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Colorado Foreclosure Timeline
New Colorado Law Effective January 1, 2008
Contact Us for foreclosure information in other states.
Pre-foreclosure:
- Lender decides to foreclose and elects to foreclose with the Public Trustee on their Deed of Trust or through the courts judicially on their Promissory Note
- Foreclosure attorney hired and documentation sent from lender
- Attorney prepares Mailing List and all documentation for presentation to the Public Trustee
- Attorney sets hearing for Rule 120 Order that authorizes Public Trustee to auction property if no cure occurs before sale date
Cure period:
- Notice of Election and Demand recorded by Public Trustee within 10 working days
- Determination made by Public Trustee if property non-agricultural or agricultural within 10-20 days
- Sale date set from NED recording date
- 110-125 days for non-agricultural property
- 215-230 days for agricultural property
- NED and Combined Notice sent to owner, any guarantors on the note, and occupant only
- Notice of Intent to Cure must be filed 15 days prior to sale date
- 45-60 days prior to sale, NED and Combined Notice sent to all parties on Mailing List
- Sale date published for 5 consecutive weeks prior to sale
Sale Occurs and Redemption Period Begins:
- Certificate of Purchase to highest bidder recorded by Public Trustee
- THERE IS NO LONGER AN OWNER REDEMPTION PERIOD
- Any junior creditor with lien recorded prior to NED or with any involuntary lien such as a judgment, HOA lien, mechanic's lien or IRS lien that records after the NED, can file a Notice of Intent to Redeem within 8 business days
- 1st junior creditor: 5-19 business days to redeem
- 2nd or after: 5 business days to redeem
- Redemption prior to 12 noon on last day
- If junior creditor redeeming, Certificate of Redemption and Public Trustee's Deed issued
- If no redemption, Public Trustee's Deed to holder of the Certificate of Purchase or any assignee
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Avoid Foreclosure!
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