Foreclosure Information

Foreclosure describes the process of a lender taking your home for failing to pay your mortgage in a prompt manner. You may even owe money after the foreclosure if your house´s value depreciates and is less than the value of your loan. In most cases, your home will be auctioned if you do not act fast. The auction will be conducted by an officer of the court. A Notice of Default is used during non-judicial foreclosures and is generally sent 90-95 days after your last payment. The notice will state the amount due and generally you will be given up to three months before a sale of your property occurs. The notice will also have instructions informing you of how to stop the sale of your property. After you receive the notice, the lender´s lawyer will file the notice with the county public trustee. The notice provides a schedule of the foreclosure process to the public. The notice is also sent to you via certified mail. If you are in a non-judicial foreclosure state, the lender sends a Notice of Default or files a foreclosure lawsuit.

Next, the Notice of Default or lawsuit is recorded in your county courthouse. You then enter a reinstatement period. If you do not pay your debt or negotiate a plan, a Notice of Trustee Sale will be recorded and sent to you.

If you are in a judicial foreclosure state a lawsuit or lis pendens is filed against you. You have 20 days to formally reply. FIND AN ATTORNEY TO REPRESENT YOU IMMEDIATELY. If you do not reply, the court will rule against you. The court will either order foreclosure or dismiss the case. If the court rules against you and orders foreclosure, the county sheriff or relevant party will schedule a public foreclosure auction. The auction will be advertised. The highest bidder will win your property or the lender will hold onto the property if an acceptable bid is not made. If the lender accepts a bid lower than the amount owed, the court may award the lender a deficiency judgment.

Your state may allow you to exercise statutory redemption rights. If there is a statutory redemption period, the certificate of title or sheriff´s deed is given to the highest bidder when the period expires. If there is not a statutory redemption period, the highest bidder gets your property immediately after the sale or auction.

Useful web sites

Foreclosure Law Information

Boulder Public Trustee

Weld Public Trustee

Larimer Public Trustee

Adams Public Trustee

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Mimi Miller Realty • 303-709-6990