Thu June 30, 2011

Colorado Attorney General Awards Grant to Foreclosure Hotline

Colorado Attorney General John Suthers has awarded the Colorado Foreclosure Hotline a $600,000 grant.  The funds are meant to help homeowners avoid foreclosure over the next two years.

The foreclosure hotline is credited with helping more than 25,000 Coloradans better understand their options and ultimately avoid foreclosure.  The grant from the attorney general’s office will allow the hotline to continue operating, but Attorney General Spokesman Mike Saccone said there’s another benefit.

“The Colorado Attorney General’s Office enforces the Colorado Foreclosure Prevention Act which charges us with investigating and prosecuting instances of mortgage fraud.  This will provide us with one more avenue to gather data and gather complaints from consumers,” he said.

The grant will be funded from fines and penalties the attorney general’s office has recovered through settlements with Countrywide Financial and Wells Fargo to resolve allegations related to mortgage fraud.  The hotline receives about 3,000 calls per month, and more than 140,000 Coloradans have called the hotline since it was set up in 2006. 

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