There’s a hearing at the Legislative Council today, which is the first step to getting the measure on the ballot in November. The proposal needs 87,100 signatures to appear on the ballot.
Once I figure out how you can sign the proposal, I will post here on the blog about how to do that.
David writes here that the failed bill has been filed as a ballot measure with a new approach: every time a lender sells or transfers a note, the holder must record it with the recorder of deeds.
You may recall that in Colorado, the assignments are not required to be recorded, which makes it much harder to determine who owns the loan during the foreclosure process. Attorneys for the banks have been signing Statements of Qualified Holder in order to proceed. You also might remember that Keith Gantenbein blew the whistle on this practice.
The ballot measure is called the Foreclosure Due Process and Fraud Prevention Initiative.
Mark Hofgard and I talked about due process in Colorado foreclosures next year. I think due process is an issue in all non-judicial foreclosure states. Given Colorado’s unique foreclosure process, including the Rule 120 hearing, makes it difficult to dispute ownership and the right to foreclose unless you file a lawsuit after the Rule 120 hearing.
In the meantime, if you need foreclosure help in Colorado, contact foreclosure defense attorney Mark Hofgard.