The judicial foreclosure attorneys at Arant Law, LLC have extensive experience with judicial foreclosure actions and sheriff sales in Colorado. Whether you are the plaintiff or defendant, our team can help you maximize your chances of success.
What is Judicial Foreclosure?
A judicial foreclosure is a foreclosure action that takes place in court. Unlike foreclosure by the public trustee, a judge decides all judicial foreclosures. In general, judicial foreclosures are costlier and take more time than public trustee foreclosures.
For the most part, the court conducts a judicial foreclosure in the same manner as any other court action. The parties may include, and customarily do include, other claims for relief in the complaint. Thus, a judicial foreclosure will generally include a claim for judgment on the promissory note, monetary damages, for an appointment of a receiver, a decree for quiet title, or even the eviction or the parties possessing the property. Each party presents its case before the judge as to why or why not a lien or interest should or should not be foreclosed. Ultimately, the judge will decide if foreclosure is appropriate.
What types of Liens are Judicially Foreclosed?
By law, a court must foreclose certain types of liens and property interests. For instance, a court must judicially foreclose deeds of trust to private trustees, mechanics’ lien, owners’ association assessment liens, and many others. Essentially, most types of nonconsensual liens are judicially foreclosed.
What is a Sheriff’s Sale?
If a Plaintiff prevails at trial, the court will sign a Judgment and Decree of Foreclosure. This document authorizes the sale of a property by the sheriff. The Plaintiff then presents this decree to the sheriff to arrange the sale of the property.
Prior to the sale of the property, the Plaintiff must circulate notice of the sale prior to the sale of the property. Additionally, the Defendant may cure the amount owed prior to the sale. Assuming the Defendant is unable to cure, the sale of the property will proceed. Creditors receive the proceeds of the sale and the buyer receives title to the property through a sheriffs deed.
Colorado Foreclosure Laws
Colorado Revised Statutes: You can find Colorado’s foreclosure laws by clicking the provided link and scrolling to Title 38, Article 38 of Colorado’s Revised Statutes.
Do I Need a Judicial Foreclosure Attorney?
The judicial foreclosure statutes in Colorado are very technical. For this reason, it is imperative to consult with a qualified judicial foreclosure attorney in Colorado. If you are looking for help with judicial foreclosure actions and sheriff sales in Colorado, the judicial foreclosure attorneys at Arant Law can help. Our attorneys have years of experience dealing with these issues. We will walk you through your particular circumstances to achieve a course of action fit for your unique situation.