Bank Doesn't Need Proof it Owns Your Mortgage to Foreclose in Colorado

Starting in 2002, the Colorado legislature began to make it easier to foreclose on properties in Colorado. Original loan documents are no longer required to prove the bank actually owns the property.

As the practice of buying and selling mortgages increased from 2002 to 2008, the Colorado legislature and public trustees were looking for ways to make the foreclosure practice simpler, says Migoya.

"The changes meant banks no longer had to provide original documents at a foreclosure, just affidavits from lawyers saying the bank owned the notes and got them legally."

"Others say the foreclosure process has become so heavily weighted in favor of lenders and their lawyers - much of it with the help of the trustees - that homeowners stand little chance of finding fairness in a system that's supposed to ensure equal justice."

According to Migoya, Colorado has a unique system that puts the foreclosure process into the hands of public trustees, rather than the courts. He says the changes were intended to streamline the foreclosure process and make it easier for homeowners to protect their property.

Thanks to Cathie Pagano

Full Story: Colorado public trustees pushed to make it easier to foreclose on homes

Comments

building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25

Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245

NEW! Get the "Green Bible"

Understand the complexities of planning at the local level while preparing for the AICP* exam. Find out why this edition is included in the APA's recommended reading list.
$105

Wear your city with style!

100% silk scarves feature detailed city maps. Choose from six cities with red or blue trim.
$55.00