Colorado Foreclosure Hotline After 2 Years: A report on callers and outcomes
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Colorado Foreclosure Hotline After 2 Years: A report on callers and outcomes (1/16/2008)
DENVER, Colo."From November 2007 to November 2008, calls to the Colorado Foreclosure Hotline have increased by an average of 28 percent per month. According to a report released today by the Hotline"s call center, inception-to-date calls placed to the Hotline reached 52,340 last month.
Despite climbing demand, housing counselors have maintained the same success rates since the Hotline"s inception. Eighty percent, or four out of five households, who attend a face-to-face, one-on-one appointment with a HUD-approved housing counselor, will successfully avoid foreclosure.
"Calls are continually on the rise," said Stephanie Riggi, manager of the Colorado Foreclosure Hotline. "In 2007 we saw calls taper off toward the end of the year. This year, calls have increased as the holidays approach, and our housing counselors are scheduling appointments as much as two weeks in advance."
The Colorado Foreclosure Hotline has met with 10,300 clients since the October 2006 launch.
According to the report, 43 percent had adjustable-rate mortgages (ARMs) and 44 percent had fixed-rate mortgages. The majority of these mortgages were with Wells Fargo, GMAC Homecomings, Countrywide, Citigroup, and JPMorgan Chase.
For those borrowers that received housing counseling through the Hotline, 23 percent sold their homes through a short sale, while 15 percent brought the mortgage current, 10 percent initiated a repayment plan, and 7 percent obtained a mortgage modification.