Many lenders are taking back half-built projects that are subject to the Colorado Common Interest Ownership Act (“CCIOA”). CCIOA governs planned communities, condominiums and cooperatives in Colorado and contains many detailed provisions regarding the ongoing right of a developer (or a “Declarant”) to develop the community and control the board of directors. These rights are
Nationwide Probe into Foreclosure Practices
On Wednesday, October 13th, a group of attorneys general and bank regulators from all 50 states and the District of Columbia announced a coordinated probe into potentially improper foreclosure practices of various national lenders. At the heart of these investigations are allegations that some banks used erroneous or incomplete paperwork in foreclosing on residential mortgage
JP Morgan to Freeze Foreclosures
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
Foreclosures, Bidding and Deficiencies
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