Bill forestalling Colorado foreclosures passes first round
DENVER, Colorado ” A bill that would give homeowners facing foreclosure more time to pay their bills has passed its first legislative obstacle.
The measure would create a three-month time-out for those facing foreclosure. It passed out of the House Business Affairs and Labor Committee on Tuesday on a 7-4 vote.
The bill gives borrowers 20 days to contact a foreclosure counselor certified by the state, who will determine if the borrower is likely to pay their bills.
If so, the homeowner gets an extra 90 days to work with their bank to figure out how to stay in their home.
The bill now goes to the full House for debate.