Housing and financial counseling services are available at no cost through Boulder County Housing & Human Services. Their HUD-certified counselors represent an extraordinary resource to homeowners facing foreclosure. Please contact them for help understanding options and creating a plan for reaching a resolution.
Foreclosure sales are held weekly on Wednesday, at 10:30 AM, in our Boulder office. More information, including the foreclosure sale lists and reports and what’s involved in the sale itself is available.
What is Foreclosure?
When a borrower defaults on a provision of a Deed of Trust, the lender may choose to foreclose on a property (see Commencing Foreclosure). A process of filings and notifications begins, leading up to the sale of the property. A borrower can stop foreclosure by curing. If a foreclosure is not cured or withdrawn by the lender, the property will be sold at a foreclosure sale. Amounts collected at the sale in excess of the amount owed to all lien holders are returned to the property owner.
You can search foreclosures handled by our office, if you need information about a particular property.
The Foreclosure Process
When a borrower has defaulted, or otherwise violated their deed of trust, the holder of the debt may choose to begin foreclosure against the property. This begins with the holder notifying the Public Trustee with a Notice of Election and Demand (NED). The Public Trustee records the NED with the County Clerk and Recorder and the foreclosure begins. The property will be sold at a foreclosure sale roughly 4 months after for non-agricultural properties, or about 7 months after for agricultural properties. All interested parties are notified of the foreclosure, and notice of the foreclosure is printed in the newspaper over five consecutive weeks. During this time, the holder may post notice of foreclosure on the property. The property owner owns the property through the sale and is the only person who can allow access, sell, or transfer title to the property.
At any time during the foreclosure process, up until 15 days before the sale, a party may file an Intent to Cure their default (pay what’s owed), and end the foreclosure.
Curing the Default
To cure, you must file an Intent to Cure form. If you have any questions about curing or the form, please contact our office.
Once we receive the Intent to Cure, we request a cure amount from the holder. They have to provide the amount within 10 days, or, if it’s sooner, within 8 days of the foreclosure sale. If we don’t receive the figures from the holder in the time allowed, the sale is postponed until we do. Once we receive the cure figures, we contact the owner. Payment is required in certified funds (cashier’s check, money order, or cash). The funds must be in our office by the deadline in the Cure Statement, or by noon of the business day prior to the foreclosure sale, whichever is earlier.
After a property has been sold at the foreclosure sale, junior lienholders may redeem.