Foreclosure Overbids in a Seller’s Market
What happens to Foreclosure Overbids; remaining Overbid Funds Now Go to Borrower After Paymet of All Liens.
foreclosure
Foreclosure Consumer: Fair Debt Collection Practices Act Disclosure
Foreclosure Consumer: If you are a consumer borrower contacting our office about a property in foreclosure, please be advised that this law firm is acting as a debt collector, attempting to collect a debt and any information obtained may be used for that purpose.
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
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
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
Deficiency Lawsuit: Foreclosure or Short Sale
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
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