House Approves Amendments to the Foreclosure Protection Act
CAR is running legislation which seeks to make positive changes to the Colorado Foreclosure Protection Act. We are pleased to report that HB-1133, by Rep. Tom Massey (R-Poncha Springs), passed unanimously out of the House last week.
Among the proposed changes: clarifying the definition of "Equity Purchaser;" exempting transactions that use the Short Sale Addendum; modifying the definition of a "Residence in Foreclosure" as it pertains to the Equity Purchaser provisions of the Act; and modifying the requirement to use the native language of non-English speaking home owners in the Foreclosure Contract to Buy and Sell.
These amendments are a result of collaboration between the Colorado Association of REALTORS®, the Attorney General's office, Division of Real Estate, Public Trustees, and various real estate attorneys.
CAR believes these changes will provide sellers the protections they need, while eliminating the chilling effect the Act has had on many potential transactions of distressed properties. The bill has been assigned to Judiciary Committee in the Senate.
