Colorado Foreclosure Process

If you have missed a payment or two on the home you are buying then your bank may be initiating the Colorado foreclosure process. If this is the case you need to know exactly how it works so you are entirely prepared and you can save your home or find another place to live.

The Colorado foreclosure process can happen in less than a year. You don’t have to be moved out of your home until the home sells at the auction or the sheriff’s office posts a notice that you need to move out. Keep in mind that if you wait this long you may have as little as 24 hours to vacate the property. Once the process begins you need to be finding a new place to live and saving your money to get into it.

Missing payments on a mortgage is how the Colorado foreclosure process begins. A home cannot be foreclosed on unless the borrower has failed to meet the financial obligations of the mortgage agreement. When one to three payments have been missed on the mortgage, the lender will begin or initiate foreclosing on the property. The bank will file a notice of default through the courts which basically say you have failed to comply with making your payments. After about 60 days of trying to contact you and make an agreement to save the home the lender will then file an intent to sell. If they cannot get money from you then they will attempt to sell the property at an auction to recover as much money as close to the value of the property as possible. This will allow the lender to get the money back that was given to the borrower. It can take from 6 months to 1 year for a home to go to the county auction with a foreclosure.

If you are in the Colorado foreclosure process and you want to save your home then you must remain in contact with the lender throughout the entire process. Always answer your phone and respond to the lender when they have questions for you. Don’t be too embarrassed to talk to the lender. They will work with you. Don’t wait too long. Once the home gets to the point where it is scheduled for auction then it may be too late to save it financially. The only way to save it is by having the cash for the lender in total along with the penalties and fees. Some lenders won’t let you save your home if you wait too long.

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