A new law is expected to give home owners an extra 90 days to keep their homes out of foreclosure.

The foreclosure law will give homeowners extra time to negotiate their loan. So even if you can't make the full payment on your mortgage, you may be allowed to pay part of it and keep your home.

Since the beginning of this year, more than 30,000 Colorado homes have been foreclosed on. Those numbers are from RealtyTrac, which publishes the largest database of foreclosures in the country.

El Paso county has more than 5,300 foreclosed homes and Pueblo County has more than 1,500. These foreclosure numbers helped Colorado move to number 10 in the country for the most foreclosed homes.

There are very specific qualifications to get the extra 90-days.

Those include: you are currently living in the house, you plan to keep living in the house, your loan is under $500,000, and it has to be the first loan on the house.

The basic idea of this new law is to work out a loan modification to reduce mortgage payments to an amount comparable to a person’s income.

People who meet the basic requirements will get a notice in the mail. The notice will tell you to call the Colorado Foreclosure Hotline. An agent with the Hotline will help you figure out if you meet the full criteria for the assistance.