Thursday, January 27, 2011

House approves foreclosure assistance bill

A program aimed at helping homeowners facing foreclosure to get back on track was set to expire, but has been extended under a measure that received unanimous approval Wednesday by the House.

House Bill 1023, by Rep. Mark Ferrandino, D-Denver, renews the program that Ferrandino says helps families by giving responsible borrowers a 90 day “time-out” to work with their lenders to avoid foreclosure.

Thus far, the measure has garnered unanimous bipartisan support in a divided legislature. Sen. Libby Szabo, R-Arvada, said the measure is good for Colorado families who are struggling financially.

“In these economic times we need to give opportunities to homeowners who have fallen on hard times,” said Szabo.

The measure will now go to the Senate for further consideration.

Via - Colorado News Agency


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