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