THE PATH TO FORECLOSURE

The most common foreclosure process in Colorado is managed by a public trustee, out of court, and takes about six months. The public trustee for each county is either elected or appointed by the governor.

The path to foreclosure begins with delinquency. The day after a payment is due, an unpaid loan is considered delinquent. A loan is considered in default as soon as any payment has been due and unpaid for more than 30 days.

Conventional (non-FHA) loans can be put into foreclosure as soon as the loan is in default, but most lenders wait until three payments are due and…