Last Updated:
May 28, 2010
Missouri Real Estate
Amendments to the Foreclosure Protection Act headed to the Governor
HB 1133, CAR's legislative proposal that seeks to make positive changes to the Colorado Foreclosure Protection Act, is headed to the Governor's office.
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.
If signed by the Governor, many changes will take effect as soon as August 2010, while those requiring form changes will take place in January 2011. CAR will provide additional information if they become law. We would also like to extend a special thank you to Rep. Tom Massey (R-Poncha Springs) for sponsoring this bill and help guide it through the legislature.