2 Lawmakers Announce Bill for Foreclosure Relief

By: Associated Press Email
By: Associated Press Email

Denver (AP) Two state representatives plan to introduce a bill this week that they say will help homeowners save their homes from foreclosure.

The bill is being presented by Democrats Mark Ferrandino and Sara Gagliardi

It would give a judge authority to grant a 90-day timeout to borrowers if a bank has not demonstrated a good faith effort to negotiate and if homeowners show a commitment to saving their houses.

Before foreclosing, mortgage lenders would be required to make their best efforts to tell people who fall behind in payments about mortgage counseling assistance. The bill also would direct banks to make a good faith effort to find a resolution.

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