In 2010, Cheryl Hoffman faced the nightmare of foreclosure.
“It was awful,” she said as she walked past her old four-bedroom Santa Fe ranch in Golden, Colorado. “It was very painful.”
But aside from the emotional strain of being kicked out of her home,
Hoffman experienced another problem: The lender that was trying to
evict her was not the lender she had signed her mortgage agreement with.
“My mortgage had been bought and sold so many times,” she explained.
“It was unclear who the lender was and it’s still unclear today.”
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In fact her home, which is about 30 miles from downtown Denver, sat
empty for months -- and not because no one wanted to buy it. She says
her multiple lenders were fighting over ownership and thus couldn’t
'I’m not even sure my foreclosure was legal. . .'
- Cheryl Hoffman
“I’m not even sure my foreclosure was legal, but I didn’t have the time or money to fight it,” she said.
It’s a situation she says is happening all over Colorado and in much
of the country, and she’s now supporting a state ballot initiative that
she says would give needed clarity to the foreclosure process.
The Colorado “Right to Foreclose” Amendment would require all lenders
in the state to prove they own the property before they can foreclose.