Here is a summary of foreclosure laws and rules for the State of Colorado:
- Both judicial and non-judicial foreclosure is available, but the non-judicial deed of trust sale is overwhelmingly preferred.
- Colorado has an impartial, accountable, "public trustee" appointed by the Governor for each county, who handles power of sale foreclosures on request.
- If the loan default is due to nonpayment, then the borrower can give notice of an intention to cure the default at least seven days before the foreclosure sale.
- The lender may sue for a deficiency.
- Colorado eliminated the owner's redemption period effective January 1, 2008.
If you are interested in reading the actual statutes relevant to mortgage and foreclosure in Colorado those laws are available online.
Learn more about what the above procedures and rules mean. Review the homeowner foreclosure guide on this website.
Re: No owner redemption period.
The law regarding evictions is different in every state. You need to speak with a Colorado attorney regarding your situation.
No Owners Redemption Period ?
How soon after the public trustee sale can the occupant be evicted in Colorado?Does the property have to be deeded in the name of the person who purchased the property at auction before the evection?
No longer any owners redemption period in Colorado.
Effective Jan 1 2008 there is no longer an owners redemption period. The time period between when the "notice of election and demand" is filed has been extended by 75 days.
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