Overbid Funds from Colorado Foreclosure Sales – Don’t Leave Money On The Table You May Be Rightfully Entitled To Under State Statute If you are a homeowner that has gone through foreclosure, or a junior lien holder holding a lien on a property that is being foreclosed by a more senior lien holder, under C.R.S.… Continue Reading
Category Archives: Foreclosure
Does a Private Party Foreclosure Differ from an Institutional Lender Foreclosure?
Private Lender Foreclosure vs Institutional Lender Foreclosure Most purchases of Colorado real estate involve some sort of mortgage financing, in order to complete the purchase. Although a majority of mortgage financing is done by banks or other lenders in the business of making loans (known as “institutional lenders”), some financing is done with a private loan… Continue Reading
Negotiate a Deed in Lieu of Foreclosure for a Reverse Mortgage
Can I Negotiate a Deed in Lieu of Foreclosure for a Reverse Mortgage? Q: My parents took out a reverse mortgage on their home years ago. My father has since passed away and my mother is about to permanently move into an assisted living facility. No one is living in the home and the amount… Continue Reading
Death Of The Reverse Mortgage Borrower
Left In The Cold? Rights Of Lenders, Heirs & Surviving Spouses Upon The Death Of The Reverse Mortgage Borrower Overview of Reverse Mortgages A reverse mortgage can provide a source of income for elderly individuals while allowing them to stay in their home. Many elderly individuals have much of their wealth tied up in the… Continue Reading
Lender Lien Priority Disputes
Colorado Court of Appeals Helps Clarify Lender Lien Priority Disputes With the downturn in the economy beginning in 2008 and corresponding uptick in lender foreclosures and collection actions, Colorado courts have been revisiting the arena of secured transactions. In certain cases, competing lenders have skirmished over the assets of a common borrower. These skirmishes can… Continue Reading
Loan Modification Anatomy
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
Statute of Limitations on Colorado Home Loan Default
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
National Mortgage Settlement & Colorado Homeowners
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
Foreclosed Homeowners May Be Entitled to Financial Relief
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
The “Produce the Note” Foreclosure Defense in Colorado
Co-Author: Tasha J. Power, Esq. Question: I have seen news reports explaining that banks and other mortgage lenders need to produce the original signed promissory note if the lender is going to foreclose on a piece of real estate. I’ve also heard that many lenders can’t produce the original promissory notes. Can I demand that… Continue Reading