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Hearing Suggested for Home and Townhouse Foreclosures in Colorado



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By : John Cutts    99 or more times read
The issue of whether homeowners facing residential foreclosures and townhouse foreclosures should have their cases brought in court under Rule 120 in Colorado has divided some sectors of the state. Consumer advocates have stated that the Rule 120 proceeding is not enough to protect homeowners and does not contain enough provisions to provide relief.

Foreclosed homes in Colorado Springs, CO and in other areas of the state are typically handled by county treasurers and public trustees, although they require the approval of a judge before a foreclosed property can be sold at auction.

Hearings for Colorado foreclosed homes for sale and other foreclosure issues are only used in two situations, to decide whether the homeowner is delinquent in paying his mortgage and if the homeowner concerned is a military employee in active duty, a situation which requires legal consideration.

In contrast, 23 other states in the U.S. deal with foreclosures and other related issues in civil courts. According to housing market analysts, areas where foreclosures are handled by courts provide more protection to homeowners and even touch upon some indirect but related issues, like how to buy homes in foreclosure.

In Colorado, housing counselors report that owners of foreclosed residences and townhouse foreclosures usually do not bother attending Rule 120 proceedings or hearings. Market analysts estimate that only 15% of troubled homeowners show up in these hearings. For the very few who bother, analysts report that majority have not even filed a hearing request. In other cases, borrowers have no knowledge of what issues they can argue.

Those who have asserted that Rule 120 does not provide protection to troubled homeowners have stated that in a hearing under the rule, borrowers are not allowed to explain their plight and are not given much chance of arguing their case. There are a lot of issues associated with foreclosures that are not addressed by Rule 120, critics have added.

People who are calling for further improvements added that the only way homeowners who are facing potential residential and townhouse foreclosures can benefit from the rule is for the bonding requirement to be removed. They added that only then can homeowners have a fair court hearing.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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