As many of you know, CAR is supporting legislation currently being proposed to amend the Colorado Foreclosure Protection Act. The Act has caused a great deal of confusion and frustration for our members and their clients. Based on our communications with our members, we believe that the Act is having a chilling effect on your clients when the Act may apply to your transactions.
It is unclear whether or not your investor/buyers are subject to the Act as “Equity Purchasers.” Further, sellers who do not speak English as their principal language may be missing out on potential buyers who do not want to incur the time and expense of having the contract translated into the seller’s principal language.
Here’s what we need from you: If you represent (or have represented) a seller who does not speak English as their principal language and is in default or foreclosure, please contact us at 303-790-7099 or Legal@ColoradoRealtors.com no later than February 5, 2010.
Thank you for your support and assistance!
Rachel Nance, Vice President of Public Policy
Steve Morgan, General Counsel
