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How to Buy a Property in Foreclosure

As a foreclosure attorney, my staff and I constantly field phone calls and e-mails from would-be purchasers of the properties we have in foreclosure. This article attempts to set out the most useful procedures for such callers, to get the most relevant information about a particular property in foreclosure.

Does a Private Party Foreclosure Differ from an 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 usually by either the current owner … 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

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

Upside Down Homes in Insolvent Estates

Co-Author: Mike Smeenk, Esq. At various times during the Great Recession and its aftermath, different economists have estimated that approximately 25% of American households with mortgages are “upside down.” That is, for approximately 25% of American households with mortgage debt, the debt exceeds the property’s fair market value. While these percentages vary from place to … Continue Reading

Colorado Foreclosure Process and Time Frames

  DELINQUENCY: The day after a payment is due, a loan is DELINQUENT. If the grace period runs until the 16th of each month (as it does for all FHA loans) and payments are posted each month on the 10th, then the loan becomes DELINQUENT for a short period each month. DEFAULT: A loan is … Continue Reading

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