In an effort to aid homeowners, the state legislature is introducing a “foreclosure timeout bill” which gives homeowners a 90-day moratorium on foreclosure so they have a chance to renegotiate their mortgages before losing their home. The text of HB 09-1276 is available on the General Assembly website.
The Colorado Foreclosure Hotline (1-877-601-HOPE) is another source of assistance. The hotline is a free service for Colorado homeowners who have questions about their home loans. Counselors can assist borrowers who are concerned about missing future loan payments, homeowners in the middle of foreclosure, and borrowers who are having trouble communicating with their financial institutions.