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House passes bill to give homeowners time to sell before HOA foreclosure
Summary
The Colorado House on Feb. 18 passed House Bill 10‑43 to give unit owners a stay period to sell before a homeowners association foreclosure and to require additional disclosures; supporters said the measure will prevent “equity theft,” opponents warned of increased costs and loss of local control.
The House of Representatives on Feb. 18 passed House Bill 10‑43, a measure intended to give condominium and planned‑community unit owners more time and notice to sell before a homeowners association (HOA) foreclosure and to require additional disclosure to unit owners.
Supporters said the bill responds to instances where properties with substantial market value were sold at auction for relatively small lien amounts, leaving owners without equity. Representative Ricks, the bill sponsor, described amendments adopted in committee that add safeguards including an opportunity for a homeowner to seek a stay to sell on the open market and new reporting on foreclosures and judgments by management companies. “This is an additional way of trying to get the homeowner to act or informing them of their rights,” Ricks said on the floor.
Rep. AML Bacon and other supporters said…
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