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.
There are three options:
1. File for bankruptcy protection prior to the sale.
2. Contact the lender and request a continuance of the sale.
3. Allow the sale to occur. The purchaser must initiate an eviction that usually takes 30 days post foreclosure which will allow time to relocate.
If your sister does not appear, a judgment for possession will enter. This will show up as an eviction and may prevent here from renting in the future. If she has vacated the home she should work with opposing counsel on dismissing the case without prejudice to avoid a judgment for possession.
I have several clients who had modifications ignored by the servicer when a loan is transferred. I suggest provided a signed copy of the modification agreement to nationstar and filing a complaint with the attorney generals office. Under Respa, the servicer must forward payments to the new servicer and the servicer cannot charge late fees for a period after the transfer.
The next step would be to bring a lawsuit against nationstar. There are several claims that you can bring and I strongly...
There is currently federal law that protects the tenant in the event that a foreclosure sale occurs. Protecting tenants at foreclosure act allows a tenant the full term of the lease or 90 days in the property post foreclosure sale.
It does not protect for short sales. I would be careful providing a deposit to the landlord and would make sure that you are protected under the lease agreement and fully advised of all possibilities and implications of renting such a property.
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...