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Colorado Banking Questions & Answers
1 Answer | Asked in Banking, Business Law, Civil Litigation and Contracts for Colorado on
Q: what do i do if my soon to be ex wife and my family the state and conuty ect .... as well as every bank wont help me ..

they have hacked every phone ..on my sixth phone line ..i now have no money no wheels.. they are hidding everything from and everyone has helped them ... she sold and stole a patent of my and now doing it agian ..its all about money investment property ... i never even knew and now they're try... Read more »

D. Mathew Blackburn
D. Mathew Blackburn answered on Nov 4, 2021

Scheduling an appointment with a therapist to help you move past your loss. If you've exhausted all other remedies there's nothing left but to let it go. A professional can assist you with that.

1 Answer | Asked in Bankruptcy, Contracts, Banking and Collections for Colorado on
Q: If I was discharged from my bankruptcy and 1.5 years later the bank charges off my auto loan... Can my car be repo'd?

I filed a chapter 7 in 2/2019. It was discharged in 5/2019. During, I tried to reaffirm my auto loan ($48,000) so I could keep my car. Once the bankruptcy was discharged the guy at the bank stops negotiating. He then tells me he can't process the reaffirmation agreement anymore and to fill out... Read more »

W. J. Winterstein Jr.
W. J. Winterstein Jr. answered on Oct 21, 2020

A Chapter 7 Discharge does not discharge a secured debt, up to the fair market value of the collateral. In other words, your bank has a lien on your car to the extent, and in the amount of, its fair market value.

But if the loan balance is greater than the car's value, so that there...
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1 Answer | Asked in Banking, Business Law and Contracts for Colorado on
Q: If the borrower writes a loan contract is it in effect for every loan thereafter until a new contract is made

Borrower is a business

D. Mathew Blackburn
D. Mathew Blackburn answered on Jul 7, 2020

That depends on how the agreement was drafted and the understanding of the Parties involved. The agreement could be written as an open line of credit or a one time loan. Without specific language it will not be clear whether the Parties intended for the future loans to be subject to the current... Read more »

1 Answer | Asked in Banking and Family Law for Colorado on
Q: My mother passed away from Co-Vid 19 recently. I am trying to close her Credit Union Account & IRA. I am the Beneficary

They are saying I can't becuz she has more account. (Which I have no idea of) they say I need more paperwork than Death Certificate.

Something about CRS 15-12-1201 I don't understand it or Pres. Rep. Paperwork Letters. Testamentary or Letters of administration

What does... Read more »

John Hyland Barrett III
John Hyland Barrett III answered on Jun 25, 2020

I am truly sorry for your loss.

You may or may not need to go through probate, depending on how much her estate is worth. If it is below the statutory limit, you can do it without probate by using the 15-12-1201 affidavit. If it is over that amount, you will have to do a probate. you should...
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1 Answer | Asked in Banking for Colorado on
Q: Can a bank or credit union give legal advice? Is it illegal in the state of CO in any way?

I have proof that my bank gave legal advice to my ex.

Bruce Alexander Minnick
Bruce Alexander Minnick answered on May 14, 2020

First please allow me to inform you that a bank cannot give anyone legal advice; perhaps you meant to say someone working at the bank did?

If so, please know that only lawyers are allowed to give "legal" advice; however, anyone trying to distinguish between legal advice and...
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1 Answer | Asked in Divorce and Banking for Colorado on
Q: When a wife is permanently disabled and has been for half the marriage, how long I'll spousal support last?

He walked out after 17 years together and married for 13 years. I only get $471 after medicare taken out. Left with no notice for me

John Hyland Barrett III
John Hyland Barrett III answered on Jan 13, 2020

If you and your spouse do not agree, the court will have to decide how long. There is a statutory presumption that says maintenance for a 13-year marriage should last 6 1/2 years. however, this is not binding on the court. The judge will have to decide based on all the facts involved.

1 Answer | Asked in Banking and Contracts for Colorado on
Q: Does underwriting really need transaction history from who is giving a "gift" for FHA

Buying a house and my husband and I don't qualify for conventional - however my father is gifting me money as a graduation gift for down-payment and we have FHA. Underwriting is demanding my father's bank statement with ALL transactions and he will not give up that information... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Dec 6, 2019

The mortgage loan underwriting process--especially when it is an FHA government guaranteed loan--will require proof of income from all sources because FHA will not allow borrowers to borrow any of the down payment from any source.

