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1. A simple guide to the colorado
foreclosure process

2. A Simple Guide to the Colorado Foreclosure Process
 Do you need to learn more about the Colorado
foreclosure process? Here is a simple guide
explaining the process and Colorado’s various
foreclosure laws.

3. Keyword(s): foreclosure process
 The foreclosure process in Colorado is no longer the issue
that it once was. In the fourth quarter of 2017, completed
foreclosures fell 29.4 percent compared to the same
time in 2016.
 Unfortunately, foreclosures still happen. But the process
isn’t as esoteric as it appears from the outside.
 In fact, by learning how foreclosures work in Colorado –
and the laws governing the filing – you may even be able
to save your house.
 Here’s what you need to know about going into
foreclosure in the state of Colorado.
 A Simple Guide to the Colorado Foreclosure Process

4. Colorado Foreclosure Process Timeline
 Let’s start with the timeline. While some foreclosures are swift
and simple sales, the majority follow a similar calendar to the
one below:
 Missed Payment – 1 day
 The process begins the day you miss a payment – no earlier,
no later.
 Day 1 is the day you fail to make a payment. From here, you
enter into delinquency. If you’re unable to make the payment
within a calendar month, you’ll move into the second phase:
delinquency.
 Demand Letter – 45-60 days
 Once in delinquency, you’re on your way to a demand letter.
The date of the letter depends upon your lender’s practices.

5. Colorado Foreclosure Process Timeline
 Expect a letter demanding the missed payment
somewhere between 45 and 60 days after your
payments due date.
 Foreclosure Filing – 118 days
 Failing to make a payment on your mortgage for 90
days in Colorado leads to a foreclosure filing.
 The foreclosure phase begins at day 118.

6. Colorado Foreclosure Process Timeline
 Default Judgment, Sheriff’s Sale, Confirmation – 118
-150 days
 Things begin to move swiftly once day 118 arrives.
From here, homeowners can expect their default
judgment followed by a sheriff’s sale and
confirmation of foreclosure potentially within 30
days. However, the process is complicated and may
take substantially longer.
 Eviction – 150+ days
 Once the house sells, you may be evicted.
 A Simple Guide to the Colorado Foreclosure Process

7. Stopping the Timeline
 Just because you’ve reached the beginnings of the
foreclosure process doesn’t mean all is lost.
 The foreclosure process in Colorado only begins once
your lender files a proceeds demand known as a
Notice of Election or Demand (NED). Once the NED
is registered with the Public Trustee, you still
have 110-125 days to start making regular
payments again.
 If your failure to pay was a temporary blip, don’t
despair. As long as you can catch up during this time
frame, then you can halt the foreclosure process.

8. The Basics of the Foreclosure Process
 It’s important to go through a few fundamental concepts
to better understand the foreclosure process:
 First, let’s discuss the types of foreclosures that occur:
judicial and nonjudicial. As you might expect, a judicial
foreclosure requires the lender to foreclose on the
homeowner by going through the courts. Nonjudicial
foreclosure is initiated and completed by the lender, and
it’s allowed because of a clause found in the original
mortgage agreement.
 In Colorado, most foreclosures are nonjudicial, but both
types are legal. Colorado differs from other states
because other states choose a kind of foreclosure while
banning the other.

9. How Does Nonjudicial Foreclosure Work?
 A nonjudicial foreclosure begins when the party
foreclosing on the property (often your lender) files
proof that it owns the debt with the public trustee.
 Once this is done, the party holding the mortgage
has to head to court. The process follows the Rule
120 proceeding schedule, which authorizes the sale
of the property.
 The mortgage holder then gives the public trustee
their copy of the sale order before the scheduled sale.

10. What Is a Public Trustee?
One word has come up a few times in this article, and it may be one you’re
unfamiliar with: public trustee.
Another of the ways the Colorado foreclosure process is unique compared to
other states is that it allows nonjudicial foreclosures and a public trustee is used.
The public trustee is a public official who works for the city or county. Their
role includes:
 Walking homeowners through the foreclosure process
 Giving homeowners a list of resources
 Showing homeowners who they can cure their foreclosure
There are some limits. You can’t appeal to a public trustee nor can they
administer any debt mitigation agreement. In fact, they can’t provide any legal advice
whatsoever to any homeowner they’re in contact with.
Any resources provided are limited to names and phone numbers of external parties.

11. Is Anyone Exempt from the Mortgage
Foreclosure Process Under CO Law?
 Generally, no.
 However, state law allows for specific protections for
members of the National Guard when they’re serving
on active duty for over 30 days.
 The law cited is Colo. Rev. Stat 28-3-1406. It
doesn’t require the service to be performed abroad:
both military and state defense force active duty
count.

12. How Can I Save My House?
 The first way to stop a foreclosure is always through negotiating
with your lender. If your lender says no, then the state of Colorado
offers a section option called “curing.”
 A cure means that someone pays for past payments owed (and due),
fees, interest, and any costs associated with the foreclosure process.
 To participate, you’ll need to file an “Intent to Cure” form with your
local city or country Public Trustee. You must sign it in front of the
office staff. If you can’t make it to the office, then the form must be
notarized.
 An Intent to Cure form is free to file – and it could help you if you
submit the form a minimum of 15 days before the auction date.
 Once the cure is filed, Public trustee and the lender negotiate. If
they agree on a payment, you’ll have the opportunity to “cure” your
property by paying the fee in full before the auction date.

13. Fast Facts About the Foreclosure Process in CO
1. If you’ve made it this far, let’s recap what you need
to know about your Colorado foreclosure:
2. The average timeline of foreclosure in Colorado is
four months.
3. Both a mortgage and deed of trust can be
foreclosed upon.
4. Colorado allows a right of redemption and
deficiency judgments – you can save your house.
5. Both judicial and non-judicial foreclosures are
legal.
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