NOTICE OF ELECTION AND DEMAND
The Colorado Springs foreclosure process starts by the mortgage holder submitting a Notice of Election and Demand (NED) to the El Paso County Trustee. These documents are submitted by an attorney representing the lender who is initiating the foreclosure. This is typically recorded by the Clerk and Recorders office after 90 days of payments being late. The Notice of Election and Demand will also have a scheduled public auction date which is typically 110-125 days in the future.
If you find yourself in this position and need to sell your Colorado Springs house quickly please call 719-235-6797 or contact us here to discuss your options. It is very important to get ahead of this because as time passes some of your options are no longer viable. A few options are discussed below:
CASH HOME BUYER
If you are facing a Colorado Springs foreclosure you can sell quickly to avoid impacting your credit. Many times we can lease the property back to you for a few weeks to provide time to find another residence.
INTENT TO CURE
If the seller/borrower plans to stay in the property, they can file an intent to cure form with the El Paso County Public Trustee at least 15 days prior to the auction date. The borrower will receive cure figures which total the amount that is needed to cure the loan which will include legal fees for the foreclosure attorney. These can cost upwards of $3,000 or more. The borrower must then bring a cashier’s check or certified funds to the El Paso County Trustees office the day prior to the foreclosure auction:
SHORT SALE
A short sale is when the lender will accept less than what is owed. There is nothing short about it but some lenders choose to go this route because it is less expensive than a foreclosure. More information can be found here:
We are not attorney’s and none of this should be taken as legal advice. Simply some options that we have experience with.