Governor Owens Signs Foreclosure Bill
On June 1, the Governor signed HB 1387, which brings numerous revisions to Colorado's foreclosure law. The law's intent is to simplify the process of foreclosures in Colorado, as well as providing owners with a better opportunity to keep their property. (The law's more significant amendments are discussed in this post.) Most of the law will not take effect until July 1, 2007, with a few provisions taking effect on July 1, 2006. Although the new law may affect associations who have units in foreclosure, associations do not have to take affirmative steps to comply with the amendments - except to ensure that their foreclosure attorney is up on all the changes.
I wonder how long its going to take to actually see this in action.
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