HB 1157 Signed into Law
On June 1, 2007, Governor Ritter signed into law House Bill 1157 (HB 1157) which cleaned-up the comprehensive foreclosure reform bill (HB 06-1387) that was signed into law in 2006. The 2006 foreclosure reform bill was aimed at modernizing and simplifying the foreclosure scheme that was on the books at the time. Of particular interest to community associations, was the expansion of time in which homeowner's may cure assessment delinquencies and the elimination of the right to redeem property after sale by homeowners. The "cure period" - the time between the commencement of foreclosure and initial sale date - was increased from 45-60 days to 100-125 days. Both the right to cure and redemption provisions of the 2006 foreclosure reform bill were slated to go into effect on July 1, 2007. Under HR 1157, the effective dates of these provisions has been changed to January 1, 2008. As we get closer to the January 1, 2008 effective dates of the cure and redemption provisions of the new foreclosure law, we will be publishing an article about the practical realities of those provisions in Community E-ssentials.
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