Property owners on the brink of losing their homes have six more months before the most sweeping changes in foreclosure laws in 15 years go into effect in Colorado.

The delay - from July 1 to Jan. 1 - is causing confusion for real estate attorneys, Realtors and bankers, many of whom are advising clients using outdated information, said Cynthia Torp, a Fort Collins real estate agent and founder of the Angel Network, which helps homeowners facing foreclosure.

The biggest change, and the one that impacts homeowners the most, gives homeowners more time to "cure" their mortgage - between 110 and 125 days - but takes away their redemption right after the sale.

Curing the loan means it's brought current, including back payments, attorneys' fees and other costs incurred.

Under current regulations, homes go to foreclosure sale more quickly, but homeowners have the right to redeem their homes within 75 days after sale.

That doesn't happen very often - only 4 percent of people whose homes go to foreclosure actually redeem their property, Torp said. But it does provide that one last chance to save a home, preserve credit ratings and home equity.

With foreclosure rates soaring in Larimer County - 1 in 275 homes - the change is significant and could help many homeowners, Torp said.

Torp said she knew of at least 20 listings that got pulled on the day of foreclosure sale because the Realtor didn't realize they had 75 more days to sell the property.

Fran Hardman, managing partner at Re/Max Advanced, 1018 Centre Ave., said changes in when the law took effect didn't get a lot of attention.

Many Realtors, including at her agency, weren't aware of the change until Torp let them know.

"Without that press, a lot of agents may end up counseling sellers without good information," she said.

The impact is so big for sellers "in particular with the redemption period," Hardman said. "People still have 75 days now to either get someone to buy their house or get it back themselves."

The extra time allows Realtors to get homes back on the market in hopes of finding a seller so "it won't ruin their credit and they can come out somewhat whole," she said.

RealtyTrac, a national company that tracks foreclosure listings, had 1,051 homes in Larimer County listed in some stage of foreclosure dating back to February.

Those numbers are probably high, Larimer County public trustee Debby Morgan said. Her office recorded 464 homes sold in public trustee sale through May, and 745 properties presented to office to go to foreclosure but were cured or withdrawn before the trustees sale.

The Washington Post says scam artists check courthouse foreclosure listings every day.

They offer to help anyone who receives a threatened foreclosure letter.

Consumer groups say talk to your lender about your options before you talk to any "rescue" service.

An auction company has been hired to sell 17 houses in the Fresno area next week -- offering a highly visible example of the depth of the real estate slump.

Homeowners lost the properties to foreclosure, and the lenders turned to Hudson & Marshall after failing to sell them in traditional methods, said Dave Webb, a company principal.

The firm will attempt to sell 400 houses in Northern California in a series of auctions beginning Tuesday in Fresno and continuing through July 22 in Sacramento. It's the first home auction here since 2001.

While the 17 homes being sold in the Fresno area is a small number compared with many other regions, their inclusion in the auction indicates how quickly and how deeply the real estate market dipped after one of the greatest periods of appreciation this region has ever seen.

And it is only going to get worse, said Shannon Martin, a Fresno real estate agent who specializes in selling bank-owned properties.

"There will be another wave coming at the end of the year," he said. "The teaser-rate adjustable-rate loans are coming due."

Those are loans that promised initial low rates and adjust upward after a certain period. By some estimates, $3 billion of those loans could adjust this year nationwide, with homeowners defaulting on as many as 30% of them, Martin said.

California cities reported six of the nation's Top 10 foreclosure rates in June, with Stockton, Merced and Modesto among them.

Fresno finished 13th with a 24% increase in filings in June, according to RealtyTrac, an online markethouse for troubled properties.

"Over the past year I've been doing this, we started in the Detroit area and the Northeast and now we're seeing the wave of foreclosures moving west," said Crystal Wright, a spokeswoman for Hudson & Marshall.

This is the first Hudson & Marshall auction in Fresno since a sale of foreclosed homes in 2001. The company also was in Fresno in 1993 when 8,000 acres of west side farmland went into foreclosure after water deliveries were cut.

The condition of the houses for this latest sale varies.

"There is one on Alluvial at San Joaquin Country Club that is a beautiful custom, and the one on Ashcroft is a nice and clean entry-level home. And then there are some junkers in there. They are across the board," said Martin, who has some of the listings being sold.

Auctions often generate a frenetic atmosphere where the bidding is fast and furious. Wright said the firm sells an average of 90% of the properties at the auctions. All properties come with guaranteed title insurance but are sold as-is.

Wright said some buyers can purchase properties at significantly reduced prices. "It is not unusual to buy at 70% to 80% of the [listed] price in a soft market that continues to get weaker by the day and month. Banks are very motivated to quickly dispose of property and to not hold on to nonperforming loans."

But at least one expert says auctions don't often produce bargains because they use promotion and hype to jack up the price.

"These auction companies are doing a much better job than any agent who tries to sell houses on the multiple listing service. They are spending a lot of money on marketing and advertising and set up very easy financing available on the spot, which creates huge crowds to show up," said Alexis McGee, president of Foreclosures.com, a Web site for investors, and author of "The Foreclosures.com Guide to Making Huge Profits Investing in Pre-Foreclosures."

"Those crowds create competitive bidding, which creates a feeling of loss of deals, which creates a bidding frenzy, which creates very high selling prices, often at current market value. Now add to those high selling prices the auction companies' 5% commission that is tagged on and you have a terrible buy. Not good for any investors looking for deals," she said.

Webb disagreed. "Sellers are willing to take less money because they are selling a bunch of properties at once. They move a lot of property in a short period of time."

Webb said his firm will revisit Fresno in November, and possibly beyond, depending upon the wishes of his lender clients.

"California is a funny state," he said. "When it goes up, it goes up fast. And when it goes down, it drops on down."

The most important type of foreclosure is foreclosure by judicial sale. This is available in every state and is the required method in many. It involves the sale of the mortgaged property done under the supervision of a court, with the proceeds going first to satisfy the mortgage, and then to satisfy other lien holders, and finally to the mortgagor. Because it is a legal action, all the proper parties must be notified of the foreclosure, and there will be both pleadings and some sort of judicial decision, usually after a short trial.

The second type of foreclosure, foreclosure by power of sale, involves the sale of the property by the mortgage holder not through the supervision of a court. Where it is available, foreclosure by power of sale is generally a more expedient way of foreclosing on a property than foreclosure by judicial sale. The majority of states allow this method of foreclosure. Again, proceeds from the sale go first to the mortgage holder, then to other lien holders, and finally to the mortgagor.

Other types of foreclosure are only available in limited places and are therefore considered minor methods of foreclosure. Strict foreclosure is one example. Under strict foreclosure, when a mortgagor defaults, a court orders the mortgagor to pay the mortgage within a certain period of time. If the mortgagor fails, the mortgage holder automatically gains title, with no obligation to sell the property. Strict foreclosure was the original method of foreclosure, but today it is only available in New Hampshire and Vermont.