Are you wanting to know the foreclosure timeline in Pueblo Colorado?
This blog post is for anyone in Pueblo county or just Colorado in general that wants to know the timeline of someone in foreclosure.Most of the i
Pueblo Colorado Foreclosure Process
- The first step in the Pueblo Colorado foreclosure process is the notice of sale Or Notice Of Election And Demand.
- The lenders attorney will then submit the NED to the Public Trustee Of Pueblo, the NED can also be recorded electronically.
- Within 10 days the Public Trustee will then record the NED with the county clerk and recorded.
- The Public Trustee sets the Sale Date between 110-125 calendar days after the NED is recorded. For agricultural property, the Sale date is set between 215-230 calendar days after the NED is recorded.
- The Public Trustee mails a Combined Notice of Foreclosure and Sale to a Mailing List provided by the lender’s attorney within 20 calendar days after the NED is recorded and a second time within 45-60 calendar days prior to the first scheduled Sale date.
- The Public Trustee publishes a Combined Notice of Foreclosure and Sale in a local newspaper 5 times over 4 consecutive weeks, ending 45-60 calendar days prior to the first scheduled Sale date.
- he property owner may file a Notice of Intent to Cure any time up to 15 calendar days prior to the first scheduled sale date. The Public Trustee will request a cure statement from the holder of the evidence of debt. The Public Trustee must receive the cure statement within 10 business days of the request, but no later than the eighth calendar day before the sale. The property owner must then pay the cure amount by the expiration date of the cure statement, or by noon Tuesday before the Wednesday sale—whichever comes first. If the holder fails to submit the cure statement by the deadline, the Public Trustee will continue the sale from week to week until the cure statement is received.
- At least 16 calendar days prior to the sale date, the lender or their attorney must obtain an Order Authorizing Sale (OAS) from the District Court in the County where the property is located.
- (C.R.S. §Court Rules, Book 1, Rule 120)
- The lender will request a Rule 120 hearing and notify anyone who appears to have an interest in the property of the hearing date, time and place at least 14 days in advance of the hearing. The purpose of the hearing is to determine that there is a reasonable probability that a default has occurred and whether an Order Authorizing Sale is otherwise proper under the Service Member Civil Relief Act.
- The owner/borrower may file a response and attend the Rule 120 hearing. If they believe the loan is not in default, they may testify at the hearing. The Judge shall summarily grant or deny the motion.
- If a proper response is filed in opposition to the motion, the Judge will set a new hearing date. If no one files a response prior to 7 days before the hearing, the Court may dispense with the hearing and enter an Order Authorizing Sale.
- The lender must submit the OAS and their signed and itemized bid form to the Public Trustee by noon two business days prior to the sale. If the lender does not submit a bid on a property scheduled for sale, the Public Trustee will automatically continue that property sale by one week.
- The lender may submit a notice of Withdrawal or Continuance up to the start of the sale.
- The Pre-sale List of properties scheduled to go to auction that week is posted on the Public Trustee’s website by 3 p.m., two business days prior to the sale, and an amended list is posted by 4 p.m., the day before the sale. Note: a property can be pulled from the auction at any time prior to it being struck and sold.
Process Of Foreclosure In Colorado
After the sale, the public trustee will issue a Deed of Trust to the new owner of the property. The borrower has the right to redeem the property up until the time the Deed of Trust is issued. If the borrower does not redeem the property, the new owner will take possession of the property.
It is important for homeowners to be aware of the foreclosure timeline in Colorado, as it can take several months for the process to be completed. If a homeowner is facing foreclosure, they should contact their lender as soon as possible to discuss their options. There are several programs available to help homeowners avoid foreclosure, such as loan modification, forbearance, and repayment plans.
The main thing to understand is don’t let the time get too far along. If you even miss one or two payments its nice to start knowing your options. The people who end up being in the worst positions are the ones who wait until the last minute.
It is also important for borrowers to be aware of the financial consequences of a foreclosure going on your credit report. First thing is you lose your home. And then the damage to your credit report and credit score can also be severe. Foreclosures can stay on your credit report up to 7 years.
In conclusion, foreclosure is a legal process that allows a lender to take possession of a property when the borrower fails to make mortgage payments. In Colorado, the foreclosure process can take several months to complete, and it is important for homeowners to understand the timeline of events. Homeowners facing foreclosure should contact their lender as soon as possible to discuss their options and to be aware of the potential consequences of foreclosure.
How Many Months Behind Before You Go Into Foreclosure?
It really depends on the type of mortgage that you have but in GENERAL it takes 3-6 months from your FIRST missed mortgage payment. ITS VERY IMPORTANT TO KEEP IN CONTACT WITH YOUR LENDER EARLY ON IN THE PROCESS. They may be able to offer some relief but it needs to be early in the process.
Is There A Foreclosure Redemption Period In Colorado?
It looks like under the current Colorado law as I am reading it ( I AM NOT AN ATTORNEY AND THIS IS NOT LEGAL ADVICE) The homeowner DOES NOT get the right to redeem the property after the sale. Only those other lien holders that were “junior lien holders” or “second mortgages”. Those are the only ones that could “redeem”