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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
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

   For more information on your state's Foreclosure Laws please click the link below: Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut |
 Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota |
 Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | New York | North Carolina | North Dakota | Ohio | Oklahoma |
Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Washington DC | West Virginia |
                                                                            Wisconsin | Wyoming


                                                                       Short Sale US © 2008

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Colorado Foreclosure Law Summary

  • 1. HOME 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 For more information on your state's Foreclosure Laws please click the link below: Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | New York | North Carolina | North Dakota | Ohio | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Washington DC | West Virginia | Wisconsin | Wyoming Short Sale US © 2008