Colorado foreclosure listings include both judicial and power of sale foreclosed commercial and residential properties. However, as Colorado is a title theory state, the primary foreclosure process is power of sale. Here the lender does not require involvement of court for the foreclosure but requires election to foreclosure. In Colorado, the title of the property remains with trustee until the borrower makes the final payment. The trustee here is a part of the local government. All titles under home equity loans in Colorado are placed in the hands of office of public trustee. This office represents the lender for foreclosure when there is a default on part of the borrower. The sell occurs through public auction and is confirmed to the highest bidder when he makes the final payment between the grace period.
Non-involvement of judiciary does not mean that this foreclosure process is illegal. To make the whole process more transparent, stringent notices are made and the borrower is given an interim time period of 20 days to repay the loan amount. The notice regarding interim time period is recorded in the trustee’s office 10 week days prior to reaching the borrower. Any failure on part of the borrower in making the payment leads to the issue of foreclosure advertisements in newspapers. The advertisements appear at least once a week for a time period of five weeks prior to the date of auction. The advertisement comprises of information like date and place of auction, due amount on the property, lien holders, deposit amount and grace period to make the final payment. Prior to the auction date, Rule 120 hearing is made. This hearing is about the legal authenticity of the sales.
The processes related to sale of homes and condos in foreclosure generally take 45-60 days. However, the time period depends upon the redemption period of the home equity loans. While buying these properties, the buyer must pay attention to factors like condition of the property, litigations and unpaid dues. It makes the whole process hassle free and faster.
Government foreclosures do not appear in newspaper commercial displays. Real estate websites offer free Colorado foreclosure listings of both bank and government foreclosed properties. They showcase properties according to category and price. They also help you by providing buying tips and guidelines for auction.
