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Questions Answered by Timothy Canty
1 Answer | Asked in Real Estate Law for Colorado on
Q: Is there any reason not to vacate a Rule 120 hearing in favor of a 60 extension of foreclosure sale?

My home is in foreclosure, but I have a buyer. The Rule 120 Hearing is scheduled for 02/09 and the auction date is 02/28. The buyer and myself have aimed for a 02/23 closing. Not wanting to cut it too close, I asked the mortgage co's attorney if she would be unopposed to continue the hearing 30... Read more »

Timothy Canty
Timothy Canty answered on Jan 25, 2018

It sounds like the foreclosing lender/attorney is being reasonable. Read the Stipulation carefully and make sure it says what you think it says - you are agreeing to waive your Rule 120 rights in return for an extension of time. Verify with the Public Trustee that the sale date has been extended.... Read more »

1 Answer | Asked in Real Estate Law for Colorado on
Q: Can my old mortgage company demand a payment from me after they sold the loan?
Timothy Canty
Timothy Canty answered on Jan 24, 2018

Who ever holds the promissory note can demand payment from you based on the terms of the note. Sometimes the holder of the note will delegate the "servicing" to another company. That company then has the power to demand payment and to foreclose if there is a default. You don't give enough detail... Read more »

2 Answers | Asked in Bankruptcy for Colorado on
Q: What property can you leave out of a bankruptcy?
Timothy Canty
Timothy Canty answered on Jan 24, 2018

You can't leave any of your property out of a bankruptcy. You may be able to exempt certain property, but you must disclose everything. Typical Colorado exemptions are the $75,000.00 homestead exemption ($105,000 if one is over 60 or disabled), $7500 for up to two vehicles ($12,500 if over 60 or... Read more »

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1 Answer | Asked in Real Estate Law for Colorado on
Q: Neighbors installed 3 foot long metal pipe wind chimes on their second story balcony.

The chimes violate the covenant against sound devices (which include bells, whistles, etc.) being installed on a structure or in a site. There is also a covenant that says a covenant cannot be waived. But the Architectural Control Committee (ACC), the covenant enforcement branch of our HOA,... Read more »

Timothy Canty
Timothy Canty answered on Jan 4, 2018

Every planned community is subject to rules called CC&Rs (covenants, conditions and restrictions). You should read them carefully and determine exactly what duties and powers the HOA has. If your neighbors are in violation, the HOA may have a duty to enforce to rules. If they refuse, they can be... Read more »

2 Answers | Asked in Tax Law for Colorado on
Q: With the new tax bill, is it true I can only write off $10,000 of my property taxes now? What if I paid more than that?
Timothy Canty
Timothy Canty answered on Jan 3, 2018

It's true. Property tax, sales tax and state tax deduction cannot exceed $10,000.00 per year. You may be able to deduct more property tax than that in 2018 (though not sales or income tax) if you pre-paid taxes in 2017.

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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 40%, the... 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 assurances... Read more »

1 Answer | Asked in Probate for Colorado on
Q: How can next of kin claim ashes of deceased child when primary parent is serving life?

My new sister in law's daughter was murdered by her father who at the time had custody and is now serving a life sentence. She is trying to claim her daughter's ashes in the state of Colorado but isn't sure which type of probate it would be under or what paperwork she would need to complete to do... Read more »

Timothy Canty
Timothy Canty answered on Nov 27, 2017

Colorado Revised Statute 15-19-106 lists and prioritizes the persons who have the right to a decendent's remains. If there was no designation in a will and no surviving spouse, the mother would have a statutory right to the remains. If the matter can't be resolved otherwise, a probate estate would... Read more »

2 Answers | Asked in Probate for Colorado on
Q: My ex's father passed away and his estate is in probate. My ex husband owes me over $11k. Can I file a claim against?

Ex husband is beneficiary along with his sister. There is a contempt order against the ex husband for over $11k he owes me.

Can I file any sort of claim against the inheritance?

Timothy Canty
Timothy Canty answered on Nov 15, 2017

You don't have a direct claim against your ex-husband's father's estate. However, you have the right to garnish the estate for the money owed you. If you have not done so already, have the claim reduced to judgment (a pretty easy process) and serve a writ of garnishment on the Personal... Read more »

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1 Answer | Asked in Probate for Colorado on
Q: If my father didn't have a will, do I still have to go through the probate process to gain access to his assets?
Timothy Canty
Timothy Canty answered on Nov 10, 2017

It depends on the type and amount of the estate assets. If he owned real estate which was not held in joint tenancy with someone else or if he had personal property valued at more than $66,000.00, then a probate estate must be opened. If not, you may collect assets and distribute them by using the... Read more »

1 Answer | Asked in Real Estate Law and Landlord - Tenant for Colorado on
Q: I wish to sell a rental in Denver, current tenant has a year remaining on lease.What can I do ?
Timothy Canty
Timothy Canty answered on Nov 8, 2017

If the tenant won't voluntarily agree to move, your only choice is to sell it subject to the tenancy. The new owner would have to wait it out - not an attractive prospect.

