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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Nonjudicial: under power of sale in deed of trust. The foreclosing party must file proof of ownership and the homeowner’s default with a public trustee, who oversees the process. The mortgage holder must separately obtain a court order authorizing the sale and give the public trustee a copy of the order before the sale date. |
| Time to respond | Public trustee must mail notice within 20 days after recording a notice of sale, and between 45 and 60 days before first scheduled sale date. The officer employed by the public trustee to conduct the sale must also publish notice once a week for four weeks between 60 and 45 days before the first scheduled sale date. The combined notices mailed by the public trustee must advise the homeowner of the right to reinstate the mortgage. |
| Reinstatement of loan before sale | Allowed until noon on the day before the sale, provided that homeowner gives the foreclosing party written notice (no later than 15 days before the sale date) of intent to reinstate the mortgage |
| Redemption after sale | No |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | None |
| Deficiency judgments | Allowed, but the homeowner can defeat the action for a deficiency judgment if the house was sold for less than its fair market value |
| Cash exempted in bankruptcy | None |
| Notice to leave after house is sold | New owner does not have to give notice to former owner before going to court. Former owner is served with a notice of the court proceeding and has three to five days to respond. If former owner responds, the court schedules a hearing within two weeks. If former owner loses, the sheriff can physically move out former owner in a few days. |
| Foreclosure statutes | Colo. Rev. Stat. §§ 38-38-100.3 to 38-38-114 |