Colorado's Rule 120 Foreclosure Hearing Violates Homeowners Rights

The issue of default in a Rule 120 Hearing under the Colorado Revised Statutes is unfair to homeowners and allows predatory lenders to win the day in court. It is unconscionable that Colorado courts and judges review an issue of default and fail to consider the extenuating circumstances of loan modification procedures initiated by the lender in order to position a homeowner for foreclosure actions. Lenders mode of operation is to give homeowners false hope while they continue to foreclose by dual tracking a loan modification application at the same time. A borrower should NEVER be in foreclosure proceedings while a loan modification is pending. A borrower should NEVER have to deal with the mental and emotional stress and damage caused by foreclosure unless no other avenue will work. Buddy Roemer's interview on MSNBC hit the nail on the head, when he described his banks procedures, and he stated that during this economic crisis his bank never foreclosed on one borrower, that foreclosure was the last, last resort and that to help the borrower and their families stay in the home was their goal, first and foremost. He also said the big five banks, where most of our mortgages are initiated, have committed a terrible crime by their methods used to steal homes hardworking Americans. What is it going to take to stop all this? I think Buddy Roemer has it right, and he should be President. Maybe he is the one who can turn things around, because nobody else has the skills or intelligence to fix this, when it should have been fixed years ago. Loan modifications should have been required by the federal government as a condition of lending TARP funds, for anyone who requested one. It should not have been a voluntary action for the banks. Now we have a federal review that is supposed to be the compensation for the borrowers who were wronged. But at what cost? Borrowers ripped from their homes, children who have never known anything else, suddenly relocated to smaller homes or worse shelters or cars because they spent everything they had trying to save their home, gave their 401(k)'s to the bank to try and stay current, only to eventually be evicted because the lender come's back and denies their loan modification. What kind of nonsense is this? Lender's should not have the right to manipulate a borrower into this situation EVER. The sad part is that people who have worked hard all their lives and have always had good credit are now devastated, ruined, and won't be able to do anything for the next ten years if they filed a bankruptcy, or even for the next two or five years if they did not. You can't rent a house with bad credit, get an electric account set up, or do anything. If we knew all this would happen, we would never have allowed our mortgage to go past due to get a loan modification. Nobody else would have either.