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5280 Solutions LLC

We Make Your Satisfaction Our Top Priority

If you wish to inquire about our services or learn more about what we do, just reach out to us, and we’ll get back to you as soon as possible.

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We Offer Residential Real Estate Solutions

Turn to 5280 Solutions LLC for reliable and effective answers to your property problems. We proudly serve clients in Denver, Colorado and nearby areas.

Our Services 

  • We buy and sell houses.
  • We conduct counseling for home solutions (homeownership problems).
  • We flip residential real estate projects for lease or immediate resale at competitive price points.

DEFAULT



Homeowner/borrower defaults on Deed of Trust. Most defaults are the result of the homeowner/borrower failing to make payment on their loan. Lenders, normally wait until the borrower has missed two or more payments before starting foreclosure procedures.

NOTICE OF DEMAND



1) The lender (or its attorney) will send the notice of election and demand (along with other documents required by statute) to the public trustee of the county in which the property is located.


2) The public trustee will record the notice of election and demand with the county clerk and record within 10 days.


CURE PERIOD

a) Specific parties including the homeowner/borrower (at the time of recording the NED), any signee or guarantor of the promissory note, and junior liens have a right to stop the foreclosure by curing the default. The owner must file a notice of intent to cure with the public trustee at least 15 days prior to the sale date.


b) To cure, the homeowner/ borrower must pay all back payments and any money spent on the foreclosure by the lender including attorneys’ fees, title fees, and the public trustee’s fees.


c) Curing will cause the loan to be reinstated on its original terms. There is no limit to the number of times a borrower can cure.


SALE

a) The Public Trustee will schedule a sale to take place no less than 110 days nor more than 125 days after the notice of election and demand is recorded with the county clerks and recorder.

b) In most cases the highest or/and only bidder will be the foreclosing lender. Although the sale is opened to the public, and the property will be sold to the highest bidder.


OWNER REDEMPTION PERIOD HAS BEEN ELIMINATED

Under the 2008 rules, the owner redemption period has been eliminated. The prior loses all rights, title, or interest in the property, once the property goes to the public trustee for foreclosure sale.

FORECLOSURE


The legal process by which lien holder perfects its interest in a property resulting in the lien holder obtaining title to the property or being paid what the lien holder bid at the foreclosure sale.

NOTICE OF ELECTION AND DEMAND


This is your pre-foreclosure notice. This is a written notice that a lender is electing to foreclose on its deed of trust and a demand that the public trustee sell the subject property at a public sale. 

RIGHT TO CURE


The homeowner/borrower has the right to reinstate the loan prior to the sale by bringing the loan current – paying all missed payments, attorney fees, etc. NOTE: Fees accrue monthly.  



CERTIFICATE OF PURCHASE


This is the document provided to the highest bidder at the auction sale by the public trustee and is recorded with the county clear and recorder within 10 days of the sale.  

SOLUTIONS


1) Contact your lender and try to renegotiate the terms of your loan or get an extension. If this fails, attempt to use some of the equity in your home to catch the payments missed.


2) Look for state or federally funded programs that may assist you in preventing foreclosure.


3) As a last resort, consider selling your home to prevent foreclosure.

Foreclosure is a credit killer. It remains on your credit history for seven (7) years.  

This is when you receive your pre- foreclosure notice. It is time for action. Keep in mind that from this point to the auction, time is critical. Take one of the actions above. 

If you have the means, cure your property. If not, sell and prevent foreclosure. In Colorado call:

 (720) 315 – 3399 and let 5280 Solutions see if they can help you.



Note: Seven years is a long time to carry a foreclosure on your records.  

















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