Put a Lien On It

Filed Under (Foreclosure, Mechanics Liens, Real Estate) on 16-09-2014

At Bradford Publishing, customers often ask us for lien documents for a variety of reasons. There seems to be a common belief that if someone is owed money but is not being paid, that just putting a lien on the debtor’s property will solve the problem…..and it’s true…..but there is a process. Here are three of the most common reasons to file a lien on property and how to do it.

1.    You’re lending someone money. If you are kind enough to lend someone money it is important to protect yourself. Use a Deed of Trust to secure the loan. This document will put a lien on the real property of the borrower. If something should go wrong and you don’t get paid back, you can start the foreclosure process on the property. If the borrower tries to sell the property there will be a cloud on the title and they will be forced to pay the debt.

2.    Construction Lien. You did work on someone’s real property and didn’t get paid for it. If this has happened you can file a Mechanic’s Lien. This type of lien will cloud the title and prevent the owners from selling until they pay the debt.

3.    If someone owes you money. If you lent someone money and did not file a deed of trust to secure the loan, you will need to file a suit in order to place a lien on the borrower’s real property. If the total amount due is under $7,500, you can use the Small Claims Court. If the total amount is between $7,500 and $15,000 you can file the suit in County Court. If it’s over $15,000 you will have to go to District Court. Wherever you decide to file, you can file a Notice of Lis Pendens  with the Complaint form. This will put a temporary cloud on the title of the borrower’s real property until the judgment is issued. Once you have judgment, the transcript can be filed and a permanent lien will be placed on the property.

This is just a brief explanation of your lien options. If you are in one of these situations, it is wise to consult with an attorney. Please check out our local attorney directory to find a trusted Colorado Lawyer.

Buying Foreclosure Properties in Colorado

Filed Under (Foreclosure, Real Estate) on 24-10-2013

A borrower signs a deed of trust when a loan is made to buy a house, and the deed of trust gives the lender a security interest in the property being purchased with the loan funds. If the borrower fails to make payments or otherwise fails to perform the obligations under the promissory note, the deed of trust spells out how the lender may proceed with foreclosure on the property.  A lender uses the foreclosure process to enforce its rights in the property that was given by the borrower to obtain a home purchase loan.

The foreclosure process  requires the Public Trustee of the county where the property is located to advertise and conduct a public auction for the sale of the property. There are three distinct time frames when you might be able to buy property that is involved in a foreclosure, and the requirements and processes differ at each stage.

1.    Before the Foreclosure Sale Continue reading “Buying Foreclosure Properties in Colorado” »