Foreclosure in Colorado is typically non-judicial and moves fairly quickly. From when you first receive the Notice of Election and Demand from your mortgage company, you will typically have between four and five months to stop foreclosure sale on your property. So moving quickly and researching all of your options is important.
Your mortgage company
The best place to start in any foreclosure is to contact your lender directly. You may be able to qualify for a refinance or modification to your loan. If you have experienced financial problems outside of your control, there is likely a solution that they can offer you. If you have problems working with your mortgage company, that is when you can use some of the laws in Colorado to help you save your home.
File an intent to cure
In Colorado, you can file an intent to cure with the public trustee no less than 15 days before your foreclosure sale. You can typically do this by mail or fax. What will happen is that the public trustee will contact your mortgage company for the total outstanding balance of the back payments and fees that you owe them. While filing the intent to cure itself does not stop the foreclosure auction, if you bring payment to the public trustee in the form of a cashier’s check for the back payments and fees due your lender no later than noon on the day before the sale, you should be able to save your home and stop the sale. Contact the public trustee for your county to get full details about how to file an intent to cure form and where you need to send it. This solution will only work if you will have the funds available to make all back payments and fees due on the loan.
Foreclosure deferment program
If your foreclosure action was filed after August 1, 2009, a new law may help you keep your home. Lenders are required to post a notice of deferment on your property 15 days after they file the foreclosure on your home.