02 | 18 | 2010 Posted By Molly Foley-Healy

Call Your Senator Immediately! SB 93 Going to the Floor Today!

CALL TO ACTION

URGE SENATORS TO OPPOSE SB 93!!

SB 10-93 Orderly Resolution of Claims in Foreclosures Involving Junior Liens - By Senator Lundberg

Community Associations Institute Urges you to OPPOSE SB 93

As amended, SB 93 permits a certificate of purchase (COP) holder to pay a junior lienor the secured debt without the ability of the junior lienor to refuse payment and without adequate procedural safeguards to protect the interests of homeowner associations under Colorado law.

Please call your Senator now to oppose SB 93 for the following reasons:

·         As amended, the bill creates uncertainty for homeowner associations.

·         Homeowner associations will be required to accept tender regardless of the amount or accuracy of the amount.  This will lead to a loss of revenue for associations during tough economic times with no recourse against the COP holder.

·         This bill will create a procedural disaster.

Attached is a fact sheet and a copy of the pre-amended bill.

Please utilize the Project Vote Smart weblink below to locate the contact information for your State Senator.  Simply type in your zip code on the left hand column of the webpage where it says “Find Your Representatives.”

http://www.votesmart.org/index.htm

Written By:David Phifer On February 18, 2010 10:12 AM

I have written to Sen Nancy Spence and requested that she vote against this proposed legislation.

Written By:Mike Bleakley On February 18, 2010 11:37 AM

I called Senator Foster and spoke to her aide and told her to vote no. Thanks

Written By:Charles H Nadler On February 18, 2010 11:57 AM

I just emailed my senator: Senator Pat Steadman of District 31, to vote no.

Written By:stevesusman On February 18, 2010 12:36 PM

Consistent with the CAI recommendations, I am writing to Sens. Foster, Carroll,and Williams -- essentially reciting the two pages of facts which CAI has provided.

Written By:Tom Dettloff On February 18, 2010 1:28 PM

I e-mailed Brandon Shaffer.

Written By:Joe Felice On February 18, 2010 5:34 PM

Is this an "unintended consequence" of the law, or is a deliberate jab at HOAs?

Written By:Christophe Attard On March 9, 2010 8:35 AM

This is a very good law to stop this loophole, long overdue. If the writes of this forum were actually involved in a foreclosure public trustee sales, you'd know. Being redeemed by a junior lien holder who creates a bogus $120 HOA lien from an HOA bill statement is unacceptable and has to stop.
The investor community really wants this law to pass and it will.
I'd love to read from anybody on this forum, who was pleased to be redeemed by a junior lien holder after thir successfull bid at the sale?