Asked by Paul Papas, Phoenix, AZ • Sat Jun 23, 2012
Failed bill on foreclosure filing in Colorado may get second chance on November ballot
Undaunted that legislators killed a bill requiring that lenders prove their right to foreclose on a home, backers of the failed proposal have filed it as a ballot initiative with a harder approach: Foreclosures can't happen unless all loan papers are properly recorded with the county first.
That means anytime a lender sells or transfers a note, as has been the practice for several years in the mortgage-backed securities business, the holder must file it with the county recorder of deeds.
Colorado has not required assignments â€” the legal word for when a mortgage or note exchanges hands â€” to be recorded for years, a critical part of the problem in determining who actually owns a note during a foreclosure, proponents of the initiative say.
Are you interested in placing a similar Initiative Petition on the AZ ballot to do the same
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