The Bill, known as HB 10-1249, was signed by Governor Bill Ritter, Jr. on April 29, 2010 and will take effect August 1st of this year. Castle, Meinhold & Stawiarski worked diligently with the state on developing the proposed process in order to expedite foreclosure sales on abandoned properties. The new legislation enables the holder of a loan to seek an expedited foreclosure sale (45-65 days from the date the Notice of Election and Demand is recorded) on vacant and abandoned properties. This drastically reduces the current timeframe of 110-125 days.
"This is an important Bill for Colorado," stated Castle. "Shortening the timeframe on the sale of abandoned properties helps to reduce blight, sustains home values and benefits us all. We are honored to have played an active role in the development of this legislation."
For more information about Colorado HB 10-1249, please visit http://www.colorado.gov/.
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