Colorado Foreclosures: Failed Bill May Get 2nd Chance This November

Some interesting news on Colorado Foreclosures today. A bill was recently proposed in the state legislature that would have required lenders to prove that they had a right to foreclose on a home prior to initiating foreclosure proceedings. This bill was killed in the legislature, but backers are now trying to get it on the State Ballot for this November.

From The Denevr Post:

The ballot initiative — called the Foreclosure Due Process and Fraud Prevention Initiative — squarely takes on Colorado law that uniquely allows for "no-doc" foreclosures, where lenders can take a home without ever having to prove they have that right.

"In other states, courts are scrutinizing whether the foreclosing party has the right to foreclose and concluding that in most cases (they haven't) demonstrated that right with proper documentation," said Debra Fortenberry, a Colorado Springs attorney who helped draft the initiative with Brunette and the Colorado Progressive Coalition.

"In Colorado, there is nothing to scrutinize," she said.

No other state allows for a foreclosure without the lender first proving it is the right entity to do so. Colorado allows foreclosure lawyers to sign a "statement of qualified holder," which basically says they think their client owns the note or mortgage without ever actually seeing it — a practice some states have labeled as "robo-signing."

Read more: Failed bill on foreclosure filing in Colorado may get second chance on November ballot - The Denver Post http://www.denverpost.com/business/ci_20287488/failed-bill-foreclosure-filing-colorado-may-get-second#ixzz1qdS7MqRq
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We'll be watching this proposed ballot initiative every carefully of the next few months. There is a hearing scheduled for April 6th at the Legislative Council. If it passes this first step, the proposal will need over 87,000 signatures to get on November's ballot. We'll keep you posted on this, and any other news for Colorado foreclosures.

In the meantime, if you would like to talk to one of our agents about Colorado foreclosures, HUD homes or any real estate issues, give our team a call at 303-726-1874.

 

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