Colorado SB-30 | New Law Makes it Easier for Homeowners to Collect Foreclosure Auction Money Due

Colorado New law makes it easier for homeowners to collect foreclosure auction money due

Homeowners who are legally entitled to excess funds from the public auction of their foreclosed properties can now claim the money years after they learn of it, according to a new law signed by Gov. John Hickenlooper today.

Until now, counties were allowed to keep — and often did — excess funds known as “overbid proceeds” if no one claimed them within five years of the foreclosure auction.

The law, the result of SB-30 by Sen. Cheri Jahn, D-Wheat Ridge, requires county public trustees who oversee the foreclosure process to give the unclaimed funds to the state treasurer.

The treasurer’s fund, known as the Great Colorado Payback, is held in perpetuity for its rightful owner or heir to claim at any time.

Rest here…


2 Responses to “Colorado SB-30 | New Law Makes it Easier for Homeowners to Collect Foreclosure Auction Money Due”
  1. Luke says:

    Colorado sounds even worse than Missouri. Hard to believe that non-judicial foreclosure can’t violate due process under the 14th amendment but I guess it doesn’t. Pathetic.

  2. Sharon says:

    This is a great first baby step for a state that is so far behind every other state it is pathetic. All you need in Colorado to foreclose is the signature of a lawyer and they can steal your home with impunity. I am involved in costly litigation just because we wanted to know who owned our note. It wasn’t’ even about paying it was about a corrupt mortgage company (shut down for fraud) that was playing fast and loose with our note and wouldn’t tell us who they sold it to. Dave Migoya of the Denver Post has relentlessly reported on these issues for quite some time and the citizens of Colorado have an advocate in this reporter. Thank you Dave Migoya please keep up the great work you are doing. You give me hope.

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