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.
The government is offering help in a few different ways.
1. Refinancing programs. Restructuring loans.These are helping a limited amount of homeowners
2. Shortsales. Encouraging and helping homeowners with new, quicker processing (at least on paper)
3. There are some programs that allow homeowners to be foreclosed and then rent back the home.
4. Loan Modification. A helpful program, but relatively few qualify to benefit from this program.
5. All of these programs at least allow the borrower to stay longer even if on a temporary basis.
6. In Colorado borrowers are encouraged to call the Colorafo Foreclosure Hotline for free consultation on all these programs and more - http://j.mp/V01QKW .
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246