Property Ownership
In Colorado, a 'judicial foreclosure' differs from a 'non-judicial foreclosure' in that:
AA. They are the same process
BB. Judicial foreclosure requires court proceedings and a judge's approval; non-judicial foreclosure (through the public trustee in Colorado) proceeds without court oversight once required notices are given✓ Correct
CC. Non-judicial foreclosures are only for government loans
DD. Judicial foreclosures are faster in Colorado
Explanation
Colorado primarily uses non-judicial foreclosure through the county public trustee (Rule 120 process), which is faster and less expensive than judicial foreclosure. A judicial foreclosure (through the court system) is available but less common.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
State-Specific Concepts
Continuing Education
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