moving to ca from co. have to break lease for work. anyone know what law is in co? cant take hit on credit.?

Question

have to relocate to ca from co. i have a one year lease with no stipulations in it for early termination. trying to find out how to break lease properly. what r my rights as a tenant being forced to relocate due to employment? will i lose my deposit? is there a specific colorado law pertaining to this? my parents cosigned the lease so i have to make sure everything on up and up or dad will kill me. plz help anyone. i cant find squat on internet.

Answer 1

Use this website to get information and phone numbers you can contact about this. If you are required by your work to relocate, there is usually a way around a lease. If you can't find a way to break your lease, and you move off, your parents will end up paying the rest of the lease. That's the law, but there is usually a way to get around this if you try.
http://www.uslandlord.com/

Answer 2

I just had my renters move out with 7 months remaining on the lease. A certified letter was sent detailing the reasons they moved out, Health and saftey codes are most of thier complaints. They are threatening to sue for damages is I dont return the deposit in 21 days, and an attorney is telling me I am screwed either way. The lease agreement I bought on US Legal forms is poorly written, it has no mention of terminating the lease early and what the penalty would be. Since it did not state I keep the deposit, or spell out any consequences it can not be assumed I can keep the deposit.

My renter works for an attorney, so I doubt I will dig into my pockets to fight this.

Answer 3

- Judicial Foreclosure Available: Yes



- Non-Judicial Foreclosure Available: Yes



- Primary Security Instruments: Deed of Trust, Mortgage



- Timeline: Typically 60 days



- Right of Redemption: Yes



- Deficiency Judgments Allowed: Yes

In Colorado, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.



Judicial Foreclosure



The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.



Non-Judicial Foreclosure



The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".



Power of Sale Foreclosure Guidelines



The foreclosure process in Colorado is quite a bit different than in other states because here, the governor appoints a "Public Trustee" for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure. In



Colorado, the non-judicial power of sale foreclosure is carried out as follows:

The process begins when the attorney representing the lender files the required documents with the Office of the Public Trustee of the county where the property is located. The Public Trustee then files a "Notice of Election and Demand" with the county clerk and recorder of the county. Once recorded, the notice must be published in a newspaper of general circulation within the county



where the property is located for a period of five (5) consecutive weeks.

The Public Trustee must also mail, within ten (10) days after the publication of the notice of election and demand for sale, a copy of the same and a notice of sale as published in the newspaper, to the borrower and any owner or claimant of record, at the address given in the recorded instrument. The Public Trustee must also mail, at lease twenty-one (21) days before the foreclosure



sale, a notice to the borrower describing how to redeem the property.

The owner of the property may stop the foreclosure proceedings by filing an "Intent to Cure" with the Public Trustee's office at least fifteen (15) days prior to the foreclosure sale and then paying the necessary amount to bring the loan current by noon the day

before the foreclosure sale is scheduled.



The foreclosure sale must take place between forty-five (45) and sixty (60) days after the recording of the election and demand for sale with the county clerk and recorder. The Public Trustee may hold the sale at any entrance to the courthouse, unless other provisions were made in the deed of trust.



The lender has the option to file a suit for deficiency in Colorado and the borrower has up to seventy five (75) days after the sale to redeem the property by paying the foreclosure sale amount, plus interest.