THE LEGAL EDGE
Legal Ideas & Information - September 2013
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Denial of Coverage for Damage from the Great 2013 Colorado Floods
By Corey T. Zurbuch
 With the massive devastation and destruction to homes and personal property caused by September 2013 Colorado flooding, insurance companies will aggressively be looking for ways to reduce their losses. In many instances coverage will be denied for claims. While not all of these denials will be wrongful, in many instances the denials will be based upon incomplete, vague or just plain incorrect information concerning the damage claim or the policy coverage. For example, an insured may not have flood coverage but the damage may have been caused by a leak in a roof or window which is covered. Thus, it is extremely important how claims are presented to the insurance company and that the insured has an understanding of the true coverage provided under their policy. If a claim has been denied for any reason whatsoever, the insured’s first step should be to consult a knowledgeable attorney who can review the policy and fight for coverage.
Corey's Profile
Contracts Don’t Enforce Themselves
By Jonathan Goodman
 Question: A buyer put up five thousand dollars of earnest money and entered into a contract to buy a house. The buyer has a clear trail establishing that she valiantly pursued getting her loan, yet she couldn't get financing. She timely exercised her loan contingency and properly terminated the contract. The contract provides for the return of the earnest money to the buyer after a proper termination. The neutral earnest money holder can't release the funds to the buyer because the seller refuses to acknowledge contract termination. What can the buyer do to retrieve her earnest money? What can brokers do to avoid these problems for future buyers?
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25 Tips for Dealing with Baby Momma or Baby Daddy
By Sarah Rizzolo
Once you get past the point of asking yourself how exactly you got into this predicament, you will hopefully be looking for solutions for co-parenting with the other parent in the long-term. You may not like the other parent, but the goal of both parents being involved in your child's life should outweigh any of your own feelings. You are in this together and absolutely need to put any need of your child above your own needs. In the vast majority of cases, children fair better if they have a healthy relationship with both parents. Part of your job as a good parent is encouraging the relationship with the other parent.
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The Impact of Colorado Fires on Contracts to Purchase Property
By Michael Smeenk
Q: I'm under contract to purchase real estate in Colorado. The area around the property has been impacted by wildfires. Am I able to get out of the contract?
A: Summer 2013 has already been another difficult season for fires in Colorado, with the Black Forest, Royal Gorge and West Fork Complex fires following the destructive 2012 High Park, Waldo Canyon and Last Chance fires. Buyers who are under contract to purchase properties in fire damaged or threatened areas may have second thoughts about whether they want to close on the purchase. This article will examine different sections of the Colorado form Contract to Buy and Sell Real Estate that may allow Buyers to terminate their contractual obligation to purchase and seek return of their Earnest Money (references in parentheses refer to numbered Sections in the Contract).
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The Statute of Limitations on Colorado Home Loan Defaults Probably Isn’t What You Think
By Michael Smeenk
Q: What is the statute of limitations for lenders to pursue borrowers in Colorado who default on a home loan?
A: Six years. Conventional wisdom has been that collection actions had to be brought by lenders within six years from the date the loan first went into default. However, in a July 2012 decision, the Colorado Court of Appeals determined that if the lender does not accelerate the debt, the statute of limitations does not begin to run until the maturity date of the loan, even when the borrower defaulted many years earlier.
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IN THIS ISSUE
Denial of Coverage for Damage from the Great 2013 Colorado Floods
Contracts Don’t Enforce Themselves
25 Tips for Dealing with Baby Momma or Baby Daddy
The Impact of Colorado Fires on Contracts to Purchase Property
The Statute of Limitations on Colorado Home Loan Defaults Probably Isn’t What You Think
Colorado’s New Maintenance (Alimony) Formula
The “Produce the Note” Defense in Colorado
Taking the Intimidation out of Preparing for Small Claims Court
Colorado's New Maintenance (Alimony) Formula
By Gregg Greenstein
 There's a big change coming to Colorado law in 2014 concerning maintenance (sometimes called "spousal support" or "alimony."). After decades of having maintenance determined on a case-by-case basis determined by the facts in each situation, the new maintenance law will allow judges to apply a maintenance formula when awarding maintenance for periods of time after the parties are divorced. The new maintenance law will be in effect on January 1, 2014, for cases filed on or after January 1, 2014.
Goals and Policies
As explained in the new law, courts and litigants would benefit from the establishment of a more detailed statutory framework that includes advisory guidelines to be considered as a starting point for the determination of fair and equitable maintenance awards.
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The “Produce the Note” Defense in Colorado
By Tasha Power & Jordan May
 Question: I have seen news reports explaining that banks and other mortgage lenders need to produce the original signed promissory note if the lender is going to foreclose on a piece of real estate. I've also heard that many lenders can't produce the original promissory notes. Can I demand that my lender "produce the note" here in Colorado as a defense to a foreclosure?
Answer: Generally, there are alternatives under Colorado law that permit a lender to produce documents other than the original promissory note in a standard public trustee foreclosure of property in Colorado. There are, however, cases in which a lender can be compelled to either produce the original promissory note or provide a borrower with some assurance that the lender is in fact the party with the right to take legal action with regard to a promissory note.
Mortgage Securitization
One reason that a lender may not actually possess the original promissory note for a given mortgage is because of the securitization of mortgages. Simply put, securitization is the process under which mortgages are sliced into pieces, repackaged, and then sold as securities to institutional and other investors. Commonly known as "mortgage backed securities" in the industry, mortgage securitization is a critical part of the mortgage loan industry for a number of reasons, including providing a level of liquidity to mortgage loan originators, and assisting mortgage lenders in meeting regulatory and capital requirements, among other reasons. On the other hand, the securitization of mortgages complicates matters greatly.
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Taking the Intimidation out of Preparing for Small Claims Court
By Sarah Rizzolo
Usually people do not hire lawyers for representation in Small Claims Court - they represent themselves. Preparing for your trial can be intimidating. I have recently consulted with clients to tackle preparation for their Small Claims Court trial. You want to be ready to go to bat for your cause. This article will help with strategies to prepare for your case in Small Claims Court, so that you can advantageously take on the other side and set yourself up for the best chance to win.
Why You Are Entitled to Prevail
In every legal dispute, there are at least two stories about what led up to the dispute. It is your job to think hard about how to present your story to the Court. You need to present your case in a way that makes the Magistrate understand why you are entitled to prevail. Remember that the Magistrate has very little information about your legal dispute before your trial begins.
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