Colorado Foreclosure Avoiding Colorado Foreclosure
Colorado foreclosure numbers were among the highest among all fifty states and this situation appears bleak and many Colorado resident homeowners have found themselves in a bad spot.
County public trustees administer the Colorado foreclosure properties. They are responsible for guarding the rights of the homeowners as well as home loan providers and other legitimate creditors. It isn't all bad news for the distressed homeowner in trying to stop a Colorado foreclosure. For the homeowner wanting to stay in the home as long as possible, while working at ways to stop the process of Colorado foreclosure, the state of Colorado has laws in effect that favor the homeowner by giving them lots of time to try to keep or sell to avoid the damage to their credit.
If a homeowner is confident they will have the funds needed in order to keep the home, but not until after the Colorado foreclosure deadline - approximately sixty days, the state has a post-sale statutory right of redemption for foreclosures. This allows a party whose property has been foreclosed to reclaim that property seventy-five days after the sale by making payment in full of the sum of the unpaid loan plus, taxes, costs and interest by submitting an intent to redeem at least fifteen days prior to the end of the redemption period. Simply stated the homeowner has sixty days once the Colorado foreclosure process is completed to let the appropriate county public trustee know they intend to buy back the property.
Homeowners deciding to give their house back to the lender in Colorado will find the Colorado foreclosure laws have statutory time lines. In this instance a "deed in lieu of foreclosure" can be accomplished much quicker, as soon as both parties agree to the timing. The downside with this choice is, though not as damaging to the credit as a Colorado foreclosure, it does cause a significant drop in the FICO score for a number of years.