Boulder, CO asked in Real Estate Law for Colorado

Q: Is there any reason not to vacate a Rule 120 hearing in favor of a 60 extension of foreclosure sale?

My home is in foreclosure, but I have a buyer. The Rule 120 Hearing is scheduled for 02/09 and the auction date is 02/28. The buyer and myself have aimed for a 02/23 closing. Not wanting to cut it too close, I asked the mortgage co's attorney if she would be unopposed to continue the hearing 30 days which pushes back the auction date another month. She responded with the suggestion of her filing a Stipulated Motion for Entry of Order Authorizing Sale and Vacate Hearing Scheduled which would push back the auction date 60 days to 04/25. This would allow the sale to go through without a time concern; I do not have anything to contest at the Rule 120 hearing. Also, if the current buyer cannot get financing, it allows time for a back-up offer. Am I missing anything here?

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1 Lawyer Answer
Timothy Canty
Timothy Canty
  • Evergreen, CO
  • Licensed in Colorado

A: It sounds like the foreclosing lender/attorney is being reasonable. Read the Stipulation carefully and make sure it says what you think it says - you are agreeing to waive your Rule 120 rights in return for an extension of time. Verify with the Public Trustee that the sale date has been extended. As a last resort, you can always file a Chapter 13 prior to the sale. This involves various other considerations and you should consult an experienced bankruptcy attorney.

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