In judicial foreclosures, a lender may sue the borrower to obtain a court order to foreclose and sell your property when there is no power of sale clause in the loan document. A Judicial Foreclosure is used when there is no power of sale clause in the mortgage loan document.

In non-judicial foreclosures, Colorado differs from many states as in Colorado the Governor will appoint a Public Trustee that handles the foreclosures. Every county in Colorado has a Governor appointed Public Trustee. The Trustee acts as the impartial intermediary to make sure everyone’s rights are being met. The lender will file intent to foreclose with the Public Trustee. The Trustee records the notice with the county clerk as well as publishes intent in the newspaper of where the property lies. This intent to foreclosure must run in the newspaper for five consecutive weeks prior to the sale. The Public Trustee is also responsible for informing all parties that hold lien to the property intent of foreclosure via ten days of publication in newsprint. Within twenty-one days prior to sale the Trustee must also mail notice to the borrower instructions in how they can redeem the property. At this time, the borrower may file right to “intent to cure” with the Public Trustee 15 days prior to sale but if debt is not settled before noon on the day of the sale, foreclosure resumes. The sale of the property has to take place between 45 to 60 days after official recording. The actual sale of the property is held at the courthouse unless the deed of trust states differently.

If you live in Colorado and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home.