“The decline in foreclosures has been a statewide phenomenon so far this year,” said McMaken, an economist with the Colorado Division of Housing.
Both foreclosure filing totals and foreclosure auction sales totals were the lowest quarterly totals collected in any quarter since the Division of Housing began tracking quarterly totals in 2007.
Foreclosure sales occur after a lender files a Notice of Election and Demand, and follow all the rules and regulations to final sale at public auction.
The Notice of Election and Demand (NED) denotes the beginning of the foreclosure process, and once a foreclosure is filed, the borrower has approximately 120 days to work with the lender to avoid a completed foreclosure. A borrower may avoid a foreclosure by curing the default, selling the home in an approved short sale, by filing bankruptcy (which merely delays the foreclosure sale), and/or obtaining a loan modification. There are many options. Please contact one of our brokers to discuss your options — click here: Meet the Alaris Team
“This is a large decline in foreclosure activity,” said Ryan McMaken. “The trend downward is accelerating, helped along by low mortgage rates, rising home prices, and a stabilizing situation.”
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