REL Colorado Real Estate Listing in Colorado
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FORECLOSURE
It's "REL" in Colorado
COLORADO REAL ESTATE.
Working together we sell Real Estate Listings in Colorado - "REL"
303-591-8826
FORECLOSURE is the act of selling, by legal proceedings, real property to satisfy the obligations of the landowner to a third party. It is the procedure whereby property pledged a security is sold to pay the debt in the event of default in payment.
NOTE: Colorado's foreclosure laws may change from time to time by legislation adopted by the Colorado General Assembly and signed by the Governor. Colorado Revised Statues, Title 38, Article 37 and 38 are the most recent laws and their effective dates. Foreclosure laws have changed several times over the last few years.
Substantial changes to foreclosure laws were effective on 1/1/2008, 9/1/2009 and 1/1/2010. Please refer to the Colorado Revised Statues, Title 38, Article 38 and their effective dates to assume compliance with laws in effect at the time a foreclosure is started.
FREQUENTLY ASKED
When is a foreclosure officially started? When the Notice of Election and Demand is recorded in the Clerk and Recorder's office. Certain documents must b e submitted to the Public Trustee's office. The NED is recorded within 10 business days after the NED and other documents are received from the foreclosing lender in the Public Trustee office.
When and where is the Public Trustee's foreclosure auction sale held? The Public Trustee's foreclosure auctions are scheduled, according to law, on each foreclosure case (on non-agricultural property from 110-125 calendar days after recording of the NED; on agricultural property from 215-230 calendar days after recording of the NED). The auction sales are held every Wednesday morning at 10:00 a.m. except when cancelled by the Public Trustee due to holidays or if the County's offices are officially closed.
Summary. The longer cure period gives the property owner the opportunity to work things out. The owner will no longer have the ability to redeem property after the sale.
Only Lienors or assignees of lienors may have a right to redeem. Redemption rights are available to holders of interest that are junior in priority to the lien foreclosed. To prevent misuse of the redemption process, the junior lien must have been recorded prior to the NED.
As a homeowner/borrower in foreclosure, do I need to vacate my home immediately when a foreclosure is started? Not necessarily. A homeowner/borrower still OWNS the home and has the rights and obligations of a homeowner until the time of the foreclosure auction sale held at the county Public Trustee location. If you sell the home after it is in a foreclosure, you will need to vacate the premises according to the terms of your sale. If you do not vacate the premises after the foreclosure auction sale is held you may be subject to court eviction proceedings initiated by the new owner of the property: the Public Trustee's office does NOT process eviction proceedings.
Can an originally-scheduled sale date by changed or continued? Yes, but only under very limited situations. The lender or its attorney may request that a sale be continued. The Public Trustee does NOT have authority to continue or postpone a sale date unless the office has not received a timely written bid from the lender/attorney or unless the office has not timely received a signed Court Order authorizing the sale to proceed. Note: The Public Trustee does NOT have authority to continue or postpone a sale date upon request of the homeowner/borrower.
The Public Trustee does have legal authority to continue a sale date pursuant to Colorado's Foreclosure Deferment law (38-38-01 et seq.) if the case has been legally qualified to participate in the Deferment Program.
What is a deficiency bid? A deficiency bid occurs when the foreclosing lender submits a written bid for the amount LESS than what is owed to the lender. The foreclosing lender (after the auction sale) may elect to sue the homeowner/borrower or anyone else responsible for payment of the debt for the amount of the deficiency remaining due to the foreclosure foreclosing lender. In that event the lender could obtain a Court Judgment outside of the foreclosure process and NOT through the Public Trustee's office.
This article or information provided by REL Colorado is not intended to serve as legal advice but is informational only. To learn more about the new law and the foreclosure process, refer to Title 38 of the Colorado Revised Statues or consult with you own legal counsel
How can I find information and status on individual properties or properties in a particular subdivision that are in the foreclosure process? Contact REL Colorado with any questions. Please provide information on contact form below.
