Colorado Sample Letter regarding Information for Foreclosures and Bankruptcies
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How to fill out Sample Letter Regarding Information For Foreclosures And Bankruptcies?
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FAQ
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 is the result of motion that is being filed by the lender asking the District Court of the county where your house is located for an order authorizing the foreclosure sale. A Rule 120 hearing determines if the lender has the right to foreclose on the property and have it sold at a public auction.
You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.
File Intent to Cure The only parties who can legally file an Intent to Cure (PDF) include, but are not limited to, property owners, persons liable, guarantor of evidence of debt and junior lien holders. An Intent to Cure must be filed at least fifteen (15) days before the scheduled Public Trustee sale.
To start the foreclosure, the lender's attorney submits the foreclosure documents, including a Notice of Election and Demand (NED), to the public trustee. (Colo. Rev. Stat.
A foreclosure sale will usually not happen any sooner than 120 days after the lender has started legal foreclosure proceedings. That gives you 120 days to: bring your mortgage current, apply for a modification, or file bankruptcy. Bankruptcy can stop both a public trustee and judicial foreclosures.
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.
What Is the Foreclosure Process in Colorado? If you default on your mortgage payments in Colorado, the lender may foreclose using a judicial or nonjudicial method.
