Gov. John Hickenlooper will sign seven bills into law today, and among them is HB11-1023 to continue the state’s foreclosure deferment program until 2016. The program was set to expire this year.
The bill, sponsored by Rep. Mark Ferrandino, D-Denver, received unanimous support in both the house and senate.
Under the deferment program, if a borrower is a good candidate to renegotiate a loan with a lender, they will get an additional 90 days to work with the bank before the foreclosure proceeds.
If a borrower misses a payment during those 90 days the deferment will end and the foreclosure will proceed.
Homeowners that are too far under water will not be eligible for the deferment.
See what Ferrandino told me about the bill earlier this year here.