Michael SmeenkMany 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
