Colorado HB1089 enacts the "Uniform Mortgage Modification Act" to clarify the effects of mortgage modifications.

Colorado HB1089 enacts the "Uniform Mortgage Modification Act" to clarify the effects of mortgage modifications. The act specifies that a mortgage continues to secure the obligation as modified, the priority of the mortgage is not affected, and the mortgage retains its priority regardless of whether a modification agreement is recorded. The act also states that a modification is not a novation. The act applies to mortgage modifications made on or after the effective date, regardless of when the mortgage or the obligation was created.

Colorado HB1089 enacts the "Uniform Mortgage Modification Act" to clarify the effects of mortgage modifications.

Colorado HB1089 enacts the "Uniform Mortgage Modification Act" to clarify the effects of mortgage modifications. The act specifies that a mortgage continues to secure the obligation as modified, the priority of the mortgage is not affected, and the mortgage retains its priority regardless of whether a modification agreement is recorded. The act also states that a modification is not a novation. The act applies to mortgage modifications made on or after the effective date, regardless of when the mortgage or the obligation was created.