Colorado Foreclosure Facts

Colorado has made headlines in past months as the reluctant recipient of the dubious honor of being the nation's foreclosure capital. Foreclosures in Colorado were the highest among all 50 states for both the second and third quarters of 2006. Colorado foreclosures are on track to rise 25 percent in 2007, to an estimated 36,000, according to data released May 9 by the state Division of Housing. Colorado foreclosures rose 110 percent between 2003 and 2006. There is no doubt that the situation appears bleak and many Colorado resident homeowners have found themselves in a bad spot.

County public trustees administer foreclosures in Colorado. They are responsible for guarding the rights of homeowners as well as home loan providers and other legitimate creditors. It isn't all bad news for the distressed homeowner in trying to stop a Colorado home foreclosure. For the homeowner wanting to stay in the home as long as possible, while working at ways to stop foreclosure, Colorado has laws in effect that favor the homeowner by giving them lots of time to try to keep or sell to avoid the damage to their credit.