Foreclosure Timeline Highlights
New Law Effective January 1, 2008
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
• 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—Public Trustee must
have prior to sale
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—based on legal
description of property
• 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 guarantor 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
begins:
• Certificate of Purchase to highest bidder
recorded by Public Trustee
• No 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
• If no redemption, Public Trustee’s Deed
to holder of the Certificate of Purchase
or any assignee
• All other liens no longer affect property
after Public Trustee’s Deed unless HOA,
mechanic’s lien(s),municipality lien(s),
taxes, omitted party or senior lien(s)
Courtesy of Land Title Guarantee Company
State of Colorado Foreclosures
John Marcotte
720-771-9401