CSBJ Daily

U.S. Sen. Ken Salazar proposed an amendment to the Foreclosure Prevention Act of 2008 that would require counseling entities and State Housing Finance Agencies to coordinate with nonprofit, toll-free foreclosure prevention hotlines.

The Colorado Foreclosure Prevention Hotline, operated by Denver-based nonprofit Brothers Redevelopment, Inc., has assisted homeowners facing delinquency or foreclosure since its launch during October 2006.

From the hotline’s inception through the end of 2007, it has received more than 25,000 calls and four out of every five callers has successfully avoided foreclosure.

Salazar said his amendment would ensure that entities receiving credit counseling funds under the bill work with already-established hotlines that are providing much needed assistance to struggling homeowners in Colorado, and across the nation.