Colorado Foreclosure Timeline from iNETProperty LCC

Colorado Law Effective January 1, 2008

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Pre-foreclosure:

•Lender decides to foreclose and elects to foreclose with the Public Trustee on their Deed of Trust or through the courts judicially on their Promissory Note
•Foreclosure attorney hired and documentation sent from lender
•Attorney prepares Mailing List and all documentation for presentation to the Public Trustee
•Attorney sets hearing for Rule 120 Order that authorizes Public Trustee to auction property if no cure occurs before sale date

Cure period:

•Notice of Election and Demand recorded by Public Trustee within 10 working days
•Determination made by Public Trustee if property non-agricultural or agricultural within 10-20 days
•Sale date set from NED recording date
◦110-125 days for non-agricultural property
◦215-230 days for agricultural property
•NED and Combined Notice sent to owner, any guarantors on the note, and occupant only
•Notice of Intent to Cure must be filed 15 days prior to sale date
•45-60 days prior to sale, NED and Combined Notice sent to all parties on Mailing List
•Sale date published for 5 consecutive weeks prior to sale

Sale Occurs and Redemption Period Begins:

•Certificate of Purchase to highest bidder recorded by Public Trustee
•THERE IS NO LONGER AN OWNER REDEMPTION PERIOD
•Any junior creditor with lien recorded prior to NED or with any involuntary lien such as a judgment, HOA lien, mechanic’s lien or IRS lien that records after the NED, can file a Notice of Intent to Redeem within 8 business days
◦1st junior creditor: 5-19 business days to redeem
◦2nd or after: 5 business days to redeem
•Redemption prior to 12 noon on last day
•If junior creditor redeeming, Certificate of Redemption and Public Trustee’s Deed issued
•If no redemption, Public Trustee’s Deed to holder of the Certificate of Purchase or any assignee