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Colorado Foreclosure Process

According to Colorado Foreclosure Process, the state of delinquency happens as soon as the mortgage payment becomes due. But if the payment is not made for the period of 30 days then it is called default. After default comes the foreclosure where actual legal procedure is followed with different Colorado foreclosure time-line and time frames. The time-line for FHA loan for foreclosure begins after three defaults in the payment. But other non-government or conventional loans are put into the Colorado foreclosure process as soon as the default in making mortgage payment is made. But in most of the cases, lender does not start the process immediately but wait for three payments to instigate the process of foreclosure.

Foreclosure Process in Colorado

The foreclosure process in the state of Colorado can be either judicial or non judicial. The Judicial foreclosure process requires a lawsuit from the court as there is no power of sale document in the mortgage or deed of trust. If the power of sale clause in non judicial foreclosure is there then the different process is followed. First of all, the Public Trustee is appointed by the governor for every county who handles the power of sale clause. The process of foreclosure begins by filing the documents with the Public Trustee of the county where the property is located. Then, with the county clerk and recorder, the Public Trustee will file the "Notice of Election and Demand". After this the notice will appear in the newspaper for five consecutive weeks.

Further according to the Colorado foreclosure process the notice is sent to the borrower within ten days of publishing it in the newspaper. Then before 21 days of foreclosure auction , the notice on how to redeem the property must also be mailed by the Public Trustee to the borrower.

Foreclosure Auction: Colorado foreclosure auction or sale takes place between forty-five to sixty days and. organized by the Public Trustee at the front door of the courthouse. If the location is specified in the deed of trust then Colorado foreclosure process will occur according to that only.

Redemption Period: If the original owner wants to redeem the property then the Intent to Redeem must be filed with the Public Trustee Office located in the County within the eight business days after the foreclosure auction and has seventy five days for the same. For redemption, the junior lienholder will have to make the payment at the Public Trustee's Office that will include bid amount, taxes, insurance and interest (if any).
Deficiency Judgment: In Colorado, deficiency judgment is allowed. So to understand the foreclosure process in Colorado and to respond well on time, then the related time frames and timeline must be understood, so that prompt action can be taken without any further delay.
Frascona, Joiner, Goodman and Greenstein, P.C.
Frascona, Joiner, Goodman and Greenstein, P.C. Is a law firm that takes cases related to real estate, civil litigation, family law as well as business law.
Colorado Foreclosure Hotline
Check the different timeline 2008 for foreclosure process in Colorado. Along with this you can also find details on foreclosure process.
United States Foreclosure Law
Find details on foreclosure law and Colorado foreclosure process by visiting this web page.

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