I am considering strategic default and am wondering how Colorado state law will effect strategic default within CO. Can the bank come after the debtor for the balance?
Thanks for writing.
You are essentially asking is Colorado is a recourse or non-recourse state. It is my understanding that Colorado is a recourse state therefore a lender may have the right to collect on the unpaid mortgage balance after your property is sold.
Read the following link to learn about debt deficiency, forgiveness, and obligations and the link on recourse and non-recourse states.
I advise you to speak with a legal professional that is familiar with Colorado’s foreclosure laws, debt laws, deficiency laws, recourse laws, and collection laws.
Augustine A. Diji