The Colorado Foreclosure Process
Laws passed in 2008 have enhanced the Colorado Foreclosure Process by giving property holders more realistic options and a more favorable timeframe to sell their home if they can no longer afford their mortgage payments. This gives property holders more room to resolve their monetary hardships before their house is sold or put on market. The latest Colorado Foreclosure Process became effective on July 1, 2010 and has a mediation option that gives property holders a chance to meet face-to-face with their mortgage company and a third party to make sure that all foreclosure alternatives have been evaluated – such as a short sale or a deed-in-lieu
How the Colorado Foreclosure Process Works
Notice of Intent for the Colorado Foreclosure Process should be acknowledged no less than 45 days preceding initial foreclosure filing in court. This notice must incorporate informative data that is particular to the contract plus a provision for loss mitigation and a guideline on the best way to fill out the application. An order to docket can’t be given to the courts until your loan is no less than 90 days past due. The Order to Docket (OTD) contains documents which incorporate numerous papers running from settlement reports to preliminary loss and final loss affidavits. Preliminary loss mitigation will be documented with the Order to Docket if you are unable to successfully negotiate loss mitigation. It is highly essential you return these document to your mortgage company as soon as you can. An auction can happen 148 days after this has happened. The quickest time span in which a closeout can occur is 213 days if mediation is requested. The affidavit for final loss mitigation will be filed granted the mortgage company has demonstrated they have shown all efforts to furnish sensible loss mitigation solutions. They must send you a duplicate of the Final Loss Affidavit plus a “Request for Mediation”.
You will be given 15 days to solicit mediation after the Colorado Foreclosure Process has started. To request mediation you should send a completed form with a $50 fee that is non-refundable to the Circuit Court. Provided that you don’t initiate an immediate request for mediation, a closeout/auction might be held within 135 days. The most punctual day that an auction can occur is 185 days. If you don’t file an appeal for mediation, the auction can happen 135 days after default.
The most reasonable day available for auction is 185 days from default if request for mediation is accepted. In the event that you ask for mediation: Your appeal will be sent to the Office of Administrative Hearings (OAH), where an administrative judge will intervene within 60 days after receipt of your request from the court. The judge can’t settle on definitive decisions, but he/she however can fill in as an unbiased third party so as to reach a mutual agreement between the parties.
Source: CO Department of Labor, Licensing, and Regulation”
Download Our Free Colorado Foreclosure Process PDF!
Our Free Colorado Foreclosure Process PDF guide is a valuable resource for anyone facing foreclosure in Colorado and wanting to better understand the Colorado Foreclosure Process.
A Guide To The Colorado Foreclosure Process
Download The Free PDF Brought To You By Brix Real Estate, LLC!
or check out our ebook here