Foreclosure Laws in Colorado (CO)Topic: Foreclosure
In Colorado, there can be judicial or non-judicial proceedings. Non Judicial is more common. An interesting note about Colorado, is that the trustee of each county is either elected by the public, or can be appointed by the governor, and is called a Public Trustee.
These are something's that happen in a non-judicial process: The lender files documents, to request a sale of the property with the public trustee. Once this has been officially recorded, a sale date can be scheduled. In Colorado, the lender needs to also obtain a separate court order to allow the sale of the property with the public trustee. Once this has been officially recorded, a sale date can be scheduled. In Colorado, the lender needs to also obtain a separate court order to allow the sale. There is a hearing scheduled, and all parties notified. If a borrower is planning to pay off the default, a submission of intent must be given to the public trustee 15 days before the sale. If this process is complete, the borrower has until noon the day before the sale to pay off the default. The sale is usually conducted by the trustee at the court house. He/she usually schedule the sale 45-60 days after the initial foreclosure papers were filed. The notice is published for 5 weeks in local newspapers.
The borrower has 75 days to redeem the property, after the foreclosure sale.
Please provide us with your opinion on this article:
The banks aren't in any hurry to process short sales or loan mods. They're not ever going to have enguoh trained staff to get through this mess. I agree with what I read from Indy's comment #11. They want to stall and drag this out as long as they can so they can stay alive another quarter and collect another paycheck. In the meantime, they are trying like mad to make new loans (new fee revenue income), and hold off foreclosing in case the homeowner self-cures the default or they qualify for a mod. I'm hearing from my friends in servicing that there's just a huge problem with people calling in asking for a loan mod that flat out don't qualify. For example, they have NO job (not going to get a loan mod with no income) or they would otherwise qualify for a traditional refi! Today I heard of one guy asking for a loan mod because he wanted to avoid paying the closing costs associated with a refi. Meanwhile there are real people hurting out there waiting for an answer from loan servicing.
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