The Colorado Foreclosure Process
Colorado real estate foreclosure numbers were the highest among all fifty states in the past few years. There is no doubt that the situation appears bleak and many Colorado resident homeowners have found themselves in a difficult spot.
County public trustees manage the Colorado real estate foreclosure market. The public trustees are responsible for guarding the rights of 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 real estate foreclosure. For the homeowner wanting to stay in the home as long as possible, while working at ways to stop the Colorado real estate foreclosure process, the state 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 to keep the home, but not until after the foreclosure deadline, the state of Colorado 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 real estate foreclosure process is completed to let the appropriate county public trustee know they intend to buy back the property.
Colorado real estate foreclosure laws are fairly straight-forward. Homeowners enjoy seemingly more protection there than they do in some other states. Nevertheless, as it would be in any other state, it is always in the best interests of the homeowner seeking help with stopping the Colorado real estate foreclosure to take immediate action.