June 24, 2019

HB 14-1295: Amending Statutes Related to Foreclosure of Residential Loans

On February 26, 2014, Rep. Beth McCann and Sen. Jessie Ulibarri introduced HB 14-1295 – Concerning Residential Mortgage Foreclosures, and, In Connection Therewith, Requiring a Single Point of Contact and Prohibiting Dual Tracking. This summary is published here courtesy of the Colorado Bar Association’s e-Legislative Report.

As amended, the bill requires a lender to establish a single point of contact for a borrower to communicate with the lender concerning foreclosure matters within 45 days after the borrower becomes delinquent in payments. The bill also prohibits “dual tracking,” in which a lender simultaneously negotiates with the borrower for a loan modification and pursues foreclosure through the public trustee. The CBA Real Estate Section participated in a collaborative process with the sponsors and other stakeholders to amend the bill into a consensus final form.

The bill passed out of the House on March 25. On April 10, the bill passed on 2nd Reading in the Senate.

Since this summary, the bill passed 3rd Reading in the Senate, and will head back to the House for consideration of the Senate’s amendments before going to the governor.

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