Colorado Foreclosure Law

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Colorado Foreclosure Laws

Typical Colorado Foreclosure Time Frame – The average foreclosure proceeding takes 60 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – Yes

Types of Security Instruments – Mortgage and Deed of Trust

Right of Redemption Period – 75 days from the date of sale of the property.

Colorado foreclosure laws provide for both judicial and non-judicial foreclosures.  In order to use a judicial foreclosure the lender must sue the borrower and obtain the permission from the courts in the form of an order to foreclose.  In order for the courts to become involved, there must be an absence of a power of sale clause from the mortgage contract or deed of trust.

According to Colorado foreclosure law, if a power of sale clause is included in the mortgage contract or deed of trust then a non-judicial foreclosure must be used.  In the event of a foreclosure, Colorado foreclosure laws stipulate that a Public Trustee be used based upon the county in which the property is located.  The trustee is required to act as an impartial and unbiased third party during the foreclosure process.

The first step to a non-judicial foreclosure in Colorado involves an attorney filing the required paperwork with the Public Trustee.  It is then the responsibility of the Public Trustee to record a Notice of Election and Demand with the county clerk in which the property is located.  In addition, the Public Trustee is required to publish a notice in the local public newspaper announcing the Notice of Election and Demand for a minimum of five consecutive weeks.

The Public Trustee is also required to mail a copy of the Notice of Election and Demand to the borrowers at the address listed on the security instrument within 10 days.  Additionally Colorado foreclosure laws require the Public Trustee to mail a notice with instructions and directions for redeeming the property to the borrower at least 21 days before the sale date.  In order to use the time from the redeeming instructions the borrower must file a notice of Intent to Cure with the Public Trustee a minimum of 15 days prior to the sale and must have the loan brought completely current by noon of the day immediately preceding the sale.

The sale of the property according to Colorado foreclosure laws must take place between 45 and 60 days after the Notice of Election and Demand is recorded in the county.  The Public Trustee is required to hold the public auction at an entrance to the courthouse.  The only exception to the location of the sale is with other provisions stipulated in the deed of trust or in the mortgage contract.
In the event of a non-judicial foreclosure the borrower is allowed a period of 75 days in order to recover the property by paying the entire amount of the foreclosure sale, plus any applicable interest.  In addition, the lender is allowed to sue to obtain a deficiency judgment.

For more information on Colorado foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.