Your Foreclosure Defense Attorney in Colorado
- Colorado is a non-judicial foreclosure state
- If you are behind on your payments you must take action
- Your lender has a team of professional attorneys
- You need to have professional representation NOW
Colorado is a non-judicial state, which means that the right to foreclose and sell the property actually lies with a third party, known as the trustee; who has a fiduciary responsibility to both the lender and the borrower. When you take a loan in a non-judicial foreclosure state, you sign a deed of trust, which gives the third party trustee the right to sell the home if you fail to make payments. Every bank and financial institution has an experienced team of attorneys focused on your foreclosure. Without an attorney on your side you are left alone to defend yourself against these pros. By retaining Litvin Law to defend your property in Colorado you are giving yourself a distinct advantage over going this process alone. Don’t let the bank foreclose on your home without putting up a fight. If you’re behind on your mortgage and facing foreclosure in Colorado, time is running out and you must act now. Litvin Law is available to help you right now. To speak to a Litvin Law foreclosure professional call (888) 963- 9789. For your convenience our office hours are from 9:00 AM to 9:00 PM M-F and from 10:00 AM to 2:00 PM on Saturday.***After hour’s calls will be received by our receptionist and calls returned at the start of the next business day.
Steps involved in a non-judicial foreclosure
- Notice of Default and Intent to Accelerate (First Notice)
Your lender or its attorney must send you a letter by certified mail notifying you that you have at least twenty (20) days to cure the default, or in other words, to make any payments that were missed plus any late charges that may have been assessed.
- Notice of Sale and Acceleration of Debt (Second Notice)
After the 20-day period has expired, the lender must send a second letter by certified mail notifying you that the entire loan balance is now due, and the failure to pay will result in the sale of your home.
- Foreclosure Sale
The foreclosure sale (usually by auction) takes place on the designated day(s) of the month at the designated area of the county courthouse.
- Distribution of Proceeds
Once the sale concludes, the Trustee divides the proceeds.
The new owner of the property, who is usually the lender, must provide the previous homeowner with three (3) days to vacate the property.
- Deficiency Action
After completion of a non-judicial foreclosure, the lender has two (2) years from the foreclosure sale to file a deficiency lawsuit if the high bid at the foreclosure sale is not enough to pay the lender the debt owed to and the expenses associated with the foreclosure.
- Right of Redemption for Non-Judicial Foreclosure
In some states there is no right of redemption for homeowners after a non-judicial foreclosure and in others it varies by state.
Additionally, Colorado has no redemption period, so once the auction takes place the sale is final.