Colorado Springs Vintage Homes Blog

Learn the Colorado foreclosure process, it’s different

 Buying a Colorado Springs Foreclosed Homes — important to understand the trustee process

As a student of Foreclosures in Colorado, both to help sellers facing foreclosures, and to assist buyers looking to buy a Colorado Springs foreclosure, I’m always trying to learn more about the foreclosure process in Colorado.     I attended a class this week taught by Pete Griffiths, the in-house legal counsel for Land Title.   Very good instructor, and definitely understands the legal process of foreclosures in Colorado Springs.   Here’s some of the things I learned in the class that I thought I’d pass on.

• There was 50,514 foreclosures in Colorado in 2009.
• Legally, the definition of  foreclosure in Colorado for contract purposes, is defined as a homeowner who is 30 days behind in their payments.
• Colorado is the only state that has a Public Trustee, whose duties are defined by statute.
• If you are the successful bidder on a foreclosed home at at the Public Trustee auction, you don’t automatically own the property.  There are redemption periods for junior lien holders.   Only at the end of the redemption periods (if junior lien holders don’t redeem) will you officially be the owner of the property.
• The majority of junior liens are “wiped out” if you are the successful bidder at the Public Trustee sale, but not everything goes away.   it’s important to partner with a good title company who can give you information about other liens on the property including HOA liens and tax liens.

Remember, make sure and do your research

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Kathy (719-287-1049)   KTorline@msn.com

Tags: buying a Colorado Springs Short Sale, buying a foreclosure, El Paso Public Trustee, public trustee, Trustee Sale

This entry was posted on Saturday, February 6th, 2010 at 5:28 am and is filed under Foreclosures and Short Sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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