Colorado Gov. Bill Ritter Jr. has signed into law a new expedited foreclosure process for abandoned properties in the state.
The bill – H.B.10-1249 – was signed by Ritter on April 29 and will take effect Aug. 1. The new legislation enables the holder of a loan to seek an expedited foreclosure sale (i.e., 45 to 65 days from the date the notice of election and demand is recorded) on vacant and abandoned properties, drastically reducing the current time frame of 110 to 125 days.
‘This is an important bill for Colorado,’ says Caren Castle, a partner with Castle, Meinhold & Stawiarski, a Denver-based law firm that worked with the state on developing the proposed process for expediting sales. ‘Shortening the time frame on the sale of abandoned properties helps to reduce blight, sustains home values and benefits us all.’
SOURCE: Castle, Meinhold & Stawiarski