Is There Anything That Can Be Done After The Sale Date Passes?
Due to my husband being out of work for so long the house went into foreclosure. The sale date was yesterday and we were not able to come up with the rest of the money. I know there is no way we can come up with 99K and we have horrible credit.. I mean bad credit after the past year and a half. 
Is there anything that can be done after the sale date? We are in Colorado for what it is worth.
In California, once the sale date passes and you did not ask the lender for more time to come up with the default amount, then the owner loses it to whoever won the bid at the auction. There is no redemption period here. Colorado may be different.
I just called the public Trustees office and they said that the sale date had been extended till the 20th. That the lawyer sent a letter, but did not give any reason. So it has not foreclosed yet, we don't have the money.. not sure what we can do now? Do you know if there are any options?
Find out about Colorado State Statute 38-38-302.
You might have 75 days after the foreclosure sale to redeem.
Hope This Helps!
Mrs. Meltzer
In Colorado you have 75 days to redeem the property after the sale date. If your property is zoned agricultural you have 6 months to redeem.
Jodi,
Glad to meet you.
I don't believe your question has anything to do with the redemption period, 30 days or 120 days this does not change your credit or the ability for you to make up the deficiency.
Lets evaluate the property and see if something can be done.
What is the value of the property at this time?
If you could save the property would you be able to make the payments?
Answering these questions would help in determining what approach to take.
John $Cash$ Locke
John,
Turns out that the house didn't sell, the lawyer for whatever reason extended the sale date till the 20th.
My husband has been the one taking care of this up until now. All I know is that we owe 99K on it although I know the neighbor who has the other side of the duplex unit (identical to ours) their side appraised last year at 140K.
We can afford to make the payments again as things are starting to stable out now that my dh's bussiness (he owns his own) is getting busier.[ Edited by Jodi on Date 08/08/2003 ]
Jodi,
Where are you located in Colorado, I have some of my students and investors in your state I will make an effort to contact them to see if they can help you.
Private email me here at TCI your email address so I can have them contact you.
I naturally can't promise anything because the fuse is really short on this one but I will do my best.
John $Cash$ Locke
Jodi,
If you now have the ability to resume your mortgage payments, are you also in a position to pay more each month to make up the arrears?
If so, call the lender and ask them if a forebearance, or a workout plan, is available to you. A lender’s postponement of foreclosure to give the borrower an opportunity to catch up on overdue payments is called a forebearance.
Explain that you are now able to resume your mortgage payments and that you are able to add a little extra to each month's payment to make up the arrearages. The payment schedule you and your lender devise to bring your loan back on track is called a "workout plan".
I believe colorado has a pretty long redemption period. For what its worth, I doubt the lender will be open to working with you right now as usually they are in the beginning but when it gets closer to the sale date, they are less willing. I know of a credit repair program that does online challenges and guarantees up to 100 point increases on mid scores within 45 days. ( I have yet to see it myself) maybe this would give you an opportunity to refi out of your situation provided you have enough equity in your home to do it.
Redemption periods are pretty sticky, remember in Colorado, the person with the highest bid at auction, actually has bought your property subject to the redemption period. As for the reason why the sale date was delayed, the attorney has to give you the reason, you better call and find out what it is. Did you file for BK recently? Have you been working with a foreclosure assitance company? IT sounds strange, but also remember that the lawyer has to pull the plug on the sale if anything was filed incorrectly. The statutes have to be followed precisely in order to proceed with a sale.