KRDO TV Interviews R&H on Foreclosure Process
In a twist to the Highlands Lakes wildfire that forced hundreds to evacuate in Teller County, new information reveals the fire began at a home facing foreclosure. KRDO TV reports the home that sparked the Highland Lakes wildfire burned the same day its foreclosure case closed.
KRDO turned to Robinson & Henry Bankruptcy Partner Elizabeth German for insight into the legal intricacies of the foreclosure process. KRDO reports online records show two “Rule 120” notices had been issued for the property. In Colorado, Rule 120 is a process that allows a lender to request a court order to authorize a foreclosure sale.
"They will usually mail notice to the address. They will mail it if there's a different mailing address like on the assessor site for tax purposes, [and] they'll send it there and they will usually post it on your door." explained German.
A Rule 120 hearing determines if the lender has the right to foreclose on the property and sell it at a public auction. On October 23, a Teller County judge approved the foreclosure sale. This effectively green-lit the home’s sale process. Five days later, the same day the foreclosure case officially closed, the property caught fire. The fire eventually ignited the surrounding area endangering around 700 homes.
Now, the Highlands Lakes fire is almost fully contained. Authorities have said humans caused the fire. KRDO reports officials are in contact with the 4th Judicial District Attorney’s Office on potential criminal charges for whoever is responsible.
German’s legal expertise provides valuable insight into foreclosure cases, highlighting the legal process and the risks surrounding unattended properties.
