Colorado Judgment Foreclosing Mortgage and Ordering Sale
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How to fill out Judgment Foreclosing Mortgage And Ordering Sale?
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FAQ
A Rule 120 hearing determines if the lender has the right to foreclose on the property and have it sold at a public auction. The judge may cancel this hearing and sign the order ?authorizing sale? if the borrower does not file an answer with the court or files the answer too late.
The Foreclosure Process in Colorado By federal law, once you are 120 days behind in making your mortgage payment (or payments if there is a second or third mortgage), the lender can proceed with the foreclosure process. In Colorado, the lienholder has two options for pursuing foreclosure ? judicial and nonjudicial.
Generally, when a property is sold through the foreclosure process and the tenant has a valid lease, the tenancy is extinguished as a matter of law. As such the tenant no longer has the right to occupy the property.
Following a first-mortgage foreclosure, all junior liens (including a second mortgage and any junior judgment liens) are extinguished, and the liens are removed from the property's title. But the second-mortgage debt and creditor's judgment remain, even though they're no longer attached to the foreclosed property.
The most senior lien holder may redeem fifteen (15) to nineteen (19) business days after the sale, but no later than noon on the final day. Subsequent lien holders each have five (5) business days after the senior lien holder's period, but must redeem by noon on the final day.
Colorado is a nonjudicial foreclosure state, meaning that the lender does not have to go to court to foreclose on your home. The foreclosure process moves quickly and is often completed in 4 months through a public trustee.
A Rule 120 hearing determines if the lender has the right to foreclose on the property and have it sold at a public auction. The judge may cancel this hearing and sign the order ?authorizing sale? if the borrower does not file an answer with the court or files the answer too late.
The Foreclosure Sale The sale is an auction, which is open to the public. At the sale, the lender usually makes a credit bid. The lender can bid up to the total amount owed, including fees and costs, or it may bid less.