Republished from February 2008 Looking at Lakewood
Free Help Available for Homeowners Facing Foreclosure

Take Action! Know Your Options! Call the Hotline Now or Visit www.coloradoforeclosurehotline.org

With the rate of foreclosures continuing to rise, the State of Colorado is offering free assistance to homeowners who find themselves in financial trouble and in need of help. Lakewood homeowners who fall behind on their mortgage payments and face the danger of foreclosure should call the Foreclosure Prevention Hotline at 1-877-601-HOPE (4673).

The hotline offers trained, professional housing counselors who can work with homeowners to navigate the foreclosure process. The counselors provide assistance by helping homeowners learn about their various options and can act as a facilitator between homeowners and their mortgage lenders.

The state urges homeowners in the following circumstances to call:

1. Borrowers who have not yet missed a payment, but fear they may miss future payments.
2. Borrowers who are already behind on payments.
3. Borrowers who have received a notice of foreclosure.
4. Borrowers who are having trouble communicating with their mortgage lender.

All help offered by the hotline is free to the homeowner. The hotline is the work of a consortium of private-sector and government organizations that have come together to deal with the rising problem of foreclosures in the state.

"Foreclosures aren't just a problem for homeowners in foreclosure. Foreclosures cost communities a lot of money, as they negatively affect home values throughout the region," said Kathi Williams, Executive Director of the Colorado Division of Housing.

The hotline has been in service for more than a year and was swamped with callers when the lines first opened. At the time Colorado led the nation in the rate of foreclosures.

According to the latest statistics from Realty Trac, a real estate tracking company, Colorado continues to rank high in the nation in the percentage of foreclosures. California led the nation in 2007 and Colorado ranked fifth.