Acknowledging a statewide effort that has helped more than 13,000 Coloradans during the foreclosure crisis, more than 50 housing industry and local public officials turned out on Oct. 27 to commemorate the Colorado Foreclosure Hotline's third Anniversary.

Hosted by Brothers Redevelopment, the Denver-based nonprofit housing services provider that manages the Hotline's Call Center and its network of 27 HUD-approved agencies across the state,the event gave stakeholders an opportunity to celebrate the Hotline's success and to acknowledge all of the participating agencies.

Since the Hotline went live in October 2006, more than 85,000 residents have called for help in fighting foreclosure.

Approximately 20 percent of calls placed to the Colorado Foreclosure Hotline result in a free, face-to-face housing counseling session with a HUD approved housing counselor and agency--enabling more than 13,000 Colorado homeowners to avoid a foreclosure.

"We had no idea what to expect when the Colorado Foreclosure Hotline launched three years ago," said Hotline Manager Stephanie Riggi."But we've been pleased to see how the resource has consistently helped homeowners throughout the Hotline's existence."

Its convenience has likely led to such success. The Colorado Foreclosure Hotline is a toll-free number (1-877-601-HOPE) that puts homeowners in touch with a housing counselor at an agency nearest them.

"The process really begins there," Riggi said. "Once a homeowner meets with a housing counselor in the network, they can access a variety of services and information-all free of charge."

Indeed. Counselors teach borrowers about the foreclosure process and itsimportant deadlines; review their budgets, loan products, and other relevant information to determine the workout option that best suits them; and communicate directly with the lender on the homeowner's behalf. Workout options can include loan modifications, refinancing, repayment plans, pre-foreclosure sales and short sales.

According to the Colorado Division of Housing, four out of five homeowners who have completed a housing counseling session have avoided foreclosure.

As the first-of-its kind resource in the nation and its success in helping homeowners, the Colorado Foreclosure Hotline has earned national acclaim since it went "live" in October 2006.The program has been recognized by the National Association of Realtors; the National Governor's Association; the Wall Street Journal; National Public Radio; CNN; and TIME Magazine.

Established to offer services during the duration of the state's foreclosure crisis, the Colorado Foreclosure Hotline continues to improve its outreach and efficiency.

For more information, visit www.coloradoforeclosurehotline.org or www.brothersredevelopment.org.