Colorado foreclosure process

[LimpDisc]

Wondering if anyone could share their experiences with the foreclosure process in Colorado. We were discharged from CH7 in March 2010 and intend to walk away from the house. This month will be the first payments we have missed on both the 1st & 2nd mortgage.

1st - Chase
2nd - CitiMortgage

We have found a timeline graph for Colorado that shows it taking as long as 255 days from loan default. Trying to get an idea about how fast the entire process could take.

I know it all depends on how fast they start the process, but were guessing they will wait until we are 3 months past due.

[HHM]

Colorado hasn't really seen the foreclosure delays that exist in harder hit states. So you can anticipate a timeline of 8-9 months from first default. (unless you live in a resort area or have a high end home, the process may be longer).

Day one, 1st default
Month 3: 30 day notice of acceleration. This letter will state that you have 30 days to cure missed payments or entire loan balance is due.
Month 4 or 5: Notice of default and sale. This notice is the official foreclosure notice and will state the foreclosure sale date.
Month 8 or 9: About 4 months from Notice of Default and Sale, Foreclosure Sale date
Colorado has no redemption period, upon foreclosure sale date, house is no longer yours.

Your mileage may vary

[LimpDisc]

Thanks HHM. The link below is the chart I found. I'm guessing that it's inaccurate because it shows a Redemption period of 75 days?

Were not concerned about how much time we have left in the house, but we do want to stay (Maybe 6 months) as long as possible. We just don't want to end up with a sheriffs notice on the door saying we have 24 hours to vacate. Do you know how long we would have to move after the Foreclosure Sale Date?

http://www.housingcounseling.com/docs/ColoradoForeclosure.pdf

[HHM]

Yep, that chart is outdated. The redemption period was done away with last year.

[LimpDisc]

Thanks again!

Just found out that the redemption period went away when the laws changed in January 2008

Looks like everything depends on how fast the lender starts the foreclosure process after we default. We realize that we are in default on December 1st when we miss this months payment.

I'm not finding any information about the lender starting the process quicker after default on those who have filed bankruptcy. Do you know if they move faster on homes that were included in BK and not reaffirmed?

My best guess would be to get out prior to the foreclosure sale. Pretty sure that gives us at least 6 months.

[bladerunner]

re: limpdisc....11 months since last mortgage payment and still living in our home. We are also dealing with CitiMortgage, of course we live in Las Vegas, foreclosure city with a backlog of 30,000+ homes waiting to be auctioned ...we've already had the foreclosure notice and trustee sale papers plastered on our front doors in July 2010. Good luck , I know the stress...I do not think a sheriff can put you out in 24 hours, though... if you have an infant, small children, someone on oxygen, someone using breathing treatments for asthma, someone with a chronic illness like diabetes, heart failure etc... or a senior....just a thought...I may be wrong, maybe someone on this forum can post some eviction info...might buy you 90+ days...

[LimpDisc]

Thanks for your reply.

No stress for me. Just trying to get down some kind of timeline so we can plan on moving. After BK I no longer get attached to material things. A house is a house and a home is where you make it.