There is no longer a redemption period for homeowners in Colorado Springs as of January 2008. In other words, once a Colorado Springs home goes to sale through the El Paso County Public Trustee and is sold to a buyer, the homeowner no longer has 75 days to redeem the property like in the past.
Instead, the foreclosure period has been extended to 110-125 days. It used to be 45-90 days after the Notice of Election and Demand was received by the homeowner that the foreclosure sale occurred. This extension allows the homeowner more time to become current with their payments or sell their home via a short sale if possible. Although the elimination of the redemption period makes the foreclosure process less complicated many people feel the changes negatively affect the homeowner.
This entry was posted on Thursday, May 8th, 2008 at 5:28 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
