The Douglas County Housing Partnership (DCHP), a Multi-Jurisdictional housing authority, has established a Foreclosure Mitigation Counseling. The goals of the Program are to prevent mortgage defaults, assist home mortgage lenders and borrowers in working out mortgage defaults, and resolve foreclosure actions that are either initiated or threatened by lenders.
This program is a mediation service only and is available at no cost to Douglas County residents. The Program was established through cooperation with the Douglas County Public Trustee’s Office to decrease the number of foreclosures in Douglas County by providing borrowers with tools and resources to use during the foreclosure process. DCHP will educate borrowers on their consumer rights as well as act as a mediator between the lender and the borrower.
Part of your consumer rights is being able to understand the foreclosure process. The following describes a typical foreclosure timeline. Please note that various circumstances may change this timeline. (See Colorado Revised Statutes.)
The lender’s attorney sends a “Notice of Election and Demand” (NED) to the Public Trustee and the document is recorded. The NED authorizes the Public Trustee to sell the property for the purpose of paying off indebtedness.
The property owner now has approximately 120 days before the property is sold. During this time, the owner has the chance to cure or payback the loan. An owner must file an “Intent to Cure” 15 days prior to the date of sale if they intend to pay the amount owed including missed payments, interest, and other costs. A property owner also has the option to payback the loan by renegotiating a new loan or finding a buyer for the property.
Sale of the home occurs approximately 120 days after the NED is recorded. If a cure or payback cannot be negotiated during this time, the property will be sold at a Public Trustee auction.
The foreclosed property owner no longer has title to the property. The winning bidder will receive a Certificate of Purchase.
To be eligible for the Foreclosure Mitigation Counseling, the home must
be owner occupied. Applicants should contact DCHP to provide information about their mortgage and financial capacity to establish a reasonable plan. DCHP will work closely with the borrower to ensure all appropriate solutions are explored.
Individual counseling sessions with flexible scheduing times are available, including weeknight and weekend appointments.
For more information about the
Foreclosure Mitigation Counseling,
please call 303-784-7857
or write to:
Douglas County Housing Partnership
Foreclosure Mediation Program
9350 Heritage Hills Circle
Lone Tree, Colorado 80124