Colorado has made headlines in past months as the reluctant recipient of the dubious honor of being the nation's foreclosure capital. Foreclosures in Colorado were the highest among all 50 states for both the second and third quarters of 2006. Colorado foreclosures are on track to rise 25 percent in 2007, to an estimated 36,000, according to data released May 9 by the state Division of Housing. Colorado foreclosures rose 110 percent between 2003 and 2006. There is no doubt that the situation appears bleak and many Colorado resident homeowners have found themselves in a bad spot.

County public trustees administer foreclosures in Colorado. They are responsible for guarding the rights of homeowners as well as home loan providers and other legitimate creditors. It isn't all bad news for the distressed homeowner in trying to stop a Colorado home foreclosure. For the homeowner wanting to stay in the home as long as possible, while working at ways to stop foreclosure, Colorado has laws in effect that favor the homeowner by giving them lots of time to try to keep or sell to avoid the damage to their credit.

If a homeowner is confident they will have the funds needed to keep the home, but not until after the foreclosure deadline (approximately 60 days), the state has a post-sale statutory right of redemption for foreclosures. This allows a party whose property has been foreclosed to reclaim that property 75 days after the sale by making payment in full of the sum of the unpaid loan plus, taxes, costs and interest by submitting an intent to redeem at least 15 days prior to the end of the redemption period. Simply stated the homeowner has 60 days once the foreclosure process is completed to let the appropriate county public trustee know they intend to buy back the property.

Homeowner deciding to give their house back to the lender in Colorado will find the foreclosure laws have statutory time lines. In this instance a "deed in lieu of foreclosure" can be accomplished much quicker, once both parties agree to the timing. The downside with this choice is, though not as damaging to the credit as a foreclosure, it does cause a significant drop in the FICO score for a number of years.

Colorado foreclosure laws are fairly straight-forward. Homeowners enjoy seemingly more protection there than in some other states. Nevertheless, as it would be in any other state, it is always in the best interests of the homeowner seeking help with stopping foreclosure to take immediate action.

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