In this case--since you have told the FHA that your father...
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1 Answer | Asked in Banking, Criminal Law and Federal Crimes for Colorado on
Q: My ex-husband had $742, plus 5 overdraft fees at $35 each, spent from his debit card. He reported the fraud to the bank.

He cancelled his card. Now it turns out, our 17 year old son spent the money. Is this a felony and what do we do?! Will the bank file charges?

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Jul 29, 2019

This family situation is what the world calls a dilemma. However, as long as the bank did not lose any money they should care less. Use this as a teaching time for the kid--before he leaves the nest.

1 Answer | Asked in Banking for Colorado on
Q: Hello, My mother passed last year and am having issues with Wells Fargo locating accounts and reviewing them.

my sister and my mom had 4 joint accounts together and my mother had 2 accounts only in her name. the monthly statement has both my mothers name and my sister's name showing the total balance of all 6 accounts. should there not been 2 statements? one in both names showing the total of the 4... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on May 13, 2019

It is impossible to advise you without reviewing all the documents--which IMPO you haven't tried hard enough to get from Wells Fargo Bank. Suggest you go to the branch where your mother banked and ask to talk to the branch manager; and then tell him or her this confusing story. If you remain... Read more »

1 Answer | Asked in Banking, Contracts and Real Estate Law for Colorado on
Q: Closed on re-finance last night. Was called today and told underwriting is voiding the loan. I have a signed agreement.

I have 3 days to rescind the deal. Does the mortgage company have the same opportunity in Colorado? I have not received any funds. The funds were scheduled for transfer 3 days after closing. Do I have any re-course?

Donald C Eby
Donald C Eby answered on Jan 25, 2019

It depends on exactly what the loan docs say. You may want to have an attorney review the loan docs and potentially help you with a demand letter or law suit.

1 Answer | Asked in Banking, Business Formation, Contracts and Real Estate Law for Colorado on
Q: Want to buy land/develop with friends. Can one of us get mortgage and others be considered owners with contract?

Looking to buy land/develop homes for a business. Have multiple friends involved. Can one of us get the mortgage and then right up a contractual agreement between us to hand out ownership %'s? So for example, the person with the strongest credit gets the mortgage/loan to build and they own... Read more »

Timothy Canty
Timothy Canty answered on Dec 17, 2017

It's theoretically possible, but there are some complications. Most deeds of trust have a "due on sale" clause. This means that if you transfer an interest in the land to your partners, the lender can call the loan. You should disclose all material facts to the lender and get written... Read more »

1 Answer | Asked in Banking, Contracts, Divorce and Real Estate Law for Colorado on
Q: Sep. from spouse (not legally). Approved on own to buy R.E. but mortgage co req him to be there at signing and on title?

Parents are separated (not legally) he just moved to another state. Mom is trying to buy a condo and was approved solely on her own. Mortgage is currently in underwriting and they are requiring my Dad to be physically at the closing and on the title. Since he is not on the loan, I don't see... Read more »

John Hyland Barrett III
John Hyland Barrett III answered on Oct 9, 2017

If your mother truly qualified for the mortgage on her own, there should be no need for her husband to be on the deed or at closing.She should get an explanation from the mortgage company. In Colorado, a married woman may hold title in her sole name, without her husband.

1 Answer | Asked in Banking, Contracts and Estate Planning for Colorado on
Q: My aunt died back in January and left me a substantial amount of money in her estate. How do I get the money?

My aunt left me the money specifically for college but I don't want to go. My mother is her head of estate and I am 18 but she doesn't agree with my choice of not pursuing college so it causes conflict. My mom won't tell me much and she threatens that if I don't go to college... Read more »

Samuel Ventola
Samuel Ventola answered on Sep 14, 2017

It all depends on the language of your aunt's will. You should probably have an attorney review it and if you have rights to write a letter for you or submit a claim if necessary.

1 Answer | Asked in Banking for Colorado on
Q: Is it illegal to wire money to someone if you think, but don't know that it is coming from an illegal source?

