I. Introduction In Colorado, the foreclosure process historically gave borrowers two opportunities to pull their property out of foreclosure. Prior to the foreclosure sale, the borrower (and others) could “cure” monetary defaults. After the foreclosure sale, the owner could “redeem” the property. For foreclosures filed after January 1, 2008, the time period which would otherwise … Continue Reading
Until May of 2009, the recipient of a Public Trustee’s deed (the “PT Deed”) following a foreclosure sale could immediately begin the eviction process of any occupant of a residential property in Colorado. Now, with the passage of the Federal Protecting Tenants at Foreclosure Act (the “Act”), depending on the circumstances, options available to the … Continue Reading
Co-Author: Jeremy S. Durham Buyers at foreclosure auctions must purchase with cash (eliminating much competition), often don’t have the opportunity to inspect the interior of the property, and risk being redeemed out by junior lien holders. Generally, foreclosure buyers acquire properties at below their retail fair market value. While it is intuitive that they should be … Continue Reading
Please explain why lenders do not bid more than they are owed, and why the foreclosing lender is often the only bidder at foreclosure sales. A. Why Foreclosing Lenders Almost Never Bid More Than They Are Owed. Lenders are required to bid at foreclosure sales. When bidding, lenders receive a credit for the debt they … Continue Reading