The rules for Colorado foreclosure are changing the first of the year to a program much (in my honest opinion) less friendly to the home owner. If you are currently late on your payments and have not gotten a "Notice of Election and Demand" (NED) by January 1st the date date you will no longer be able to occupy your home will be shortened to 4 months versus the previous 6 plus months. These are new rules and you will need an attorney who is current on the rules to explain what they mean. What I can say is that previously when a home owner started to miss payments they could count on an NED being files within 3-4 months with a conventional loan and 3-6 months with a government loan.
Go to this link for a very good explanation by Ron Childs of Security Title http://www.stgco.com/STGCurrentNewsLetter/currentnews.pdf. On page 2 of this newsletter Ron has created a timeline. In essence, and as I understand it, when the sale at the courthouse occurs, the owner is the buyer of the defaulted note. There is NO period after the sale for the Owner to redeem the certificate of sale.
Anyone who is facing foreclosure in Colorado needs to be aware of these changes in their rights.
There will be allot of folks who will be surprised to find the eviction crew at their home with the sheriff the day after the sale.
When you or your friends need help in this complex world of real estate, put my 22 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
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