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National Mortgage Settlement & Colorado Homeowners

…except Oklahoma) will each receive shares of a $2.5 billion fund established for housing and foreclosure relief programs, including housing counseling, legal assistance, foreclosure prevention hotlines, foreclosure mediation, and community blight remediation. What Other Changes Can Be Expected? Aside from the financial contributions, another major component of the National Mortgage Settlement is that lenders must broadly reform their loan servicing practices. These changes are aimed at preventing improper foreclosures by…

Foreclosed Homeowners May Be Entitled to Financial Relief

…EverBank/EverHome Mortgage Company Sovereign Bank Bank of America Financial Freedom SunTrust Mortgage Beneficial GMAC Mortgage U.S. Bank Chase HFC Wachovia Mortgage Citibank HSBC Washington Mutual (WaMu) CitiFinancial IndyMac Mortgage Services Wells Fargo Bank, N.A. CitiMortgage MetLife Bank Wilshire Credit Corporation Countrywide National City Mortgage What types of errors will lead to compensation? How much can I receive? The following are the types of errors that will result in compensation under…

The “Produce the Note” Foreclosure Defense in Colorado

…with regard to a promissory note. Mortgage Securitization One reason that a lender may not actually possess the original promissory note for a given mortgage is because of the securitization of mortgages. Simply put, securitization is the process under which mortgages are sliced into pieces, repackaged, and then sold as securities to institutional and other investors. Commonly known as “mortgage backed securities” in the industry, mortgage securitization is a critical…

Colorado License Law and Apartment Managers

…example, Colorado law expressly states that certain types of conduct do not require a real estate license, including “[a] regularly salaried employee of an owner of an apartment building or complex who acts as an on-site manager of such an apartment building or complex. This exemption applies only in respect to the customary duties of an on-site manager performed for his or her employer.” Historically, the property management community has…

They Want to Drill on my Property & Own the Mineral Rights

…section shall not be construed to prevent an operator from entering upon and using that amount of the surface as is reasonable and necessary to explore for, develop, and produce oil and gas. (d) The standard of conduct set forth in this section shall not be construed to abrogate or impair a contractual provision binding on the parties that expressly provides for the use of the surface for the conduct…

When Isn’t Probate Necessary?

…planning, probate proceedings aren’t always completely avoidable. Fortunately, Colorado’s probate system is relatively efficient when compared to many other states. Probate administration in some other states is extremely costly for even the smallest of estates, because attorneys and personal representatives receive a statutory percentage of the estate as compensation. Colorado does not provide for this automatic compensation, although personal representatives and their attorneys may receive reasonable compensation for their roles…

Avoiding the Litigation Co-Parent Trap

…the Parenting Plan actually meant. Good lawyers who practice family law are trained to (1) listen to their client about what the agreed upon terms are; (2) take the time to advise about the missing terms and loopholes; (3) correct them with specific language (based on the terms that the parents agree on); and (4) help the parties come to additional agreements based on the agreements they have already reached….

What is Probate Administration?

…administration process. Colorado law imposes many duties on personal representatives, some of which are not intuitive. Our role is to guide personal representatives efficiently and effectively through probate administration, ensuring compliance with all legal requirements. We also assist beneficiaries and creditors with collecting the full amounts to which they are entitled from estates. Please contact me if you have questions or would like our assistance in any of these areas….

Deficiency Lawsuit: Foreclosure or Short Sale

…argument that the lender bid an unfair or “unconscionable” amount in the foreclosure process. Additionally, often times there are other parties who may share in the liability for the deficiency, but who the lender as not brought into the lawsuit. If appropriate, a defendant in a deficiency suit may want to bring these other parties to share in the liability. Further, some debtors simply cannot pay the amount of the…

Compensation of Mortgage Loan Originators Under the Dodd-Frank Act

…no other party may compensate the mortgage originator for the same loan, except for actual third party costs associated with the loan. LENDER-PAID COMPENSATION The lender-paid compensation structure is also contemplated by Dodd-Frank, Section 1403. For lender-paid loans, a mortgage originator may receive from a person other than the consumer an origination fee or charge if: 1. the mortgage originator does not receive any compensation directly from the consumer; and

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