COLORADO REAL ESTATE.
Working together we sell Real Estate Listings in Colorado - "REL"
303-591-8826
FORECLOSURE is the act of selling, by legal proceedings, real property to satisfy the obligations of the landowner to a third party. It is the procedure whereby property pledged a security is sold to pay the debt in the event of default in payment.
NOTE: Colorado's foreclosure laws may change from time to time by legislation adopted by the Colorado General Assembly and signed by the Governor. Colorado Revised Statues, Title 38, Article 37 and 38 are the most recent laws and their effective dates. Foreclosure laws have changed several times over the last few years.
Substantial changes to foreclosure laws were effective on 1/1/2008, 9/1/2009 and 1/1/2010. Please refer to the Colorado Revised Statues, Title 38, Article 38 and their effective dates to assume compliance with laws in effect at the time a foreclosure is started.
FREQUENTLY ASKED
When is a foreclosure officially started? When the Notice of Election and Demand is recorded in the Clerk and Recorder's office. Certain documents must b e submitted to the Public Trustee's office. The NED is recorded within 10 business days after the NED and other documents are received from the foreclosing lender in the Public Trustee office.
When and where is the Public Trustee's foreclosure auction sale held? The Public Trustee's foreclosure auctions are scheduled, according to law, on each foreclosure case (on non-agricultural property from 110-125 calendar days after recording of the NED; on agricultural property from 215-230 calendar days after recording of the NED). The auction sales are held every Wednesday morning at 10:00 a.m. except when cancelled by the Public Trustee due to holidays or if the County's offices are officially closed.
Summary. The longer cure period gives the property owner the opportunity to work things out. The owner will no longer have the ability to redeem property after the sale.
Only Lienors or assignees of lienors may have a right to redeem. Redemption rights are available to holders of interest that are junior in priority to the lien foreclosed. To prevent misuse of the redemption process, the junior lien must have been recorded prior to the NED.
As a homeowner/borrower in foreclosure, do I need to vacate my home immediately when a foreclosure is started? Not necessarily. A homeowner/borrower still OWNS the home and has the rights and obligations of a homeowner until the time of the foreclosure auction sale held at the county Public Trustee location. If you sell the home after it is in a foreclosure, you will need to vacate the premises according to the terms of your sale. If you do not vacate the premises after the foreclosure auction sale is held you may be subject to court eviction proceedings initiated by the new owner of the property: the Public Trustee's office does NOT process eviction proceedings.
Can an originally-scheduled sale date by changed or continued? Yes, but only under very limited situations. The lender or its attorney may request that a sale be continued. The Public Trustee does NOT have authority to continue or postpone a sale date unless the office has not received a timely written bid from the lender/attorney or unless the office has not timely received a signed Court Order authorizing the sale to proceed. Note: The Public Trustee does NOT have authority to continue or postpone a sale date upon request of the homeowner/borrower.
The Public Trustee does have legal authority to continue a sale date pursuant to Colorado's Foreclosure Deferment law (38-38-01 et seq.) if the case has been legally qualified to participate in the Deferment Program.
What is a deficiency bid? A deficiency bid occurs when the foreclosing lender submits a written bid for the amount LESS than what is owed to the lender. The foreclosing lender (after the auction sale) may elect to sue the homeowner/borrower or anyone else responsible for payment of the debt for the amount of the deficiency remaining due to the foreclosure foreclosing lender. In that event the lender could obtain a Court Judgment outside of the foreclosure process and NOT through the Public Trustee's office.
This article or information provided by REL Colorado is not intended to serve as legal advice but is informational only. To learn more about the new law and the foreclosure process, refer to Title 38 of the Colorado Revised Statues or consult with you own legal counsel
How can I find information and status on individual properties or properties in a particular subdivision that are in the foreclosure process? Contact REL Colorado with any questions. Please provide information on contact form below.
