A Boulder County District Court judge has issued a final order in the foreclosure action over Boulder’s 1002 Walnut St. property, but it is not final on the matter.
Four days after the judge’s order, the losing party served notice of appeal at the district court level.
In this lawsuit, the owner of a property at 1002 Walnut St. in Boulder is contesting a lender’s attempt to foreclose on nonpayment of sums required by a bill and deed of trust. The district court said on his July 21st that the lender can proceed with the foreclosure sale of the business at that address her condominium unit until the debt is paid, but cannot make a bulk sale.
Background: George Williams LLLP borrowed $5.78 million from 1002 Walnut Investments in December 2020. This loan was secured by a deed of trust. When the bill came due a year later, no payment was made, so a foreclosure process was set up. The foreclosure of the property at 1002 Walnut, Boulder was scheduled to take place on June 15th, but on June 13th, the property owner issued an injunction to stop the sale and an order to force the lender to foreclose. I have filed a motion to seek. Individual units in turn until the debt is cleared. The lender also claimed on June 13 that the terms of the trust deed that secured the loan gave it unilateral authority to seize the property in bulk.
Judge Patrick Butler said his concern was a potential windfall for lenders if they foreclosed on all the units together.
The lender, 1002 Walnut Investments LLC, a Florida-based company, said in its notice of appeal that, like previous filings, the trust deed would give it powers to foreclose in full if necessary. .
The case is now being moved to the Colorado Court of Appeals in Denver.
The district action was George Williams LLLP v. 1002 Walnut Investments LLC filed in Boulder County District Court, case number 2022cv30387. The Court of Appeal case number is 2022CA1227.
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