The minimum amount of time that it takes for a property to go to foreclosure is 90 days. Banks are usually giving homeowners in foreclosure situations longer in this market because it works out better for them to try and renegotiate the mortgage than to take the house. Once the proeprty does go to foreclosure sale, the bank will take possesion after 75 more days.
To see other available Denver Metro foreclosure properties, you can go to my website:
Make sure you explore what all of your options are.
The foreclosure process will take about 120 days if you do nothing to intervene. After the property goes to sale, you become a tenant and the owner/lender will need to file an eviction action, which is called a Forcible Entry and Detainer ("FED"). A FED action takes about 30 days after the sale to complete in most of the Front Range Counties, but there are ways to delay it for a long period of time.
See also http://www.DenverForeclosureAdvice.com
Each lender has their own policy and procedure in case of foreclosed properties.
Some houses stay in the "shadow" inventory - and get rented out by the lenders.
Sometimes, the homeowners or current tenants are able to negotiate their rent from the bank.
Checking out with free legal services (if applicable), pro bono attorneys, or paid attorneys could help to really defend your rights - as well as talking to the bank to see what could be negotiated. Many counties have "foreclosure prevention" task forces now (could be called something else) - so check for that also.
Best of luck,
Beachfront Realty, Inc.
If the owner is at least 4 months behind on mortgage payments that's when most banks will start the foreclosure process, once the attorney representing the bank files for Notice of Election & Demand at the County. The owner will receive a couple of notifications (1 by the attorney, and one by the county) in which the sale date will be established(about 4 months after NED was filed). Colorado no longer allows redemptions, meaning if the property is schedule to go into foreclosure by certain date, legally the very next day the house becomes bank owned property. However I've seen cases in which the bank will allow the owner 1-3 weeks to vacate. Before letting the property go into foreclosure the owner should seek counseling. Either by calling Colorado Foreclosure Hotline at: 877-601-4673 or by following the link to CO Non-Profit agencies
Also the owner should contact the lender, perhaps the lender is willing to accept a loan modification(modifify terms and condition of current note). Is the investor Freddie Mac, Fannie Mae?
If retaining possession of the home is not an option then the owner can either do a deed in Liue or Short-Sale:
If the property is FHA, and owner wants to do a deed in Liue some banks will allow Cash For Keys and the owner can get up to $1000 for moving expenses, certain criteria must be met prior to owner getting the insentive
If Short-Sale, make sure Realtor is knowledgeable in the short-sale procedure. IF FHA loan, also the owner can get up to $1000 worth of moving expenses.
Hopefully this answer your question.
Mobile: 303-808-4410 Office: 303-539-7670
You should receive notice from a real estate agent about when you will be evicted. Some even offer money if you give them over your keys (usually around $500 - $1000). If not, they will set up an eviction. Again, I would contact a lawyer so you know what your rights are in this case. I have a few contacts for lawyers who specialize in foreclosures if you would like them. Just email me and I will be glad to email them over to you.
Check out what RealtyTrac has to say about the Colorado foreclosure procedure:
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