Colorado Notice of Intention to Foreclose and of Liability for Deficiency after Foreclosure of Mortgage
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How to fill out Colorado Notice Of Intention To Foreclose And Of Liability For Deficiency After Foreclosure Of Mortgage?
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FAQ
Primary tabs. Deficiency judgment is money awarded to creditors when assets securing a loan do not cover the debt owed by a debtor. When a debtor becomes insolvent, a creditor can repossess the asset securing the loan, and then sell the asset to recover the debt.
The legal principle of a deficiency judgment could apply to any secured loan, such as a car loan, where property seized from a defaulting debtor sells for less than the lender is still owed on it. In most cases, however, the term is associated with mortgage foreclosures.
You must file a Notice of Intent to Cure at least 15 calendar days before the date of sale in order for us to contact your lender's attorney to request the amount necessary to bring your loan current. We will notify you with the amount to cure and the date on which payment must be received by our office.
In some circumstances, the law in Colorado allows the bank or other lender to seek the difference between the sale price of a foreclosed property and the amount owned on the mortgage loan. The lender has six (6) years to seek a deficiency judgment after the foreclosure sale is concluded.
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.
If a foreclosure is nonjudicial, the foreclosing lender must file a lawsuit following the foreclosure to get a deficiency judgment. On the other hand, with a judicial foreclosure, most states allow the lender to seek a deficiency judgment as part of the underlying foreclosure lawsuit.
In Colorado, the lender can obtain a deficiency judgment after a nonjudicial foreclosure by filing a separate lawsuit within six years. (Colo. Rev. Stat § 4-3-118).