Your questions is two fold: One, are you liable to the lender? Yes. If you signed the Note and the property is sold at public auction in which the sale results in a deficiency, you will be liable for the balance. If you are not on the Note or there is no deficiency then you would not be liable for the amount owed as to that loan.
Second, the notice provisions of the Colorado Public Trustee system is complex. The lender is required to send notice to you as contained in the banks records or...
There is no statute. It is well-established that CO is a lien-theory state. In a lien-theory state, the deed of trust automatically follows whoever has the right to enforce the Note. There is no requirement to record a document in the County Clerk and Recorder's office showing that the Deed has been assigned.
More information is needed to answer this question fully. What kind of BK and how was the property treated in the BK? Did you sign the deed of trust for the note of the second mortgage? When did you obtain ownership of the property?
Basically, if the lenders interest in the property is senior to that of yours or you are one the deed of trust for the note. In order to avoid foreclosure on the property, you will need to payoff the 2nd mortgage or make payments on it and then sue the husband to...
Oh the old loan modification is in the mail....
Contact your servicer today and make as much noise as possible. If you do not get a response, contact an attorney and the Consumer Financial Protection Bureau.
Make sure that you do not lose the home to a foreclosure sale will the modification is pending.
The foreclosure would have removed the lien rights of the second. Therefore, the obligation of the debt becomes unsecured. If you have not filed for Bankruptcy protection, you have personal liability for the second.
You have some defenses available to you if they bring an action to collect the debt. You may also file a Chapter 7 to have the debt discharged.
The link below from realtytrac.com will provide you with a general state by state timelines and breakdown of the process.
However, each state varies greatly and changes constantly on the available protections to borrowers. Colorado is the only Public Trustee state and is relatively automated and administrative. A skilled attorney can provide you with some protection under Colorado law. Colorado is, arguably, one...
If the judge issued an Order for the return of funds, you can file a Motion for Contempt against the landlord for violating that Order. Did the judge issue a date by which the landlord had to return your funds?
I think that more facts are required. It is very difficult to tell what claims you may or may not have at this time. Additionally, time is of the essence due to the length of time that as elapsed since the foreclosure date. It may be possible to pursue an action against the lender post foreclosure but such actions can be very complicated.
I would strongly suggest speaking with an attorney regarding this matter.
No. The only way to remove your name from the Note is to negotiate with the lender to remove it. However, this is extremely rare. The quitclaim deed will only remove your name from the title. Your best option is to have your mother re-finance the home in her name only.
Both will damage your credit report significantly. However, I am cautious to advise borrowers to file for BK protection prior to the foreclosure sale.
First, the BK will delay the foreclosure process (sometimes significantly) which can create additional issues that arise with your continued ownership of the property such as HOA dues. Second, if your debt is low, you may not need to file for BK.
Colorado is a deficiency state and the lender can pursue you for the remaining balance owed on...