The Colorado Supreme Court on Monday rejected a lower court’s interpretation of the law that could have encouraged mortgage lenders to foreclose more quickly on homeowners exiting bankruptcy, calling the effects of such a ruling “perverse.”
The issue before the justices was what effect a homeowner’s discharge from bankruptcy has on the timeline for banks to foreclose, assuming there are no more payments on mortgage. Under Colorado law, a lender has six years to initiate a foreclosure after a payment becomes due.
But when someone exits bankruptcy and no longer has the obligation to make mortgage payments, does the entire mortgage become due then?
To continue reading the rest of the article, please click on the source link below:
https://www.coloradopolitics.com/courts/colorado-supreme-court-rejects-speedy-foreclosure-timeline-for-bankruptcies/article_586170a8-e378-11ed-97cb-df61fd3818a9.html
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
