Foreclosure in Colorado>Question Details

hjennes1, Home Buyer in Cleveland, OH

I live in Colorado and my house is owner financed and he is trying to foreclose on my house.. i need advice please

Asked by hjennes1, Cleveland, OH Tue Feb 19, 2013

the owner bought the loan from another person that was doing owner finance 14 months ago. I have made my payments but he is claiming that I made a late payment Jan 2011.. I realized he had not cashed the check so I wrote him and asked if he received it- he said "no it was late as of the 15th". I took the pymt straight to his office.. and from then on I drop payments off at his office so I do not run into this again. Well I JUST received a notice from his lawyer and it says I owe $11,000 within 30 days.. I called the lawyer and he said that since I made a late payment it made the intrest go to 10% since last Jan and so my payments should have been more money and he added late fees on top of that! I never once got any notice of this... pretty much my question is I need to find the rules for owner finance and if he had to tell me about the change in writing or before it got to $11,000! any advice please

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You will need to contact an attorney on this. I wouldn't rely on any answers from the folks here, as none will have been hired by you to represent your best interests, and owe no duty to you.
2 votes Thank Flag Link Tue Feb 19, 2013
I am a Colorado attorney. Sean M. Dougherty is right! Hire an attorney. Especially because you are in Ohio, you need local presence. (I won't take the case because my docket is full with landlord-tenant concerns, so nothing I say herein may be interpreted as legal advice and is intended for information purposes only and for people with similar circumstances to yours, but not directed at you specifically because I do not know all of the circumstances in your case.) You need to read your deed of trust and look for your rights. Specifically look for notice provisions and whether the deed of trust authorizes the power of sale. If not, then it will have to go to Judicial foreclosure which is more expensive for owners ($5,500). You also have a right to cure in Colorado. Watch for your rule 120 motions hearing notice and notice of election and demand, since those are major issues. You will need to research how to file the "notice to cure". Timing is very important. Without an attorney, you can do a lot to stall, but ultimately, you should seek an attorney. During the cure period, seek "refinance" money for the cure. As a last resort, if the bank won't provide a bridge loan, ask here for "hard money" contacts. The rates are usually about 4pts and 11%, but you may be able to shop that cost down. Good Luck!
1 vote Thank Flag Link Sun Feb 24, 2013
A good reason to not use owner financing. Good luck and go see your own lawyer.

Tim Says: Man with lawyer is like man with a gun
1 vote Thank Flag Link Tue Feb 19, 2013
I would suggest getting a real estate lawyer for yourself.
0 votes Thank Flag Link Tue Feb 19, 2013
You need an attorney and quickly! Realtors are not permitted to give legal advice. Please do yourself a favor and consult with one today!
0 votes Thank Flag Link Tue Feb 19, 2013
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