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Foreclosure Attorney Colorado

Question: After foreclosure can the 2nd mortgage holder come after me for the balance in Colorado?

I had a property go to foreclosure in Colorado with 1st and 2nd mortgages. The 2nd is now trying to settle and has been calling and mailing me for the past 8 months. Can they collect? Should I settle or should I just pay an attorney to make them go away. They are out almost $80k and I didn't file bankruptcy.

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Answer: These are all the mortgage walkaway trustee sale states, meaning they are non-judicial foreclosure states.

In those states, generally, when they foreclose on you, they cannot pursue you for their financial losses.

Many, such as California, do in theory allow a lender to choose judicial foreclosure but in those cases the lenders only do so if a borrower has significant other assets. This is the "one action" rule that lets the lender either pursue non-judicial foreclosure, at lower cost and less time, or judicial foreclosure that costs more money and takes more time but lets them go after you for their financial losses.

Alaska
Arizona
Arkansas
California
Colorado
District of Columbia (Washington DC)
Georgia
Hawaii
Idaho
Mississippi
Missouri
Montana (as long as non-judicial foreclosure is used)
Nevada - note that the lender CAN get a deficiency judgment (See below)
New Hampshire
Oregon
Tennessee
Texas (but even in a non-judicial foreclosure, the lender can pursue a deficiency judgment)
Virginia
Washington
West Virginia

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From what I understand if a trustee sale already took place legally the 2nd lender cannot exercise it's right to recourse. The only way they can have recourse action against you is if they had a judicial foreclosure that went through the court system.

The lender will try to bully you and make you think that they can come after you to squeeze what ever money out of you they can. The only way they can come after your assets is if they have a court hearing and obtain a judgement against you. Even if this were to happen you could claim bankruptcy and have it cleared.

There is a lot of information available about this on the internet. I recommend you do as much research as you can before contacting an attorney. Attorney's are very expensive and may not be necessary in your case.

The first step you should take is finding out if your property went through a judicial or non- judicial foreclosure. If it was non - judicial the 2nd lender has no legal grounds to come after you and they are just trying to scare you into giving them money.

Good Luck!

Colorado Springs Foreclosure Woodland Park Lawyer

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Foreclosure Attorney In Colorado

We know that Colorado is known for Rocky Mountains. But does the Colorado real estate rock as well? Though Colorado real estate doesn’t rock that much, as per the statistics (and when we compare Colorado real estate to others like Florida real estate or California real estate). However, there are people with contrarian views as well. And believe me, contrarian views do sometimes get huge profits for you, because in such circumstances you will generally face lesser competition from other real estate investors and you can probably get a Colorado real estate piece for much lesser than it actually is worth.

However, we are not saying that Colorado real estate has performed badly. Though I don’t remember the exact statistics but Colorado real estate appreciation was about 5-7% only which is much lower to 25% or so for Florida real estate. Again, when we say 5-7% appreciation in Colorado real estate, we are talking about the state in general. So, it’s quite possible that there be regions in the state where the real estate appreciation is say 25% and there could be places where there has been no appreciation in real estate. The opportunity is always there, the only thing you need is the art of finding the Golden deal in this Colorado real estate market.

When assessing Colorado real estate you must take into consideration various factors e.g. you must assess the overall economic indicators and check what effect it can have on Colorado real estate (both in the near term and in the longer term). You don’t need to be a financial analyst or a real estate guru for doing this assessment, you just need to keep track of various news items and analysis reports on Colorado real estate. Also keep track of the mortgage rates and laws on tax breaks (as applicable to Colorado real estate).

All these factors influence the trend of real estate anywhere (not in just Colorado). Moreover, you will need to hunt for Colorado real estate opportunities by going to public auctions, foreclosures, teaming up with attorneys for information etc. Again, remember that a not-so-good news about any real estate (be it Colorado real estate or Florida real estate), doesn’t mean that real estate investment won’t make sense at that place; in fact, it might cut down the number of competitors you have.

So, if you feel that Colorado real estate doesn’t rock; you can probably make it rock for you. There always are plenty of opportunities.

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Foreclosure Attorney Colorado Springs

Short Sales are the hot real estate topic in Colorado Springs.

Faced with foreclosures, banks and homeowners are working with industrious market professionals to sell property at lower costs.

If a homeowner is behind on payments and is in danger of foreclosing, a realtor can assuage the situation with a short sale.

Short sales are tricky, though. According the Colorado Springs Business Journal, it takes a dedicated, savvy realtor to complete the process.

The article reports:

There are several keys to the process, but one of the most important is to contact the borrower’s lender. That’s a lot easier when the lender is local. Otherwise, you end up spending hours trying to track down loan information — and even more to get current home values, public records or to work through loan serving companies.

Short sales are an alternative to foreclosure. They sell property for less than what is owed by the homeowner. They offer the lender roughly 80% of the property's value, which, obviously, is better than losing out completely.

A foreclosed home faces challenges. Banks need to reestablish its value. If the home is damaged, they need to pay for repairs. Broker commissions are often high, and it may takes many months or even years to sell the property again.

Short sales, then, give banks options. But it takes a dogged realtor to put the deals together.

The article continues:

Tiffany Lachnidt, team leader of The Distinctive Group, a Keller Williams Real Estate affiliate, was drawn head-first into distress transactions during 2007 when an investor-client asked her to list and sell seven residential properties facing foreclosure.

“We got them all sold within a year,” she said.

In what seems to represent the new “norm,” half her business consists of homes in danger of foreclosure, bank real estate owned homes (REOs) or short sales.

Short sales often require the realtor to work quickly and effectively. If the lender is not local, realtors need to put pressure on lenders to provide loan and property information. Once the information is acquired, the realtor needs to complete the loan submission packet. Then a delicate balancing act transpires. The realtor must determine when and if a real estate attorney is required, answer questions about appraisals on first, second, or possible even third time mortgages, and attract potential buyers, all before the home goes into foreclosure--a big challenge, especially if the homeowner is already behind on payments.

Difficulties aside, short sales are getting property sold. The process demonstrates a realtor's bold, creative verve, and a circumstantial willingness on the part of the lender. A struggling market needs smart alternatives to survive. It seems realtors and banks realize this.

If you would like to find information about Colorado Springs Real Estate, visit the Real Estate Book, the web's most comprehensive resource for homeowners and homebuyers.

About the Author:

Michael Russell writes about a variety of subjects, including real estate, environmentalism, and modern architecture. This article discusses information about Colorado Springs Real Estate. If you would like to learn more about the Colorado Spring's real estate market, visit the Real Estate Book, the web's most comprehensive resource for homeowners and homebuyers.

Source - Colorado Springs Real Estate: Short Sales Save the Day

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