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
Co-author: Zakary A. Kessler The question of whether certain behavior requires a real estate license is not only a logical place to begin a presentation on real estate license law, it is an important topic for general real estate practitioners. Business brokerage is an area that frequently raises the issue of whether activity requires a … Continue Reading
Co-author: Zakary A. Kessler Colorado first passed its license law statute in 1929.(E1) This author knows of no situation where, absent harm to a consumer, a person encountered litigation or criminal prosecution for the unauthorized practice of brokerage. In the 80 plus years in which Colorado has had real estate licensing law, the annotators of the … 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
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
What Functions May an Apartment Manager Perform Without a Real Estate License? It can be a complicated task to successfully navigate the maze of Colorado laws and regulations regarding what type of real estate functions, especially property management functions, require a real estate license. The laws and regulations themselves sometimes lack clear and specific requirements … Continue Reading
The United States Supreme Court just made it easier for real estate brokers to charge flat fees and generally test the market with different fees structures. In a unanimous decision in the case of Freeman v. Quicken Loans, Inc., No. 10-1042, slip op. at 1 (May 24, 2012), the U.S. Supreme Court confirmed that … Continue Reading
What Happens to Debt Secured by Real Estate After A Foreclosure (or Short Sale)? When a property is sold at a foreclosure auction (or short sale) and the proceeds of the sale are insufficient to satisfy the outstanding debt on the property, there may be a deficiency, or an amount of debt remaining for which … Continue Reading
Co-Author: Peter G. Sotiropoulos Part I: Brief Overview This article addresses the effects of the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (“Dodd-Frank”) on the compensation of mortgage originators (defined below). This, Part I, provides a brief overview of the new regulations, while Part II discusses specific compensation options for brokerage companies. Dodd-Frank is a … Continue Reading
