COLORADO FORECLOSURE HELP
Judicial and non-judicial foreclosure is available in Colorado. Primary service instruments are deed of trust and mortgage. The timeline for foreclosure in Colorado varies by process; but typically lasts 60 days. Right of Redemption and deficiency judgements are allowed.
In Colorado, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
• In Colorado, the non-judicial power of sale foreclosure is carried out as follows:
• The process begins when the attorney representing the lender files the required documents with the Office of the Public Trustee of the county where the property is located.
• The Public Trustee then files a “Notice of Election and Demand” with the county clerk and recorder of the county.
• Once recorded, the notice must be published in a newspaper of general circulation within the county where the property is located for a period of five (5) consecutive weeks.
• The Public Trustee must also mail, within ten (10) days after the publication of the notice of election and demand for sale, a copy of the same and a notice of sale as published in the newspaper, to the borrower and any owner or claimant of record, at the address given in the recorded instrument.
• The Public Trustee must also mail, at lease twenty-one (21) days before the foreclosure sale, a notice to the borrower describing how to redeem the property.
• The owner of the property may stop the foreclosure proceedings by filing an “Intent to Cure” with the Public Trustee’s office at least fifteen (15) days prior to the foreclosure sale and then paying the necessary amount to bring the loan current by noon the day before the foreclosure sale is scheduled.
• The foreclosure sale must take place between forty-five (45) and sixty (60) days after the recording of the election and demand for sale with the county clerk and recorder.
• The Public Trustee may hold the sale at any entrance to the courthouse, unless other provisions were made in the deed of trust.
• The lender has the option to file a suit for deficiency in Colorado and the borrower has up to seventy five (75) days after the sale to redeem the property by paying the foreclosure sale amount, plus interest.
For information on avoiding foreclosures in denver colorado contact HUD atDenver Regional Office Department of Housing and Urban Development1670 Broadway Denver, Colorado 80202-4801 Phone: (303) 672-5440