In October of 2006, the Colorado Foreclosure Prevention Task Force launched what has become one of the most heavily trafficked and most successful foreclosure hotlines in the nation, and receives an average of 100 calls each day.
Accordingly, we are pleased to report that a recent survey of 1,500 callers to the Hotline revealed that, of those callers who met with one of the hotline’s housing counselors, four out of five have avoided foreclosure.
Over 90% of the funds you put into this effort will go directly
to counseling agencies. Your cooperation in these efforts will
help foreclosure prevention counseling in Colorado.
We expect counseling to save both lenders and homeowners
tens of thousands of dollars for each foreclosure avoided. The
assistance you provide in helping the Hotline’s counselors work
directly with loss mitigation staff will further expedite the
foreclosure avoidance process.
Foreclosures in Colorado have increased 110% since 2003, and
2007 is on pace to surpass 2006’s foreclosure numbers by at
least 25%.
Last year, the most heavily hit counties in Colorado reported
more than one foreclosure for every 40 households. There is no
indication that foreclosures will be going away any time
soon, therefore Governor Ritter, along with the Department of
Local Affairs made tackling foreclosure a top priority for Colorado.
Preventing foreclosures is good for lenders, for servicers, for
homeowners, and for the community at large.
Contributions to support the Colorado Foreclosure Hotline are
accepted by the following entities:
Brothers Redevelopment, Inc. is a 501(c)3 non-profit entity that operates the Colorado Foreclosure Hotline. Contributions are tax-deductible when made directly to this organization.
Attention: Zachary Urban, Director, Housing Counseling
Brothers Redevelopment, Inc.
2250 Eaton Street, Garden Level, Suite B
Denver, CO 80214
303.202.6340 ext. 4214
The Colorado Division of Housing will disburse funds directly to the Colorado Foreclosure Hotline for the administration of the Hotline’s activities.
Attention: Kathi Williams, Director
Colorado Division of Housing
1313 Sherman Street, #518
Denver, CO 80203
303.866.2033
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