Foreclosure is a daunting experience for any homeowner. The uncertainty and fear of potentially losing one’s home can be overwhelming. However, in Colorado, homeowners are not defenseless against foreclosure actions.
The state of Colorado provides homeowners with specific rights that can offer protection during foreclosure proceedings. Understanding these rights can empower homeowners to take necessary actions, make informed decisions, and even prevent foreclosure.
The Right to Cure
In Colorado, homeowners have what is termed as the “Right to Cure.” This means a homeowner is given a specific time frame, usually up to 120 days, to catch up on missed mortgage payments and avoid foreclosure.
The lender must provide a written notice detailing the exact amount owed and the deadline by which the payment should be made. By making the required payments within this period, homeowners can prevent the foreclosure sale of their property.
Judicial vs. Non-Judicial Foreclosure
Colorado primarily operates as a non-judicial foreclosure state. Lenders can bypass the court system to foreclose on a property. However, homeowners can convert this process into a judicial foreclosure by filing a lawsuit. A judicial foreclosure can offer homeowners additional legal protection, as the lender must prove its right to foreclose before a judge.
Colorado law mandates lenders to provide homeowners with multiple notices before a foreclosure sale can take place. These notices include a Notice of Election and Demand kickstarts the foreclosure process and a Public Trustee’s Combined Notice, which provides detailed information about the foreclosure sale. Lenders adhering to these notice requirements can offer homeowners additional time and options.
Right to Postpone the Foreclosure Sale
Under certain circumstances, homeowners can request a one-time postponement of the foreclosure sale. This can provide an additional 90 days to address the delinquent payments or to find alternative housing or financing solutions.
If you or someone you know is facing foreclosure in Colorado, you must be well informed about your rights and the legal options available. Secure your best chance at navigating the complexities of foreclosure by seeking the expert advice of a Colorado Foreclosure Attorney.
At Baker Law Group, our team of experienced Denver Foreclosure Lawyers is dedicated to guiding and representing you through every step of the foreclosure process, ensuring your rights are upheld. Don’t navigate this journey alone; let us advocate for you. Reach out today.