Colorado Foreclosure Questions & Answers

Q: I want to know if Home Relief Services is a ligit company helping people with loan modification.

1 Answer | Asked in Foreclosure, Real Estate Law and Arbitration / Mediation Law for Colorado on
Answered on Aug 20, 2018
Thomas A. Grossman's answer
You can go online and look at their website. You can also look up reviews of this company and read them. Finally, you can access "Yelp" and review the company if you can fine it.

Q: Tenants in our PA property just gave notice, and we cannot support that mortgage as well as ours here in CO. Bankruptcy?

1 Answer | Asked in Bankruptcy, Real Estate Law and Foreclosure for Colorado on
Answered on Sep 23, 2017
Timothy Canty's answer
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 least two years, you would be required to use either the PA or the federal bankruptcy exemptions to protect your other property. Whatever you do, keep the Colorado mortgage current. The lender on the PA...

Q: Mortgage discharged in bankruptcy. How long after deed in lieu can I get a loan?

1 Answer | Asked in Bankruptcy and Foreclosure for Colorado on
Answered on Jun 11, 2017
Kevin Scott Neiman's answer
In general, the minimum waiting time after a deed in lieu to apply for a federally backed mortgage is two years. There are no mandated waiting times after for private lender. Having a hefty down payment and the funds to cover closing costs might enable you to obtain a new mortgage immediately after a deed in lieu.

Q: Regarding a foreclosure in Colorado during 2011, for what period of time thereafter can a bank pursue a claim?

1 Answer | Asked in Real Estate Law and Foreclosure for Colorado on
Answered on May 16, 2017
Tristan Kenyon Schultz's answer
The statue of limitations for a mortgage is 6 years. Tolling begins on either the date of default with acceleration (all come due) or maturity (last day of the final payment from the original loan documents). In other words, the exact expiration date to seek collections is based on the individual circumstances of the lender-debtor case.

Q: Is there anything we can do if we have paid back taxes on a property and have continued to pay to get a deed?

1 Answer | Asked in Foreclosure, Real Estate Law, Tax Law and Land Use & Zoning for Colorado on
Answered on Jul 30, 2016
Tristan Kenyon Schultz's answer
You will need to contact a real estate attorney directly for advice with your situation. As a general rule, paying taxes and receiving the father's share give you an interest in the property. The mother can force a sale, but you can offer to purchase her portion. If nothing else you should receive a portion of the profit from the sale. If you haven't already, make sure to use the material you have to get on the deed of the property.

Q: Received letter from servicer of loan starting foreclosure then received letter from attorneys office. Stating subject

1 Answer | Asked in Foreclosure for Colorado on
Answered on Jul 7, 2016
Tristan Kenyon Schultz's answer
The location of the attorney is not suspicious (the lender likely has a contact with the attorney). This is a complex issue and requires specific review of your circumstances. You will need to contact a real estate or foreclosure lawyer. Here is a link for free to low cost legal services in Denver: http://www.intotolegal.com/upcoming%20Events/Pro%20Bono%20Services.html .

Q: My home is in foreclosure and will go to sale in June. After sale when will they need to be out? Their rent is < FMV

1 Answer | Asked in Foreclosure for Colorado on
Answered on Apr 5, 2016
Tristan Kenyon Schultz's answer
With some limitations, the bank must either assume the tenants until the lease term expires or the bank must offer a buy-out to the renters to terminate the lease early. I recommend that you notify the renters of the anticipated foreclosure because AND notify the bank of the renters because the renters are undeniably third party beneficiaries to the property.

Q: i live in CO If I foreclose on a house and they sell,but dont get enough, can they come after me to get the rest ?

1 Answer | Asked in Collections and Foreclosure for Colorado on
Answered on Apr 5, 2016
Tristan Kenyon Schultz's answer
Yes, a lender can pursue a deficiency judgment (collect the difference between the loan amount and the sale price in foreclosure) in Colorado provided that certain conditions are met (if you received notice from a court, then the requirements are met). If the deficiency amount is substantial or there is no possible way for you to pay it off, you may want to consider bankruptcy. If you do want to file for bankruptcy, I recommend that you contact a bankruptcy attorney.

Q: if my house was fourclosed how long does the new owner have to let me stay there ?

1 Answer | Asked in Foreclosure for Colorado on
Answered on Jan 9, 2016
Tristan Kenyon Schultz's answer
I'm not sure where you are exactly in the foreclosure process. If you have only received notice of foreclosure, you may be able to stay in the home for a year or more. If the home is headed for sale/auction you usually must leave within 30-60 days from the date of notice. Some people stay after this and a wait until formal eviction proceedings occur and the Housing Court sanctions eviction by the county sheriff's department (not recommended).

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