Garfield & Hecht

GARFIELD & HECHT, P.C. FORECLOSURE,
WORK-OUT AND COLLECTION PRACTICE

Garfield & Hecht, P.C., established in 1975, has over the years gained considerable expertise and experience in matters involving creditor’s rights. The firm has assisted institutional, private niche and individual lenders in collecting monies due and the realization on both real estate and personal property collateral given to secure loans. The firm has been successful in defending lenders against “lender liability” type claims. The firm has also assisted clients with forbearance agreements, loan restructuring, work-outs, judicial and public trustee foreclosures, sheriff’s sales and sales of personal property pursuant to Colorado’s Uniform Commercial Code.

In 2008 there have been two significant changes to Colorado law that affects lenders. First, in a real estate foreclosure, Borrowers no longer have a right of redemption (although junior lien holders continue to have the right of redemption). However, the time between the commencement of the foreclosure and date of the public trustee sale (for non-agriculture property) has been increased to at least 110 but not more than 125 days. Second, where a lender, regularly engaged in the practice of lending, forecloses on residential property that secures a personal loan and where the only default is non-payment, the lender must send the borrower a written notice containing the phone number for the Colorado Foreclosure Hotline and the lenders “loss mitigation representative or department” and wait 30 days before commencing foreclosure.

For more information regarding the firm’s creditor’s rights practice, please contact Ron Garfield at garfield@garfieldhecht.com or David McConaughy at dmcconaughy@garfieldhecht.com or Chris LaCroix at clacroix@garfieldhecht.com.