Best Foreclosure Lawyers in Lakewood

About Foreclosure Law in Lakewood, United States

Foreclosure is a legal process by which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments. In Lakewood, Colorado, the foreclosure process involves several steps, including pre-foreclosure notices, a public auction, and potentially the eviction of tenants. Homeowners and borrowers facing the threat of foreclosure should understand their rights and options under local and federal laws to navigate the situation effectively.

Why You May Need a Lawyer

There are several situations where a person may require legal help regarding foreclosure in Lakewood, United States:

- To understand the intricacies of the foreclosure process and defend against potential deficiencies.

- If facing complicated proceedings or multiple mortgages, a lawyer can provide detailed guidance.

- When negotiating with lenders or seeking a loan modification, legal representation adds credibility and ensures that homeowners’ rights are protected.

- If homeowners believe that a lender has violated federal or state foreclosure laws, legal counsel can help pursue claims for relief.

Local Laws Overview

Lakewood, as part of Jefferson County in Colorado, follows state foreclosure laws. Colorado is primarily a non-judicial foreclosure state, which means the foreclosure process takes place outside of court. Key aspects include:

- The lenders must issue a Notice of Election and Demand (NED) which commences the foreclosure process.

- Homeowners generally have 110 to 125 days after the NED is recorded to address the foreclosure.

- The foreclosure auction, or sale, follows a public trustee form of foreclosure.

- There is a redemption period in some situations, allowing borrowers time to reclaim their property after a foreclosure sale by paying off the required sums.

Frequently Asked Questions

What is the first step in the foreclosure process in Lakewood?

The process begins with the lender filing a Notice of Election and Demand (NED) with the county clerk and recorder's office.

How long does the foreclosure process take in Lakewood?

Typically, the foreclosure process can take about 110 to 125 days from the filing of the NED to the foreclosure sale.

Can I stop a foreclosure in Lakewood once it has started?

Yes, stopping a foreclosure is possible by paying off the overdue amounts, refinancing, or negotiating a loan modification with the lender. Legal advice can be crucial in these negotiations.

What happens to my property if it goes into foreclosure?

The property is typically sold at a public auction. If no bids cover the outstanding debt, the lender may repossess the property.

Do I have any rights after the foreclosure sale?

In some cases, you might have a redemption period if applicable laws allow, which gives you an opportunity to reclaim your property by paying the necessary amount.

Can foreclosure affect my credit score?

Yes, a foreclosure can significantly impact your credit score and remain on your credit report for seven years.

What is a “deficiency judgment” in foreclosure?

If the foreclosure sale does not cover the loan balance, a lender might seek a deficiency judgment for the remaining amount. However, this may not always be applicable, depending on the situation.

Is there any way to avoid foreclosure?

Strategies to avoid foreclosure include negotiating a loan modification, setting up a repayment plan, or selling the property through a short sale.

Do I need to move out immediately after a foreclosure sale?

Generally, eviction proceedings would need to be completed before you have to vacate. This timeline can vary, and legal advice can clarify this based on your specific case.

What should I do if my lender is not responding to my queries?

Consider contacting a foreclosure attorney or seek mediation services to facilitate communication with your lender.

Additional Resources

For those seeking additional resources, consider reaching out to the following:

- The Colorado Foreclosure Hotline

- Local legal aid societies for low-cost or free consultation services

- The Housing and Urban Development (HUD) for resources and counseling

Next Steps

If you are facing foreclosure in Lakewood, seek immediate legal advice to explore your options. You can start by researching local attorneys who specialize in foreclosure and scheduling consultations to discuss your case. Compiling all relevant documentation and correspondence related to your mortgage will help in your legal consultations. Acting promptly can make a significant difference in managing and potentially resolving your foreclosure situation effectively.