I applied for internships online, and was emailing back and forth with a man who I thought was an actual business owner. However, his business is not real and he mailed me a check for a sum of money and told me to keep part of it and wire the rest to someone else. Obviously this is an extremely... Read more »

Tristan Kenyon Schultz
Tristan Kenyon Schultz answered on Aug 31, 2017

This type of transaction is a classic deposit scam technique. See below.

Payment processing: A variation on the deposit scam is the payment processing scam. You’ll think you got a work-from-home job depositing payments or mystery shopping, and your job is to accept money and forward the...
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1 Answer | Asked in Banking and Consumer Law for Colorado on
Q: Is it legal in Colorado for a bank to require a divorce decree to approve a loan when divorce isn't even intended?

We are separated, have no intent to file for divorce any time soon. Loan is submitted by hsbnd to build house for wife. The loan underwriter is close friend of wife and used personal info to deny loan. All other criteria were met to qualify for the loan. The bank wants a letter from both of us... Read more »

Tristan Kenyon Schultz
Tristan Kenyon Schultz answered on Jun 30, 2017

Divorces can significantly impact the income, expenses, and ownership of marital property. Since you are still married, both parties' property is potentially still part of the marital estate and subject to division. Overlap the differences in state law (e.g. CA is a community property state)... Read more »

1 Answer | Asked in Banking and Business Law for Colorado on
Q: I am the predisent of a nonprofit. Do I have an obigation to provide personal banking information at the treasure?

We are in the process of becoming a non profit

Tristan Kenyon Schultz
Tristan Kenyon Schultz answered on Mar 4, 2017

If you are seeking non-profit status from the IRS, a significant factor in the consideration is compensation. If you received a salary or percentage of the profits (e.g. a partnership) your total compensation and banking information are highly relevant. This is less for the non-profit itself, but... Read more »

1 Answer | Asked in Employment Law, Banking and Domestic Violence for Colorado on
Q: I was fired due to what I feel is retaliation.what are my rights?

I have a domestic violence case against my ex. I notified my employer due to safety concerns. They were working with me for a few weeks to safety plan. They fired me today, brought up the d.v. issues and then tried to tell me that a customer had complained that they were uncomfortable with me... Read more »

Tristan Kenyon Schultz
Tristan Kenyon Schultz answered on Jan 12, 2017

You should contact an employment or discrimination lawyer (most offer a free consultation). Colorado generally protects the victims of crime from being discriminated against by employers, lenders, etc. However, this type of case is largely based on the strength of the evidence available (since most... Read more »

1 Answer | Asked in Banking for Colorado on
Q: How do I gain access to my husband's checking accounts if he died without a will?
Tristan Kenyon Schultz
Tristan Kenyon Schultz answered on Nov 1, 2016

There are two possible answers:

1. Assuming your husband is deceased:

Contact the bank to see what they require. Under some situations, the bank may allow access to a surviving spouse. If this does not work, most banks require a death certificate and/or a document listing the...
Read more »

1 Answer | Asked in Banking and Business Formation for Colorado on
Q: Hi, We want to nominate a person who will deal with all the banking needs on behalf of our corporation, how?

Hi,

We are a Colorado based corporation, and we want to nominate a person who will deal with all the banking needs on behalf of our corporation in another state.

The bank in another state (Virginia) is asking us to provide some evidence that this person has authorization to open a... Read more »

Tristan Kenyon Schultz
Tristan Kenyon Schultz answered on Aug 20, 2016

Your idea can work. There are other more formal ways to achieve this too, but this will take time and money. Check with the bank, to see what they would like to see for "authorization".

1 Answer | Asked in Banking and Real Estate Law for Colorado on
Q: I had appraisal done on my house Went to a bank for a loan. They will not accept the appraisal, 1 dedicated company.

They use one company do to the appraisals and they charge $500 for a ranch style house on .8th of an ache. My understanding is they can not use one company to do this that it has to be bid out essentially so they could not have collusion with one company. Am I correct?

Tristan Kenyon Schultz
Tristan Kenyon Schultz answered on Jul 14, 2016

The lender can choose to restrict who does the assessment. Of course, you can also choose to go to another bank...

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