Strategic Default Monitor – How To Strategically Default

Monday, July 12, 2010

Got Questions? Get Answers...KL Wants To Strategically Default In Colorado - Can The Bank Come After Him?

GOT QUESTIONS?

Hi,

I am considering strategic default and am wondering how Colorado state law will effect strategic default within CO. Can the bank come after the debtor for the balance?
Thanks,

KL

GET ANSWERS…

KL

Thanks for writing.

You are essentially asking is Colorado is a recourse or non-recourse state. It is my understanding that Colorado is a recourse state therefore a lender may have the right to collect on the unpaid mortgage balance after your property is sold.

Read the following link to learn about debt deficiency, forgiveness, and obligations and the link on recourse and non-recourse states.

I advise you to speak with a legal professional that is familiar with Colorado’s foreclosure laws, debt laws, deficiency laws, recourse laws, and collection laws.

Thank you.

Augustine A. Diji

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