Legal Question in Real Estate Law in Colorado

I had a mortgage on my home and ten acres. interest was high. I asked a person I had know well over 20 to finance it for me until I had better credit.He agreed to do that and I could purchase when I could. He did not mortgage he paid off the entire property owning it out right.I did not know in advance. Now he will not let me buy it back. Several people HEARD the agreement. I still live on the property which I also had a business I am told to have nothing to do with. Since I have lived here for over 20. Is there a way I can cliam homestead if I section off a piece of the 10 acres?


Asked on 10/22/11, 2:26 pm

1 Answer from Attorneys
Robert Murillo Pivotal Legal Ltd.

Sorry for the problems. You should speak with an attorney as there are various issues such as possible claims under promissory estoppel, fraud, and issues of the statute of frauds. These are too complex to explain in this kind of format.

There is no form of homestead law in Colorado that allows you to get a portion of the property merely because you have lived there for 20 years. This is not a case of adverse possession.

You really should speak with an attorney to see about your legal options as soon as possible. Good luck.

This answer is for informational purposes only and is not legal advice regarding your question. This answer does not establish an attorney-client relationship.

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Answered on 10/28/11, 6:27 am


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