Colorado Foreclosure Laws

In the state of Colorado a foreclosure generally takes approximately 60 days to complete from the date it starts through completion of the event. Both the standard Judicial and the non-judicial methods are recognized in Colorado. The process may be done utilizing the Mortgage and Deed of Trust as the primary security document instruments for the process.

In this state there is the typical right of redemption and the lending institution has the right to a deficiency judgement against the people being foreclosed upon.

In the state of Colorado there is a “Public Trustee” in each county whom is responsible for being or acting as an impartial party when they are handling a power of sale foreclosure. The steps for handling this type of transaction in this state are as follows.

The lenders attorney files with the trustee in that county. The trustee then files a notice with the county clerk who then publishes the information in a newspaper in the county for five weeks in succession. Within ten days the trustee must mail a copy to the borrower and must mail another copy between 16 and 25 days after the entry.

The foreclosure sale may then occur between 45 and 60 days later. This notice will include the information as to how the borrower can redeem the property.

“Intent to Cure" may stop the foreclosure proceedings if filed by the property owner with the Public Trustee's office at least fifteen (15) days prior to the foreclosure sale. The property owner is then expected to pay the required amount to bring the loan current by noon the day before the foreclosure sale is scheduled.

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