Parker Lawyers handles foreclosure actions for banks, lenders, and mortgage companies throughout all counties in Colorado. Our firm quickly files the first legal action within receipt of title in order to provide our clients the most efficient time frames available. Our highly trained staff responds to all questions, concerns or requests normally within the same day. Each file is assigned to an experienced foreclosure attorney and our attorneys are available to be contacted directly concerning any particular question of file issue.
THE CURE: At any time prior to sale date but no later than fifteen (15) days before the sale date, if a party is entitled to cure, the Public Trustee will notify the foreclosing lender and request a written statement of the amount due to cure. The borrower will need to file with the public trustee a notice of intent to cure and show evidence of the person’s right to cure to the satisfaction of the Public Trustee. These amounts normally include the past due sums, the late charges, costs of the foreclosure to date incurred by the foreclosing lender, interest at both the original rate and in the appropriate situations default interest which is often at a much higher rate than the original loan rate. In other words, this is the amount you need to have your loan placed in a current state with the lender. This amount must be to the Public Trustee by noon on the day before the sale.
THE SALE: This is the event when your property is placed for sale. The sale is a result of the initiation of the foreclosure action by the trustee. The sale will be held promptly at the time and place set forth in the notice of such sale. The notice is sent to the borrower and the land owner. The public trustee will read aloud the notice of the sale and call for bids. The lender’s bid will be what the lender believes the property is worth or often it is the amount of the total debt owed to the lender along with its costs of the foreclosure up to the date of sale. If the lender bids in the amount of the debt that is owed to the lender by the borrower, the real property is then substituted for the debt and the debt is then discharged since it is replaced by the real property. If the lender bids less than the amount of the total debt, this is called a deficiency bid and the borrower may face further action, such as a law suit, to collect the difference. In the event of such a deficiency bid the trustee will indicate the amount that is still due from the borrower and then credit the amount of the bid made at the sale and show the amount remaining, in other words the deficiency.
THE RIGHT OF REDEMPTION: In Colorado, there is no right of redemption for the borrower.
THE FORECLOSURE TIME FRAMES:
The time frames come into play when the lender declares the debt in default or if other agreements in the deed of trust have been violated. The process is started with the recording of the Notice of Election and Demand (“NED”) for Sale.
A. Within 10 business days of receipt of the filing the public trustee commences the foreclosure action by recording the NED in the office of the clerk & recorder.
B. The combined notice contains, among other things, all the information in the NED, a statement a notice of intent to cure must be filed 15 days prior to the first scheduled sale date. The combined notice of mailing and publishing must be mailed no more than 20 calendar days after recording of the NED to those persons and addresses on the mailing list.
C. The sale date will be not less than 110 days or more than 120 days (215 days or 230 days if the land is agricultural) after the recording of the NED. The successful party at the sale receives a certificate of purchase.
D. After all applicable redemption periods expire and no redemption is made by any junior lien holder, the Public Trustee is required to execute and record the confirmation deed on a date no earlier than nine (9) business days after the date of sale.
E. In general, the amount of time it takes to complete a foreclosure in Colorado is five (5) months from the date the Public Trustee receives the initial foreclosure package.