Foreclosure Process
The foreclosure process is different in CO because it is a trust deed state, than the other 49 states.
When a foreclosure is filed, there is a hearing, then a sale date, then a redemption period. According to the Public Trustees, less than 1/3 are finally foreclosed and given a Trustees Deed for winning the sale.
There are new rules. But since this report was based on last year, there is a 6 week period between filing notice and sale, then 85 days after the sale, the owner gets to redeem the property by paying in full. Up to the sale date the owner can cure the defaulted amount.
Now: Foreclosure Process Prior to Sale
After the Public Trustee receives the required documents, the Public Trustee files a Notice of Election and Demand with the Clerk and Recorder. The owner now has at least 120 business days to cure or reconcile with the bank. For agricultural property the time is at least 215 days. Now there is no redemption period for the`owner, there is a redemption period for junior lienholders.
See Colorado Foreclosure Process and Time Frames for more information on the new process.
