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Wednesday
May232012

Colorado Initiative 84 - Amend Foreclosure Laws 

"Colorado’s Foreclosure laws used to be simple: The banks and/or foreclosing parties had to provide original documents in order to take someone’s house: notes, deeds of trust, and their assignments. In 2006 the laws changed primarily due to the lobbying efforts of powerful lawyers and the financial industry. At the time, Colorado had more foreclosures than any other state, approximately 13,000. A provision was proposed to reduce the workload for the banks and the servicers, claiming that it would “streamline the process.” It failed to note that “streamlining” meant increasing the profits for the lawyers while diminishing Constitutionally protected “due process rights” for Colorado property owners, creating a system where people are losing their homes wrongfully and sometimes fraudulently."  Read the whole blog post here.