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Colorado Foreclosure Timeline for Residential Property
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The information provided is general information and is not to be taken as legal advice. Your specific situation and timeframes may vary and this information is provided only as an approximate overview of the Colorado Foreclosure process.
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Pre-Foreclosure ~ Warning Letters Issued
After 30 Days
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A lender may start the foreclosure process when a borrower defaults on a loan, for example, by missing a mortgage payment. Being slightly late may not cause a foreclosure by the lender. Depending on how busy a lender, it may take a few months after missing payments before the foreclosure process is started.
After 30 days since your last mortgage payment, you are considered in default of your loan. This gives your mortgage company (as holders of the note) the right to claim your home.
In Colorado a lender starts the foreclosure process by filing a Notice of Election and Demand (NED) with the public trustee in the county where the property is located.
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Intent to Foreclose
Between 60 to 90 Days
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After 60 days, the lender will often file a Notice of Default (NED) with the public trustee. You will also start to receive phone calls fro m the Lender during this time.
The public trustee must record the NED in the clerk and recorder's office within 10 business days after the filing of the NED after the lender's attorneys has filed with the public trustee. A public auction of the property is then scheduled to occur 110 to 125 days in the future.
The borrower has the RIGHT TO CURE the loan during this time. In order to Cure the loan the borrower must file an INTENT TO CURE with the Public Trustee's office at least 15 days before the public auction of the property.
When the borrower files an INTENT TO CURE they will receive the CURE FIGURES, i.e. the amount of money needed to reinstate their loan, within one week before the sale. In order to Cure the loan, the Public Trustee's Office must receive a cashier's check or other certified funds of the total amount due before 12 Noon, one day prior to the public auction.
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Rule 120 Hearing
About 150 Days
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The lender's attorneys must schedule a RULE 120 HEARING before the auction date. A RULE 120 HEARING is done to legally establish if the lender has the right to foreclose on the property and have it sold at the public auction. The judge may cancel this hearing and simply sign the order allowing the sale, if the borrower does not officially respond when given notice.
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Foreclosure Sale and beginning of the Redemption Period of 75 Days
About 180 Days
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If the loan is not Cured by the borrower, the property is sold at public auction. After a property is sold at the public auction, it is followed by a short REDEMPTION PERIOD during which time junior lienholders may pay off the amount bid at auction plus "allowable fees", for example taxes, insurance, and any interest accrued per day, made payable to the county Public Trustee's Office.
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Sheriff's Eviction
About 255 Days
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