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Colorado Foreclosure Law Summary
WHAT IS A SHORT SALE
Quick Facts
WHY USE SHORT SALE US
- Judicial Foreclosure Available: Yes
SUCCESS STORIES
- Non-Judicial Foreclosure Available: Yes
WHO QUALIFIES FOR A SHORT SALE
- Primary Security Instruments: Deed of Trust, Mortgage
FAQs
- Timeline: Typically 60 days
SHORT SALE NEWS
- Right of Redemption: Yes
VALUE YOUR HOME
- Deficiency Judgments Allowed: Yes
STATE FORCLOSURE LAWS
In Colorado, lenders may foreclose on deeds of trusts or mortgages in defa
CONTACT US using either a judicial or non-judicial foreclosure process.
HIRE US Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain
court order to foreclose, is used when no power of sale is present in the
mortgage or deed of trust. Generally, after the court declares a foreclosure
your home will be auctioned off to the highest bidder.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale claus
exists in a mortgage or deed of trust. A "power of sale" clause is the clause
a deed of trust or mortgage, in which the borrower pre-authorizes the sale
property to pay off the balance on a loan in the event of the their default. In
deeds of trust or mortgages where a power of sale exists, the power given
the lender to sell the property may be executed by the lender or their
representative, typically referred to as the trustee. Regulations for this type
foreclosure process are outlined below in the "Power of Sale Foreclosure
Guidelines".
Power of Sale Foreclosure Guidelines
The foreclosure process in Colorado is quite a bit different than in other sta
because here, the governor appoints a "Public Trustee" for each county in
state. The trustee must act as an impartial party when handling a power of
sale foreclosure. In
Colorado, the non-judicial power of sale foreclosure is carried out as follow

2. The process begins when the attorney representing the lender files the
required documents with the Office of the Public Trustee of the county whe
the property is located. The Public Trustee then files a "Notice of Election a
Demand" with the county clerk and recorder of the county. Once recorded,
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
the notice of election and demand for sale, a copy of the same and a notice
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 a
"Intent to Cure" with the Public Trustee's office at least fifteen (15) days pri
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 count
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.
Privac
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