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Debt Relief – Insolvency – Bankruptcy Information » Uncategorized » Benefits of investing in Colorado foreclosures and Colorado Foreclosure laws

Benefits of investing in Colorado foreclosures and Colorado Foreclosure laws

Investing in Colorado foreclosures gives you a piece of extremely valuable property at cheap rates and also enables you to make a neat profit after reselling. Foreclosure laws are designed to help lenders recover delinquent mortgages as well as borrowers to avoid Colorado foreclosures.

 

State median prices are around $250,000.The discount on Colorado foreclosures is about 21%. You can even land properties at $165,000 or lower in smaller towns at the foot of the Rocky Mountains and areas such as Fort Collins, Grand Junction, Pueblo and Montrose.

 

Colorado is state that covers most of the Southern Rocky Mountains, part of the Colorado Plateau and the Great plains. It is part of the Mountain States, the Western US and the South Western US. It is noted for its vivid landscape of plains, mountains, canyons and Mesas. The site of 30 major highest peaks of the Rockies, it has several national parks, national monuments, historic sites, forests, wilderness areas etc.

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Since the 20th century, tourism has become a mainstay and high technology has driven the economy. Denver the capital is an important center for finance. Evidence of the good quality of life is evident in the fact that Coloradans have the lowest rate of obesity in the US. It is famous for an active, healthy lifestyle.

 

Colorado State Laws for Foreclosure are of two kinds;

 

1.         Law for Judicial foreclosure: When the mortgage agreement lacks power of sale element, a lawsuit can be filed by the lender in the court to get an order officially to get the property foreclosed. As per the court’s order, the mortgage is ready for auction and the property is sold to the highest bidder as Colorado foreclosures. The bank utilizes the proceeds to foreclose the loan amount.

 

2.         Law for Non Judicial Foreclosure: A firm or a public trustee is appointed to perform on behalf of the lender to handle a foreclosure covered by power of sale. Its starts with lender informing the lawyer on the mortgage payments that is delinquent. The lawyer will file the required documents in the office of the public trustee of the area in which the home is situated. After filing the notice, it is published in the local newspaper for a period of 5 weeks. Suppose the buyer does not respond the property will be sold away within 40-60 days for which the trustee can use the services of any courthouse. The whole procedure takes 145 days.

 

Other laws enables borrowers to redeem their property and save their home even after Sale. Thus Colorado has legal safe guards protecting the buyers who invest in Colorado foreclosures as well as borrowers who are trying to combat foreclosures.

 

Fiona Livnat is an author with expertise in real estate foreclosures. She has over ten years of experience in writing about foreclosures. Her commitment to help people is reflected in her writing. For more details please visit Colorado Foreclosures.

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