On Wednesday, September 29th, J.P. Morgan Chase announced that it will halt foreclosures in 23 states due to loan documentation flaws. On Wednesday, J.P. Morgan spokesman, John Kelly, stated the firm “does not expect to find any factual problems or that customers have been harmed, but if we do find any cases we
C.R.S. 38-35.7-101, et. seq., mandates certain disclosures in connection with the sale of “residential real property.” However, a close reading of that statute reveals that certain of those disclosures apply not only to traditional residential properties (e.g. single family homes), but to commercial, multi-family projects, as well. While it’s common practice in Colorado to include
The Federal Housing Finance Authority (“FHFA“) is proposing new guidance on transfer fee covenants for Fannie Mae, Freddie Mac and the Federal Home Loan Banks, restricting such entities from dealing in mortgages on properties encumbered by such covenants. Typically, transfer fee covenants direct a specified percentage of the sale price on real estate encumbered by the covenant to an individual
Governor Ritter signed H.B. 1284 into law on June 7, 2010, which enacted the Colorado Medical Marijuana Code. Among a host of other impacts, the Code will likely have the effect of concentrating medical marijuana production, and increasing medical marijuana businesses’ demand for commercial and industrial space to house grow operations and retail dispensaries. Accordingly
A question that all creditors wish they faced: what happens if a foreclosed property sells for more than the foreclosure purchase price? Does the extra amount received need to be credited against the deficiency balance or does the creditor get to keep the “profit”? The short answer is that Colorado law does not require a