A win for homeowners in Colorado! Alliance affiliate Colorado Progressive Coalition has been working for two years to pass “Show Me the Note” legislation, which forces banks to prove they own the deed to a home before they can foreclose on it. On Monday, U.S. District Judge, William Martinez, ruled that the unsworn testimony of an attorney for a foreclosing party was not enough to foreclose on Lisa Brumfiel, of Colorado. His ruling allows Brunfiel another week to argue wrongful foreclosure, and another week for the attorney and foreclosing body to physically offer a copy of the original note for the house.
The crux of the Judge’s ruling is at the heart of the legislation that CPC and other homeowners have been fighting for the past two years.
“Colorado is the only state in the country that allows an unsworn statement by an attorney for a foreclosing party — without any penalty — to say, ‘Trust me, judge, these guys are the qualified holder for this deed of trust,’ ” Martinez said. “Is there another state that has lowered the bar for a foreclosure any lower?”
While there is some elation that a judge would recognize the blatant disregard for justice that exists in Colorado’s foreclosure system – frustration remains in seeing the influence Banks have had in keeping a Homeowner’s Bill of Rights from passing the state legislature. This ruling will open the door for further challenges and bolsters the legislative case.
Ms. Brumfiel says that she will not back down from this fight and will be back in court next week to defend her right to remain in her home.
Listen to CPC’s Economic Justice Director Corrine Fowler’s interview on Colorado’s KGNU