A pair of bills meant to help homeowners avoid foreclosure passed in the Colorado House.
What would these bills change?
HB14-1295:
1. Prohibits “dual tracking,” in which a lender negotiates with a borrower while simultaneously pursuing foreclosure.
2. Requires a lender to establish a single point of contact for the borrower to communicated with the lender concerning foreclosure matters, ending the runaround reported by many homeowners involved in loan modifications.
3. Levels the playing field somewhat between banks and homeowners.
HB14-1312:
1. Gives people who have lost a job or lost a spouse the temporary stability of not losing their home as they figure out their immediate future.
2. Delays the sale of foreclosed properties for up to 90 days for homeowners who meet specific eligibility requirements.
The bills will now go on to the Senate, and we’ll keep you updated as things progress.
Alaris helps you avoid foreclosure.
