(03/18/2011) A major program that helps consumers in the state of Colorado avoid the threat of foreclosure recently received a sizeable grant from the state government to assist more residents.
The Colorado Foreclosure Hotline recently received a two-year grant for a total of $600,000 from the state attorney general's office in an effort to help more residents keep their homes in the event of financial difficulties. The money will come in part from fines and penalties levied against companies that engaged in mortgage fraud.
However, because this initiative doesn't grant any financial assistance, consumers may find it beneficial to seek out a refinance, which can help them save hundreds of dollars a month on their home loan payments. By checking the latest online rate tables, consumers can obtain the best local rates available.
"The Colorado Foreclosure Hotline is the best resource available for consumers facing foreclosure," Colorado Attorney General John Suthers said. "It is free and has a proven record of helping homeowners in distress assess their options and make an informed choice."
The hotline currently fields about 3,000 calls a month and helps talk troubled residents through their options for avoiding foreclosure.
Other related articles:
Massachusetts foreclosures climb for second straight month
Mortgage lenders ordered to pay back homeowners for questionable foreclosures
Treasury official backs foreclosure program
Foreclosure assistance comes to California
Foreclosures taking longer to complete
Alabama launches federal foreclosure assistance program
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