Assignment of Lien Positions The assignment of junior liens and other redemption positions allows the system and markets to maximize the value of these positions. For example, a home owner’s association lien might have little value to the home owner’s association in a foreclosure of a senior deed of trust because the homeowner’s association … Continue Reading
Bid Rigging In certain situations the courts have equitable discretion to extend statutory redemption periods and void foreclosure sales. Courts have the power to set aside a foreclosure sale or extend the redemption period if there has been “fraud, deceit, or collusion.”(E1) One type of collusion occurs when two or more bidders at a foreclosure … Continue Reading
What Do I Need to Know to Bid at Colorado Foreclosure Auctions? A. Tracking Sales The public trustees along the front range of Colorado generally have websites that allow investors and others to track the status of properties that are in some stage of the foreclosure process. For non-agricultural property, public trustee’s sales cannot be … Continue Reading
I. Introduction In Colorado, the foreclosure process historically gave borrowers two opportunities to pull their property out of foreclosure. Prior to the foreclosure sale, the borrower (and others) could “cure” monetary defaults. After the foreclosure sale, the owner could “redeem” the property. For foreclosures filed after January 1, 2008, the time period which would otherwise … Continue Reading
Home Affordability Modification Program (“HAMP”) Lender Incentives to Modify Mortgage Payments The Home Affordability Modification Program (“HAMP”) is the federal loan modification program designed to assist homeowners who can no longer afford their monthly mortgage payments. HAMP went into effect in 2009 as part of the Making Home Affordable Program and set out a series … Continue Reading
The Home Affordability Modification Program(“HAMP”) has been largely unsuccessful in creating permanent loan modification solutions that allow distressed homeowners to remain in their properties. In response, the Home Affordable Foreclosure Alternatives Program (“HAFA”), which went into effect April 5, 2010, provides foreclosure avoidance options for homeowners who are not able to permanently modify their loans … Continue Reading
In 2009, the Wall Street Journal estimated that over 25 percent of American households with mortgages were worth less than the total debt secured by the property. For most upside down homeowners, a successful short payoff transaction is a better option than simply allowing their home to go into foreclosure. Not all upside down … Continue Reading
If you are a REALTOR® or Mortgage Lender working with a property in foreclosure, please obtain written authorization signed by the borrower that allows us to release information to you and follow the instructions below. PAYOFF Payoff means to pay the entire loan balance, typically through a refinance or a sale of the property. If … Continue Reading
DELINQUENCY: The day after a payment is due, a loan is DELINQUENT. If the grace period runs until the 16th of each month (as it does for all FHA loans) and payments are posted each month on the 10th, then the loan becomes DELINQUENT for a short period each month. DEFAULT: A loan is … Continue Reading
REPAYMENT PLAN To ask your lender to set up a repayment plan for you, if we represent your lender, then please send a request to our office, via fax to 303-494-6309 or via regular mail to 4750 Table Mesa Drive, Boulder, CO 80305, Attention: Foreclosure Department. Please include your name, property address, lender’s name, loan … Continue Reading
