Foreclosure is a term all too common in today’s real estate market. When a homeowner stops making payments on a mortgage, the bank forecloses. There’s a timeline specified by Colorado State law. If you are facing foreclosure, you should contact us immediately to discuss your options. You should also make a call to the foreclosure hotline to get advice, assistance and information. There are steps you can take to try and stop the foreclosure. It can have a negative impact on your credit for many years and may result in a deficiency. Trying to negotiate a short sale with your lender is almost always preferable.