Denver Colorado Foreclosure Help, Defense, Laws and Process

 


In Denver, Colorado owning a home is made easy through the help of mortgage loans. It is now possible to own a home with as little as 3% down on the mortgage help. Unfortunately, there are no guarantees in home ownership. Due to financial trouble caused by various aspects in a person’s life, you may find yourself behind in your mortgage payments. This can result to the loss of your property and the equity you’ve created through foreclosure.

Government assistance is there to help you out if you find yourself in such a dilemma. You need to contact a HUD- approved Housing Counselor as soon as possible. Time is of the essence in this situation. You will be given management tips on all the proper avenues available in tackling the situation and you will be assisted through the foreclosure proceedings. This way, you will be up to speed with what is going on and your mortgage rights will not be trampled on.

If you choose to ignore the problem, it will magnify exponentially. The lender will charge you a penalty for defaulting the payment and all the legal proceedings will be added to the balance you owe. It will not only be expensive for you to repay this loan but also harder if you have it reinstated. You are highly advised to act faster because anyone can loose their home.

Stop Foreclosure Denver Colorado

If you find yourself in a situation where your financial situation has changed, then you need to consider the following:

  • Do not ignore the problem. Very few people think they will lose their home because they have more time. Act fast and accordingly.
  • Contact your lender as soon as possible in order to re-negotiate the payment terms. Loan modification can be the solution to all your problems.
  • Acknowledge the receipt of the first notices you receive. They are bound to contain vital information on foreclosure prevention tips.
  • Be aware of your mortgage rights
  • Contact your HUD-approved Housing Counselor. This could be the key to all your foreclosure woes. Government help is free.
  • Liquidate your assets if they are valuable enough to repay the loan. These assets can help you reinstate your loan.
  • File for bankruptcy. This may buy you time to find the money to re-pay the loan or give you time to liquidate some of your assets.

Denver, Colorado Foreclosure Process

In Denver, Colorado, law dictates that foreclosures to occur through in-court and out-of-court proceedings. But usually it is managed by a public trustee out of court and it takes 6 month. The most common process of foreclosure is managed by a public trustee out-of-court and takes about six months.

The non-judicial proceedings are as follows in the state of Denver, Colorado:

  1. The Public Trustees record the notice of election and demand with the county clerk as soon as the lenders attorney files the suit
  2. The Public Trustees then publish the notice of election and demand in a public newspaper for 5 consecutive weeks
  3. The borrower then receive this notice from the Public Trustees
  4. 21 days before the date of sale the borrower receives a notice containing redemption instructions
  5. This process may be barred when the borrower files a notice of ‘’intent to cure’’ with the Public Trustees 15 days before the sale of the property
  6. The sale must take place 45 to 60 days after the notion has been filed
  7. The Public Trustees auction off the property at the entrance of the courthouse

After Foreclosure it is advisable to repair your credit in order for you to improve your credit scores.