Homeowners associations in Denver will be required to notify residents of foreclosure rights
JUN 20, 2022 | REPUBLISHED BY LIT: JUN 22, 2022
Denver City Council gave final approval Monday night to a bill requiring homeowners associations to notify homeowners of their foreclosure rights.
The bill was introduced after incidents in Council President Stacie Gilmore’s district in which at least 50 Green Valley Ranch homes were foreclosed on over unpaid HOA fines.
Most homeowners were not given notice of citations and were unaware they were on their way to foreclosure, Gilmore previously said.
If the HOA doesn’t address or keep proper documentation of these citations, homeowners can unknowingly accumulate thousands of dollars in fines, Gilmore said.
She called on Gov. Jared Polis and Attorney General Phil Weiser to investigate the situation in March and has referred resident phone calls and emails to Weiser’s office since then.
In May, the state legislature passed HB 22-1137, which adds a variety of protections for homeowners.
It requires HOAs to notify residents of any accumulated fines or assessments and attempt to set up a payment plan before initiating a foreclosure.
It also sets a limit on late fees and interest and requires HOAs to create a policy to provide information about local foreclosure counseling services.
Denver’s bill reorganizes provisions regarding tenant rights and adds a new one regarding HOA notifications.
Gilmore said it would prevent anyone from falling through the cracks of the state bill by requiring HOAs to provide written notice of rights and resources at least 30 days before initiating a foreclosure.
Now that it’s passed a second reading, the bill will go into effect after the state bill does the same in August.
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