Folks, don't wait for the Federal Government to swoop in and fix the foreclosure crisis. Hot as the market seems right now here in the Denver area, and now that the Attorneys General have settled their claims with the largest banks, banks will be starting up foreclosures again in massive numbers. Know that most economists believe it will be another six years before all the distressed inventory has worked its way through the market. Half of all foreclosures that will have resulted from the crisis that began in 2007, have yet to go through foreclosure!
It is very important that everyone understand that the foreclosure process in Colorado is the only one of its kind in the country, and that Colorado state law was changed in 2006 to make it almost impossible for homeowners to fight a faulty/fraudulent foreclosure. I am still encountering homeowners who have had fraudulent (robo signed) documents recorded on their properties!
Representative Beth McCann is introducing legislation, next week I believe, to fix the 2006 law that gave banks the right to take anyone's home without proving they really own the note. All it takes is for the foreclosure attorney representing the bank to sign a "Qualified Holder" statement saying the bank has the right to foreclose, whether they have seen the actual paperwork or not! This is outrageous and deprives homeowners of legal due process. It is really important that we get behind this bill in the Colorado House of Representatives and get it passed. Contact the representative from your district and insist they pass this important legislation, this year.... more