The following information was just emailed to me by Colorado State Representative Beth McCann. Representative McCann is a wonderful person as well as one of the most tireless advocates for consumer rights I’ve ever had the pleasure to meet. I herein paraphrase her email as follows:
“For those homeowners still in their homes and who continue to get the run around from the mortgage servicing companies please have them file a complaint with the Colorado Attorney General’s (CO AG’s) office. They have an escalation process under which they can escalate these types of complaints to an executive level contact person within the companies. Click here for the link to file such a complaint.
For those homeowners who have lost their home to foreclosure, per the referenced settlement, they will be contacted to receive payment from the settlement. The CO AG’s office is in the process of hiring a claims administrator who will issue notice to these borrowers. These foreclosed former homeowners will need to fill out and file a claim form. The individual recovery is expected to range from $1,500 – $2,000. However, this will depend on the number of eligible claims the states receive. If a homeowner who has lost their home to foreclosure would like to make sure that they receive this notice, they may file a complaint with the AG’s office using the same form as set forth above.
For homeowners that have not been successful in negotiation for a mortgage modification with their mortgage servicer, contact the Colorado Foreclosure Hotline at 1-877-601-HOPE (4673). They can also contact the banks directly at their new 1-800 numbers. All of this information can be found on the CO AG’s website:
For updates to the National Mortgage Settlement be sure to check the comments section, below.
Feel free to pass this along to your clients and others dealing with this issue!James Spray, MLO, CNE, FICO Pro CO LMO 100008715 | NMLS 257365 | April 31, 2012
Notice: The information on this blog is opinion and information. While I have made every effort to link accurate and complete information, I cannot guarantee it is correct. Please seek legal assistance to make certain your legal interpretation and decisions are correct. This information is not legal advice and is for guidance only. You may use this information in whole and not in part providing you give full attribution to James Spray.