I like that these two Representatives are trying to help homeowners in trouble, but do you really think that a 90 day timeout will help them with their lender? If the lender has filed the NED (foreclosure notice) then the homeowner is most likely 90+ days late. If they could have worked something out with their lender, they probably already would have. At this stage, they really need to get their home listed as a short sale and get it sold before the foreclosure sale date.
"Two House lawmakers held an event on the steps of the state Capitol on Sunday, touting legislation aimed at curbing foreclosures.
Reps. Angela Williams and Mark Ferrandino, both Denver Democrats, discussed two bills they say will help Coloradans facing foreclosure by providing counseling services and giving strapped homeowners more time to work with lenders.
Williams said that her newly introduced House Bill 1136 would get the word out about a foreclosure hotline and extend and expand prevention counseling and community outreach.
Ferrandino said his bill, HB 1023, would give responsible borrowers a 90-day timeout to work with their lenders. The bill reaches the house floor this week."
(Source: Denver Post)