Notice Prior to Residential Foreclosures

Lenders preparing to foreclose on residential property should beware of a special notice requirement under Colorado law.  At least thirty days before filing the foreclosure, and at least thirty days after default, the foreclosing lender must mail a notice to the original grantor of the Deed of Trust at the address in the recorded Deed of Trust (or the last address shown in the holder’s records).  The notice must contain the telephone number of the Colorado foreclosure hotline and the direct telephone number of the foreclosing lender’s loss mitigation representative or department.

This notice can be provided by the Lender before sending the foreclosure case to the foreclosure attorney.  The foreclosure attorney can also send the notice, but the foreclosure attorney must wait the required thirty days before filing the foreclosure action

Secured Creditor Objections to Chapter 13 Plans for Automobile Loans

Most Chapter 13 Debtors have secured auto loans that are in default.  Because of the nature of motor vehicles, those loans are typically underwater (the amount due on the loan is more than the value of the collateral for the loan).  The Bankruptcy Code allows a Debtor in a Chapter 13 Bankruptcy to “cram down” the Creditor’s loan to the value of the collateral. 

When reviewing a Chapter 13 Plan, the secured creditor should make sure that the secured creditor agrees with the value given to the collateral by the Debtor.  If the secured creditor believes that the value of the collateral is more than the Debtor’s value of the collateral, then the secured creditor should consider filing an objection to the Chapter 13 Plan.

In Colorado, the secured creditor should be aware that objections to the Debtor’s Chapter 13 Plan must be filed very early in the confirmation process – three Court days prior to the meeting of creditors.  Often, a secured creditor will delay reviewing the Chapter 13 Plan, or delay referring the case to Colorado Bankruptcy counsel.  Such delay could result in the secured creditor being precluded from objecting to a proposed Chapter 13 Plan.

Welcome to the Colorado Creditors’ Rights Blog

Welcome to the Colorado Creditors’ Rights Blog.  I hope to shape this Blog into a resource for creditors and financial institutions in need of a basic understanding of creditor’s rights in Colorado.  Additionally, I hope that my blog posts will convey my experience and legal expertise that I, and my law firm, provide our creditor clients.

I am an experienced creditor Bankruptcy attorney and creditor Foreclosure attorney.  I have specialized in creditor’s rights, representing banks, agricultural lenders, finance companies, individual lenders, and automobile lenders, throughout the state of Colorado for more than 25 years.

My experience as a creditor’s attorney is extensive.  Foreclosures (both public trustee and judicial), bankruptcy, workouts, collections, replevins and general lender representation represent 100% of my practice.  By concentrating in the Creditor’s rights arena, I can focus on my creditor clients and provide them (and you) with knowledgeable, practical and cost-effective legal representation.