Foreclosure may cause individuals to turn out to be overwhelmed with emotions. C.R.S. § 13-80-103.5 gives that actions to get well liquidated debts and enforcement of rights set forth in any instrument (like a promissory observe) or any instrument securing payment of or evidencing any debt shall be commenced within six years after the cause of action accrues.
In some cases it’s doable to get the foreclosure case dismissed, modify the terms of the mortgage in order that they are more favorable to you, get the lender to rewrite the phrases of the loan, get the lender to accept a deed in lieu of foreclosure, or negotiate a short sale.
The tenants completely should contact the bank before the sheriff sale or very, very soon after with a view to tell the lender they’re concerned about purchasing the house and that they’re at the moment residing there as tenants of the previous owner.
Mortgage companies know that some folks just have a one-month or brief-term monetary hardship that causes them to fall behind for a short period, but are then able to get better quickly and begin paying the mortgage on time once more and avoid foreclosure completely.
In the …