Remortgage Broker : New Colorado Mortgage Foreclosure Laws Address Serious Problem in the State!

Just one week ago, Colorado Governor Bill Ritter took a major step to try to stop the mortgage foreclosure problem in the state by signing five foreclosure-related bills into law. With Colorado having one of the highest foreclosure rates in the country and Denver being described as the “Wild, Wild West of mortgage fraud," Ritter said that the new bills would help stem this problem in the state. From strengthening existing mortgage fraud laws and prohibiting improper real estate appraisals to requiring mortgage brokers to register with the state and understand their ethical duties to consumers, Ritter and Colorado residents are hoping this block of legislation below will have its desired effects, considering these numbers. Last year, there was one foreclosure per every three households in Colorado, with Denver seeing more than 37,400 foreclosures.