Faq’s On Property foreclosure from inside the CO
What’s a foreclosure?
Foreclosure try a legal name regularly establish whenever a creditor who retains a mortgage on your own home is asking for which end up being sold in acquisition to meet or pay-off wide variety which can be overdue.
The most common reason that a foreclosures occurs is actually for failure while making money in accordance with the regards to a great promissory note. As a result, you (the fresh homeowner) reduce this new legal rights to your possessions you individual. A property foreclosure may also certainly connect with what you can do so you’re able to qualify for credit later on.
When you look at the Colorado, the best types of property foreclosure is through the general public Trustee. Anyone Trustee is a designated certified whoever job has conducting property foreclosure sales. Less common for the Texas try a judicial foreclosures, that’s most often found in things connected with relieving unpaid testing liens due to homeowners contacts.