6 months
By John Rebchook, Rocky Mountain News
April 5, 2007
[. . .]
During the six months that the Colorado foreclosure hotline has been in business, it has saved homes from being foreclosed upon for four out of five callers who talked with a counselor.
"A lot people say they got themselves into this problem, and they are going to resolve it on their own," said Brothers Redevelopment's Zachary Urban, who runs the hotline."In my estimation, that is usually not very successful. People have more success by dealing with a trained professional who has dealt with hundreds of cases."
In all, the hotline has had a positive economic impact of close to half a billion dollars, officials estimated on Wednesday at the request of the Rocky Mountain News.
[. . .]
It costs the state about $500,000 a year to operate the hotline, which has received 11,300 calls so far.
She said the feedback she has gotten from national lenders and the Federal Reserve Board is that this is the most successful foreclosure hotline in the nation.
"I call this phase I," Williams said. "We have decided on the technology, and the network is in place. We're setting a benchmark with the data we have collected."
[. . .]
"Reaching out is the critical step," Urban said. "The issue of foreclosure tends to be a very dark and embarrassing situation. People need to know that there are systems in place to get people out of the situation."
Despite the large number of people who have called, it is not enough, Urban said.
"I think if there is one person in foreclosure who has not called (1-877-601- HOPE), we still have room to grow," Urban said. "This is a game of one by one, not a game of thousands."
Foreclosure hotline highlights
42 percent of callers are at least three months delinquent on mortgage payments.
•Calls: 11,300 (7,000 when analysis completed)
•Outcomes: Mortgages brought current, 6 percent; mortgage modified, 13 percent; initiated repayment plan, 15 percent; executed deed-in-lieu of foreclosure, 5 percent; sold home or pre-foreclosure sale, 22 percent.
•Status: 38 percent of those surveyed will stay in their current homes; 34 percent will leave or have left their homes; 28 percent working to resolve their situation.
•Loan breakdowns: 75 percent had conventional mortgages; 5 percent had FHA or VA loans; 20 percent were unsure.
•Loan types: 18 percent had adjustable rate mortgages; 16 percent had interest-only loans; 7 percent had fixed-rate loans; 26 percent were unsure of mortgage product.
•ZIP codes with highest volume of calls: 80013, 80015, 80022, 80229, 80601
•Cities with highest volume of calls: Denver, Aurora, Westminster, Thornton, Colorado Springs, Fort Collins.
•Counties with highest volume of calls: Adams, Arapahoe, Denver, Jefferson, El Paso, Weld.
•Busiest time of the month: First through fifth
•Busiest day of the week: Tuesday
•Busiest time of the day: 10 a.m.
•Good time to call to get a counselor: Friday
•Hotline number: 1-877-601-HOPE (4673) Sources: Colorado Division Of Housing, Brothers Redevelopment
rebchookj@RockyMountainNews.com or 303-954-5207
Copyright 2007, Rocky Mountain News. All Rights Reserved.
Foreclosure hotline helping most callers
The Denver Business Journal - 12:48 PM MDT Wednesday, April 4, 2007
At least four out of five people who have called the Colorado Foreclosure Hotline over the past five months have avoided foreclosure, the Colorado Division of Housing said Wednesday.
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 data is based on a survey of 1,500 of the approximately 7,000 people who had called the hotline.
Call volume was highest in the following ZIP codes: 80013, 80015, 80022, 80229 and 80601.
The foreclosure hotline, launched in October 2006, connects nonprofit counseling agencies across Colorado to callers trying to avoid foreclosure. It is a joint project of the state housing division and Chase Bank.
The hotline number is 1-877-601-HOPE.
Taking the real estate plunge
By Sheba R. Wheeler
Denver Post Staff Writer
Article Last Updated: 03/15/2007 06:56:36 AM MDT
Seven out of 10 Americans have purchased a home at some point in their lives.
That number is probably higher than it should be, says Jim Spray with America's Mortgage. Consider that the Colorado Division of Housing recorded 28,435 foreclosures last year, and another 19,000 are currently on the books in Denver.
Foreclosure Problems Continue In Colorado (TV coverage)
Reporter: Josh Earl
Email Address: jearl@kktv11news.com
Colorado 's foreclosure rate continues to be one of the highest in the county. Foreclosures tracked by the state show that the number of people losing their homes have more than doubled since 2003.
Figures released by the Colorado Division of Housing show that between 2005 and 2006, foreclosures increased 31 percent from 21-thousand-782 to 28-thousand-435. That's up from 13-thousand-575 in 2003.
[. . .]
If you are going through a foreclosure or are on the verge of doing so, you can get help by calling the states foreclosure hot line.
That number is 1-877-601-HOPE or 1-877-601-4673
KOAA - State foreclosure rate on the rise, Pueblo and El Paso Counties among top 10
The Colorado Division of Housing reported Tuesday that 27,113 homes were foreclosed on in 2006, a 31 percent jump over 2005 and more than double the number from three years ago. In a county-by-county comparison, Pueblo County ranks 5th highest for per capita foreclosures and El Paso County ranks 8th.
Colorado isn't alone in the foreclosure battle. Rising foreclosures across the country have put pressure on Congress to regulate the types of loans available, namely interest only loans and adjustable rate mortgages. Those types of loans make it easier for buyers to borrow more money than they can afford.
[. . .]
The state has set up a foreclosure hotline for buyers who are facing foreclosure. That number is 1-877-601-4673. You can also reach the division of housing website by clicking here.
Posted By: Andy Koen (Updated: 3/6/2007 5:17:54 PM) |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| Counselor Login | Site Map | Privacy Policy | Legal | Contact Us | Home |