The Douglas County Housing Partnership (DCHP), a Multi-Jurisdictional housing authority, has established a Foreclosure Mediation Program. 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.
Tel: 303-784-7856
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.
|
STEP
1:
Notice of Election and Demand
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.
STEP 2:
Before the Sale
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.
STEP 3:
Sale
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.
STEP 4:
After the Sale
The foreclosed property owner no longer
has title to the property. The winning bidder
will receive a Certificate of Purchase.
|
 |
To Qualify:
To be eligible for the Foreclosure Mediation Program, the home must
be owner occupied and be located in Douglas County. 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 Mediation Program,
please call 303-784-7856
or write to:
Douglas County Housing Partnership
Foreclosure Mediation Program
9350 Heritage Hills Circle
Lone Tree, Colorado 80124
or email us |
