On June 5,2008 Colorado Governor Bill Ritter Jr. signed CO HB 1402 into law. HB 1402 establishes additional notice requirements under the state's foreclosure law for borrowers in default.

Under the new law, a mortgage lender is required to mail a notice to a debtor containing the telephone number of the State Foreclosure Hotline and the telephone number of the mortgagor's loss mitigation representative or department prior to residential foreclosure. The notice must be provided at least 30 days prior to filing a notice of election and demand and at least thirty days after default.

The new law applies to foreclosure actions filed on or after August 1, 2008.

To view the full text of the bill, please click here.

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 500 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.