Stop Foreclosure Colorado

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Colorado CO Foreclosure Laws

Lenders in the state of Colorado may foreclose on deeds of trusts or mortgages in default using either a non-judicial or judicial foreclosure process.

Judicial Foreclosure

A judicial process of foreclosure requires that the lender file a lawsuit and attain a court order to foreclose on a particular property. This type of process is generally used when no power of sale is present in the mortgage or deed of trust. A power of sale is a clause found in a deed of trust or mortgage that authorizes the sale or transfer of land as outlined by the terms of that clause.

Non-Judicial Foreclosure

If a power of sale clause exists in the deed of trust or mortgage document, a non-judicial process of foreclosure is used. This allows the lender to sell the property and pay off the balance of the loan in the event the homeowner defaults. The power to sell may be completed by the lender or their representative in situations where a power of sale exists. The procedure for this type of foreclosure process is explained in the "Power of Sale Foreclosure Procedure" listed below.

Power of Sale Foreclosure Procedure

Within each county, there is a "Public Trustee". The trustee acts as an impartial party when handling a power of sale foreclosure. The steps for a non-judicial power of sale foreclosure in Colorado are:

The required documents are filed by the lender’s attorney with the Office of the Public Trustee in the county where the property is located. The Public Trustee then files a "Notice of Election and Demand" with the county clerk and recorder of the county. Once recorded, the notice is published for a period of five (5) successive weeks in a newspaper within the county where the property is located.

Within ten (10) days after the publication of the notice of election and demand for sale, the Public Trustee must mail a copy of the same and a notice of sale as published in the newspaper, to the borrower and/or any owner or claimant of record. The Public Trustee mails another notice, not less than sixteen (16) or more than twenty-five (25) days after the entry of a decree of foreclosure before the foreclosure sale. This notice includes information as to how the borrower can redeem the property.

"Intent to Cure" may stop the foreclosure proceedings if filed by the property owner with the Public Trustee's office at least fifteen (15) days prior to the foreclosure sale. The property owner is then expected to pay the required amount to bring the loan current by noon the day before the foreclosure sale is scheduled.

After the recording of the election and demand for sale with the county clerk and recorder, the foreclosure sale is occurs between forty-five (45) and sixty (60) days. Unless specified in the deed of trust, the Public Trustee may hold the sale at any entrance to the courthouse.

The borrower has up to seventy-five (75) days after the foreclosure sale to redeem the property by paying the foreclosure sale amount and interest due. The lender retains the option of file a suit for deficiency.

Legal Information Is Not The Same as Legal Advice This site provides information about Colorado state foreclosure law designed to help users safely cope with their own legal needs and possible find alternatives. Everyone's legal status is different. The laws of every state are in constant change and we recommend you consult a lawyer.