The non-profit Brothers Redevelopment starting today is seeking requests from firms to develop a marketing campaign to draw tens of thousands more distressed homeowners in the state to the Colorado Foreclosure Hotline.
The campaign has a maximum budget of $200,000. It is being funded as part of Colorado’s share of the national foreclosure settlement with five servicers – the Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial.
Brothers, which established and launched the hotline in October 2006 on behalf of the Colorado Foreclosure Hotline, is seeking a “creative, strategic and results-driven marketing communications firm to create top-of-mind awareness” for the hotline.
In the six years since the Hotline was launched, more than 160,000 callers have reached out to it.
Four of five callers who took the next step to meet with a housing counselor at one of the 26 U.S. Department of Housing Urban Development-approved agencies associated with the hotline were able to successfully avoid foreclosure.
Despite the numbers, they could be vastly improved, said Jeff Martinez, spokesman for Brothers.
“We really want to get as many folks calling the hotline as possible,” Martinez said. “We think only about 30 percent of the folks who could be helped are calling. We would like 100 percent of the people to call us, but even if we could increase the number of callers by 100 percent, it would be phenomenal.”
He said a lot of homeowners may not realize that help is available today, which wasn’t in the past.
“There are a lot of new loan modification programs out there and the Colorado Housing and Finance Authority is providing support,” Martinez said. “We would like the hotline to reach every single person who is facing foreclosure, may face foreclosure, is worried about losing their home because of their employment picture, or is in some way in distress.”
While the number of foreclosure filings in Colorado have been dropping, Martinez said it is still a serious problem.
He anticipates the marketing campaign would have a “broad mix of radio, TV and possibly Internet exposure.” The goal is to reach every corner of Colorado, including urban, rural and mountain communities, he said.
Proposals are due to Brothers Redevelopment by Sept. 14.
The campaign is expected to begin by Oct. 22 and run for eight to 12 months.
The $200,000 will include all work results, execution expenses and firm costs and fees.
An advisory committee with representatives from the Office of the Colorado Attorney General, Colorado Housing and Finance Authority and Brothers Redevelopment will assist in the review and selection process.
Details of the RFP are online at www.brothersredevelopment.org and www.coloradoforeclosurehotline.org. A copy of the RFP also may be picked up at Brothers: 2250 Eaton St., Garden Level Suite B, in Edgewater, 80214. Any questions about the RFP must be emailed to firstname.lastname@example.org by Sept. 7.
The hotline could be reached at 877-601-HOPE.