Many people understand that a will acts as the roadmap for distributing someone’s assets upon death. However, not everyone realizes that a will does much more than specifying who receives what. Some of the other important functions that a will can serve include the following: Nominate a Personal Representative. The PR collects the assets of… Continue Reading
Clearing Title to Real Estate When a Tenant-in-Common Owner Dies Q: How is title to real estate cleared when someone dies owning property as tenants in common with other owners? A: Through a probate proceeding. I frequently hear from sellers or real estate brokers when they discover the following closing Requirements on Schedule B-1 of their title… Continue Reading
How Does Seller Financing Work in Colorado Real Estate Deals? Q: I’ve listed my home for sale. A potential buyer is interested, but can’t qualify for a loan. Is there some way to facilitate the sale without an outside lender being involved? A: Yes – if the seller acts as the lender. This article will describe seller… Continue Reading
What do Dodd-Frank and Consumer Financial Protection Bureau Regulations Mean for Owner Financing in Colorado? The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) introduced a host of new regulations designed to protect consumers and avoid another housing collapse. Key components of Dodd-Frank were designed to create greater certainty that borrowers can repay their… Continue Reading
Q: I’m under contract to purchase real estate in Colorado. The area around the property has been impacted by wildfires. Am I able to get out of the contract? A: Summer 2013 has already been another difficult season for fires in Colorado, with the Black Forest, Royal Gorge and West Fork Complex fires following the… Continue Reading
Many homeowners ask about the criteria for obtaining a loan modification through their existing lender. I have successfully assisted dozens of borrowers in obtaining modifications. This article will summarize some of the key characteristics of a successful loan modification request. However, before proceeding through these steps, borrowers may wish to contact their lender about a… Continue Reading
The Statute of Limitations on a Colorado Home Loan Default Probably Isn’t What You Think. Q: What is the statute of limitations for lenders to pursue borrowers in Colorado who default on a home loan? A: Six years. Conventional wisdom has been that collection actions had to be brought by lenders within six years from the date… Continue Reading
Farrah Soudani Irrevocable Special Needs Trust Press Release VOLUNTEER RAISES MORE THAN $150,000 FOR FRIEND’S DAUGHTER, CRITICALLY INJURED IN AURORA SHOOTING Money will help Farrah Soudani pay for her medical expenses and continued care WHAT: A press conference with Farrah’s mother, Heidi Soudani and Farrah’s father, Sam Soudani, to thank University of Colorado Hospital, doctors,… Continue Reading
What the National Mortgage Settlement Means for Colorado Homeowners The National Mortgage Settlement is an agreement between five of the largest residential mortgage loan servicers and a coalition of state attorneys general and federal agencies that resolves violations in the way the banks handled loan modifications and foreclosures. The Settlement is designed to compensate borrowers… Continue Reading
Homeowners Who Faced Foreclosure May Be Entitled to More Than $125,000 for Lender Abuses If your home was improperly foreclosed on in 2009 or 2010, you may be entitled to financial relief — possibly in excess of $125,000 — as part of the Independent Foreclosure Review. But borrowers need to act quickly to apply for… Continue Reading
Mike Smeenk is an attorney in the law firm of Frascona, Joiner, Goodman and Greenstein, P.C., a Colorado law firm. His practice areas include Estate Planning, Trust and Estate Administration, Real Estate, and Corporations. Contact Mike Smeenk.
Disclaimer — Content is general information only. Information is not provided as advice for a specific matter, nor does its publication create an attorney-client relationship. Laws vary from one state to another. For legal advice on a specific matter, consult an attorney.