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Colorado's New Foreclosure Law - HB 06-1387 P1

By
Real Estate Agent with Exit Realty Laredo 657593

Aurora colorado real estate, homes for sale in colorado, colorado homes, colorado investors, colorado foreclosures, spanish speaking real estate agent 

Colorado foreclosure laws - New Regulations will be applied until January 1st 2008
As some of you know that Colorado foreclosure's laws are going to change on July 1 2007, will it be a benefit for investors? We will see, the Number of Colorado foreclosures continued to increase in 2006 over 2005. Colorado led the nation with the highest Colorado foreclosure rate for over half of 2006 and is currently ranked second in the nation behind Nevada. Colorado also ranks very high nationally for properties that contain little or no equity and for interest only loans where borrowers have encumbered their property at 100%, 110% or 125% of its value.

Aurora Colorado Real Estate Homes for sale in Colorado Spanish Speaking Real Estate Agent Aurora Colorado Realtor 

Mary Pope-Handy
Christie's International Real Estate Sereno - Los Gatos, CA
CRS, CIPS, ABR, SRES, Silicon Valley
Ouch! I'm sorry that CO has had such a hard time of it....!  I do NOT know about the new foreclosure law. Would love to see you blog about it, Ray!!

Hugs from California,....
Apr 29, 2007 04:20 PM
Theresa Cavanaugh
Global Realty Marketing - Appleton, WI
Ray, I did not know about any foreclosure law changes.  I hope you post more!
Apr 29, 2007 04:25 PM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Sally, you funny girll :)

 

Apr 29, 2007 06:41 PM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Mary, yes, but when it is hard, it is good too,  there is always or buyer's market or seller's market, so here it is when people can take advantage of it :)

 Hugs from Colorado

Apr 29, 2007 06:43 PM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Theresa, sure, :) thanks for your post !

 

Apr 29, 2007 06:44 PM
Roberta Lee
Century 21 Olde Tyme - Norco, CA
Norco Corona Riversid Homes For Sale

Aurora

Thanks for the heads up.  I thought Texas led the nation in foreclosures.  Not true huh?  Good post.

Apr 29, 2007 07:14 PM
Leon Austin
Mobile Notary Services - Colorado Springs, CO
Colorado Springs Mobile Notary

Ray, I took a continuing education class on foreclosures a couple of weeks ago. If anyone is interested in attending the class, visit the First American Heritage Title Company website. It's free, and offers a chance to earn 4 continuing education credits.

First American Heritage Title Co. - education (class schedule)

 

 

Apr 29, 2007 09:36 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert
Ray, can you Post some of the highlights to the changes in the foreclosure laws??
Apr 30, 2007 11:07 AM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Roberta, Well, those are just statistics, I believe those are right, :) thanks for your comment.

 

Apr 30, 2007 07:33 PM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor
Leon, thanks for the update, :)   some title companies offer good services and free education classes.
Apr 30, 2007 07:34 PM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

George, 

1) If NED ( NOTICE OF ELECTION AND DEMAND ) recorded prior to july 1 2007 the floreclosure will be completed under current law.
2) If NED records july 1 2007 or after, the foreclosure will be the completed under the new law.
3) Property type Non-Agricultural 110 to 125 days cure period       Property type Agricultural 215 to 230 days cure period

I will post later more

 

Apr 30, 2007 08:05 PM
Lizette Fitzpatrick
Lizette Realty - Richmond KY - Lexington, KY
Lizette Realty, Lexington KY MLS - Kentucky Homes
Hey, maybe it's time to move to Colorado and start investing!!!
Apr 30, 2007 11:54 PM
Jennifer Steck
Rocky Mountain Homescapes, Keller Williams, Denver Colorado - Denver, CO
Denver Real Estate
Ray, It is a great time to invest. Thanks for the reminder.
May 01, 2007 12:20 AM
Anonymous
Jorge

Ray, nice to know about these tips.

 That really got me thinking.

 

Greetings

May 01, 2007 03:19 PM
#15
Trish Pachak
We Stage Colorado- Colorado's Premier Staging Experts - Westminster, CO
ASP Master - Denver, Colorado

Hi Ray-

I keep hearing from home sellers that the many foreclosures are affecting what they can in turn receive for their property. What is the reality? How much are the foreclosures really driving the prices down? I saw that last month over 9000 houses were placed on the market for sale and only about 2300 sold.

I want to be able to provide true information as it seems fear, uncertainty and doubt are the mode of the day. Not looking for a rosy lens just the facts.

Thanks,

Trish

May 01, 2007 03:33 PM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Lizette, :)  ok my investor, I know thaty will do it great everywhere ! :)

 

May 01, 2007 04:12 PM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Jennifer, Awesome time, when some people tell that the market is bad, depends how you see it,  you can not say that market is bad, because buyer's market means investors market :) so good for one side, but always good, :)

 

May 01, 2007 04:14 PM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Jorge,

thanks for the comment :) hope to see you around !

 

May 01, 2007 04:14 PM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Trish, the reality it is that it is not a seller's market for sure and yes, that affects how well they can be sold, so the advantage it is for the buyer and yes, there are many homes on inventory. I do not have right now a number, I do not want to lie on that.

 

May 01, 2007 05:47 PM
Anonymous
Reuben Nieves

Did anybody know that 2006 Larry Castle(one of the top foreclosure attorneys) Castle Stawiarski LLC, and the public trustees actively drafted change in  the Rule 120 foreclosure law to lower the burden of proof that the lender was required to prove that it was the real party in interest. This violated the due process of homeowner. See Goodwin vs District Court 779 P. 2d 837 (Colo. 1989  Did you know that this muted the Goodwin requirement that the real party in interest defense was required in the Rule 120.  This was in fact a conspiracy to deprive homeowners of due process to advance the financial interest of Larry Castle, Castle Stawiarski LLC, and lenders. The have yet to own up to their misconduct. If this resonates email me at reuben.nieves@yahoo.com if you are affected by Colorado foreclosure.

Nov 27, 2012 11:52 AM
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