$51 million distributed for CO foreclosure prevention
DENVER (KKCO) – Colorado groups and companies will share $51.17 million to help people across the state avoid foreclosure.
Colorado's $51.17 million breakdown:
- $24 million for supplemental loan-modification programs
- $18.196 million for affordable housing programs
- $5.625 million for housing counseling through the state
- $1.5 million for Colorado Legal Services
- $750,000 for temporary staffing at the Attorney General’s Office
- $600,000 for the Colorado Foreclosure Hotline
- $500,000 for marketing and outreach efforts
The money comes from a landmark settlement between multiple state attorneys general and five national banks. Bank of America, J.P. Morgan, Chase, Wells Fargo, Ally Financial and Citigroup agreed to pay the states involved $25 billion to make amends for faulty foreclosure practices.
Colorado received the $51.17 million cut, and on Thursday, the state’s Attorney General John Suthers announced that most of the money has been distributed to homeowner relief and foreclosure-prevention programs (see the sidebar for the breakdown). The organizations will use the funds over the next three years.
If you believe you have been a victim of foreclosure fraud, you can file a complaint with the Colorado Attorney General’s office by clicking the link below. There is also a link to the office’s Mortgage Fraud Information Center.
Those facing foreclosure can talk to a housing counselor for free by calling the Colorado Foreclosure Hotline at 1-877-601-4673 or by clicking the link below.
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