Active Properties

Tara Nicholle Nelson begin her article of short sales complaints with the following introduction:
Roughly forty percent of the homes for sale on today’s market are short sales and foreclosures! Distressed properties are well known for their value (a reputation which is sometimes accurate, and sometimes not), but they also have a reputation for causing buyers to become distressed, too!
Having been through the short sales process with my clients, Tara’s article is a must read if you as a buyer are contemplating the purchase of a ‘short sale’.

Great detail on the following (5) key ‘short’ points;
- 1. Run-on (and on, and on) escrows.
- 2. Bank won’t take lowball offer.
- 3. Last minute postponements/cancellations.
- 4. The bank’s black box.
- 5. Double standards.
and the key feataure of the article, responses to the complaints
by providing a detailed: “Avoid the drama by:” suggestions

These predatory practices affect more borrowers than ‘robo-signing’, article by By Jack Guttentag.

Jack details that there is public outrage against mortgage servicers, providing this link to a partial list to be aware of, or at least become familiar with when purchase a real estate property.

Here’s a sobering list of the failed Banks in the United States, and protectorate states (e.g. PR). Published by the FDIC.

Complete list:

Colorado Foreclosure Timeline from iNETProperty LCC

Colorado Law Effective January 1, 2008

click here:

Pre-foreclosure:

•Lender decides to foreclose and elects to foreclose with the Public Trustee on their Deed of Trust or through the courts judicially on their Promissory Note
•Foreclosure attorney hired and documentation sent from lender
•Attorney prepares Mailing List and all documentation for presentation to the Public Trustee
•Attorney sets hearing for Rule 120 Order that authorizes Public Trustee to auction property if no cure occurs before sale date

Cure period:

•Notice of Election and Demand recorded by Public Trustee within 10 working days
•Determination made by Public Trustee if property non-agricultural or agricultural within 10-20 days
•Sale date set from NED recording date
◦110-125 days for non-agricultural property
◦215-230 days for agricultural property
•NED and Combined Notice sent to owner, any guarantors on the note, and occupant only
•Notice of Intent to Cure must be filed 15 days prior to sale date
•45-60 days prior to sale, NED and Combined Notice sent to all parties on Mailing List
•Sale date published for 5 consecutive weeks prior to sale

Sale Occurs and Redemption Period Begins:

•Certificate of Purchase to highest bidder recorded by Public Trustee
•THERE IS NO LONGER AN OWNER REDEMPTION PERIOD
•Any junior creditor with lien recorded prior to NED or with any involuntary lien such as a judgment, HOA lien, mechanic’s lien or IRS lien that records after the NED, can file a Notice of Intent to Redeem within 8 business days
◦1st junior creditor: 5-19 business days to redeem
◦2nd or after: 5 business days to redeem
•Redemption prior to 12 noon on last day
•If junior creditor redeeming, Certificate of Redemption and Public Trustee’s Deed issued
•If no redemption, Public Trustee’s Deed to holder of the Certificate of Purchase or any assignee