1 Answer | Asked in Probate for Colorado on
Q: how do I answer question 10 On form JDF 910 in probate if I was nominated by my stepsister and it was my fathers will

And she renounced her appointment as executor

Timothy Canty
Timothy Canty answered on Oct 10, 2017

You have a statutory priority as a child of the decedent and should check that box. Your step sister has a prior right because she was nominated in the will, but she has renounced it. It's a good idea have her complete Form JDF 912 (renunciation) and file it with your application.

2 Answers | Asked in Real Estate Law and Small Claims for Colorado on
Q: Bought a house and discovered the previous owner flipped the house without pulling permits. Garage damaged, recourse?

We discovered the damaged garage one month after closing, which prompted us to check to see if he had pulled permits on the garage and found out he didn't pull any permits for anything, including the interior renovations, roof, fence, garage.

Timothy Canty
Timothy Canty answered on Sep 27, 2017

The Colorado Seller's Property Disclosure asks seller to disclose if any work was done without proper permits. If the seller did not disclose this and you are damaged or defrauded because of it, you will have a claim against seller and possibly his broker. Under Colorado law, sellers of residential... Read more »

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1 Answer | Asked in Estate Planning and Probate for Colorado on
Q: I have a copy of my grandmothers Will, have been unable to locate the original. Is the copy valid?
Timothy Canty
Timothy Canty answered on Sep 23, 2017

Maybe. You will have to file a formal probate and request a hearing. It will be up to the judge to determine if the will is valid based on certain statutory requirements. If all interested persons agree to stipulate that the will is valid, the court will likely accept it.

1 Answer | Asked in Bankruptcy, Real Estate Law and Foreclosure for Colorado on
Q: Tenants in our PA property just gave notice, and we cannot support that mortgage as well as ours here in CO. Bankruptcy?

Home in PA is a VA loan that we've had for 11 years, and is still underwater (~$60K) since the 2008 crash. We recently closed on our home here in Berthoud, CO, and have virtually no equity built up. Wife laid off last April, only on one income (mine). Our PA tenants just gave notice that they would... Read more »

Timothy Canty
Timothy Canty answered on Sep 23, 2017

Without knowing your entire financial picture, I cannot determine whether a bankruptcy would be right for you. A bankruptcy would relieve you of liability for the PA property, but I can't determine whether it would protect your other assets. Since you apparently have not lived in Colorado for at... Read more »

1 Answer | Asked in Real Estate Law for Colorado on
Q: I have agreed to an emailed offer to sell, but am now having second thoughts. We have not signed a contract yet.

This was an unsolicited offer by an agent and we don't have a signed contract with him either. Is email acceptance binding or can we rescind?

Timothy Canty
Timothy Canty answered on Sep 23, 2017

In Colorado, Contracts for the sale of real estate must be in writing pursuant to statute. In some cases, a court may enforce oral real estate contracts if there has been some partial performance. To determine whether your email "acceptance" is valid or not, I would have to look at the documents.... Read more »

1 Answer | Asked in Real Estate Law for Colorado on
Q: I was engaged to my girlfriend of 7 years. We bought a house together 6 months ago. Now she wants me out.

What do I have to do to get off mortgage?

Timothy Canty
Timothy Canty answered on Sep 21, 2017

There are only two ways I know to get released from the mortgage. The lender can agree to release you from liability (not bloody likely) or your girlfriend can refinance by herself.

1 Answer | Asked in Real Estate Law for Colorado on
Q: How can seller cancel contract with buyers in Colorado?

Seller in foreclosure, listed house with me, now have contract with buyers. Seller since found a way to stay in her home and doesn't want to sell. Buyers' agent wants to sue everyone. How can I help her stay in her home?

Timothy Canty
Timothy Canty answered on Sep 21, 2017

Generally, a buyer is entitled to specific performance of a real estate contract as long as the buyer has not defaulted on any material terms. However, your seller could break the contract legally by filing a Chapter 7 or Chapter 13 bankruptcy. There are many other consideration before deciding on... Read more »

1 Answer | Asked in Real Estate Law for Colorado on
Q: I am selling a rental property. Can I use the proceeds to pay down the loan on another rental property to avoid taxes?

Colorado. No papers are signed yet

Timothy Canty
Timothy Canty answered on Aug 23, 2017

Your idea will not avoid capital gains taxes on the gain from the sale. I am aware of three possible solutions to avoiding these taxes. First is a 1031 exchange and involves buying another qualifying property and rolling the gain into that - there are complicated rules to this. The second method is... Read more »

1 Answer | Asked in Bankruptcy and Consumer Law for Colorado on
Q: have 65k in CC debt, have 112k in reverse mort debt. wife and I live on 54k yearly. Home is valued at 400k.options?

What is max amt on value of home - don't want my home touched.

Timothy Canty
Timothy Canty answered on Aug 14, 2017

The Colorado homestead exemption is $75,000, or if you are over 60 years old or disabled, $105,000. You must have a been a Colorado resident for at least 2 years in order to use Colorado exemptions. Any equity over those amounts must be turned over to the trustee to pay creditors. This will usually... Read more »

1 Answer | Asked in Probate for Colorado on
Q: Does a conservatorship go through probate or regular court?
Timothy Canty
Timothy Canty answered on Jul 7, 2017

In Colorado, conservatorships and guardianships are filed in the probate division of the District Court. The one exception is the City and County of Denver which has its own Probate Court.

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