Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for your question.
Generally, a lender will not even begin foreclosure proceedings until the loan is 4-6 months past due. Then, Colorado law requires a 5 week publication period and other notice
provisions under the law, a foreclosure usually takes 2-3 months to complete after the foreclosure begins. Here's a good link to read up on this and other factors: http://www.foreclosure.com/statelaw_co.html
ALSO, if you were to file bankruptcy, it would prolong the time it takes to foreclose on the property because BEFORE the foreclosure can begin, the lender would have to file to have the automatic stay
lifted through a motion to the bankruptcy court
. This proceeding will usually take 1-2 months. AFTER the stay is lifted, the lender can go ahead with the foreclosure.
Thus, you've probably got 3-5 months at the least that you can stay. If you pay March's mortgage, then it should buy you another month.
Once the foreclosure begins, you're entitled to remain in the house until the property is sold at auction. Until that time, you are still the owner of the property.