NED RECORDED - The notice of Election & Demand for Foreclosure (NED) is the FIRST record the Public Trustee’s office gets from the lending institution or its lawyer. This is tape-recorded with the Clerk & Recorder’s office and the foreclosure is formally started at this time.

DEED OF TRUST - In Colorado, a mortgage is normally called a “Deed of Trust” which file is signed and taped at the time the residential or commercial property is bought and funded. The Deed of Trust offers the Public Trustee the right to offer the residential or commercial property through foreclosure proceedings if the borrower defaults on the terms of the Deed of Trust or Promissory Note (non-payment or other default).

ORIGINAL SALE DATE - When a foreclosure is be weapon after 1/1/08, a sale date is established somewhere between 110 and 125 days after the NED is tape-recorded to enable time for legal notice mailings and for newspaper publications to be completed. The original sale date might be continued upon request of the lender or its attorney or might be continued by the Public Trustee (but just under legally-defined scenarios).

ACTUAL SALE DATE - This is when the residential or commercial property is in fact sold at the Foreclosure Auction Sale. Once the Sale is really held, a number of deadlines begin to run.

LOAN TYPE - Some different types of loans are: Conventional, VA, FHA or Unknown.

RATES OF INTEREST - The percentage rate shown might be the ORIGINAL rates of interest on the loan and might not reflect the DEFAULT interest rate on the loan. Default rate of interest generally go into impact when payments on the loan are in financial obligations or overdue.

CURRENT BENEFICIARY - It is a common practice for mortgage business to “offer” loans to other lenders or pools of lenders. The present loan provider (or recipient) of a loan will often not be the mortgage company that made the loan when the residential or commercial property was initially purchased.

CERTIFICATE OF PURCHASE - The Public Trustee problems this file to the effective bidder at the Foreclosure Sale to reveal that the effective bidder has an interest in the residential or commercial property. It is tape-recorded with the Clerk & Recorder’s workplace and made a public record.

LAST DATE TO REDEEM - This is the due date for a redemption to be made - a redemption needs that ALL funds owing to the foreclosing lending institution or holder of the Certificate of Purchase, consisting of lawyer’s fees and expenses and Public Trustee’s costs and costs, be paid in complete. If a residential or commercial property is redeemed before the deadline expires, a Certificate of Redemption will be provided and eventually the holder of the last Certificate of Redemption released will obtain ownership of the residential or commercial property through a Public Trustee’s Confirmation Deed. NOTE: For all cases started after 1/1/08 the residential or commercial property owner NO LONGER HAS A RIGHT TO REDEEM the residential or commercial property after the Foreclosure Sale.

BID AMOUNT, PENDING BID and BIDDER INFORMATION - These terms show the person/entity submitting a written quote (normally the foreclosing lending institution), the date the bid was officially made and the quantity of the bid. Written bids are due from the foreclosing loan provider by twelve noon TWO BUSINESS DAYS prior to the Foreclosure Sale date and that info is published on the general public Trustee’s site no behind Tuesday night prior to the Sale Date.

DEFICIENCY AMOUNT - Foreclosing lenders must submit quotes that they think are a reflection of the residential or commercial property’s worth at the time of the Foreclosure Sale. If the lending institution feels the residential or commercial property is worth less than the quantity owed on it, the “shortage amount” shows the distinction. If the residential or commercial property is cost less than the amount owed on the loan at the time of sale (plus all expenses and costs) the loan provider might attempt to collect the shortage amount personally against the borrower through a separate court action since the shortage amount is NOT extinguished by the foreclosure.

OVERBID AMOUNT - If someone other than the foreclosing loan provider appears in person at the Foreclosure Auction Sale and goes into a bid for a minimum of $1.00 more than the composed quote submitted by the foreclosing loan provider, that is an “overbid” and the individual entering it is called an “over bidder.”

OVERBID OR EXCESS PROCEEDS - If the residential or commercial property goes to foreclosure auction sale and is bought for MORE than the TOTAL OWED to the loan provider and to all other lien holders, the owner of the residential or commercial property at the time the foreclosure was started ought to contact the Public Trustee’s workplace AFTER THE SALE takes place due to the fact that he/she MAY have funds due to him/her.

CONTINUANCE - The Foreclosure Sale Date may be continued at the demand of the loan provider or its attorney, or it may be continued by the Public Trustee, for legally-defined factors.

CURE - A “remedy” is made PRIOR TO THE FORECLOSURE SALE by only certain people/entities who have a legal right to cure the default on the mortgage or Deed of Trust. If a residential or commercial property owner (or other legally-entitled person) believes he can bring the past-due payments present (plus all fees and costs of the lender, lending institution’s attorney and Public Trustee), he needs to file with the general public Trustee’s office a Notification of Intent to Cure a minimum of 15 days prior to the scheduled Sale Date.The Public Trustee’s office then requests a “cure” figure from the lending institution and provides that to the party filing the Notice of Intent to cure. The owner (or other legally-entitled individual) has ONLY UNTIL 12:00 NOON on the day PRIOR to Sale Date to pay all funds needed to cure the default. If the sale date is CONTINUED to a later date, the due date to submit a Notice of Intent to Cure by those celebrations entitled to cure might also be extended.

- Since the residential or commercial property owner NO LONGER HAS A RIGHT TO REDEEM the residential or commercial property AFTER the Foreclosure Sale, the opportunity to keep the residential or commercial property and get out of foreclosure is through a “remedy.”.
DEED or CONFIRMATION DEED - Once all redemption periods have actually ended and no redemption has been made (or a redemption has actually been made and a Certificate of Redemption has been issued and tape-recorded), the Public Trustee might issue a Public Trustee’s Confirmation Deed to the holder of the Certificate of Purchase or the holder of the last-issued Certificate of Redemption. The Deed is then recorded with the Clerk & Recorder’s office and transfers title to the residential or commercial property from the previous owners (customers) to the brand-new owner.

LIENORS - There might be more than one deed of trust or other lien on a residential or commercial property. Anyone who holds a lien on a residential or commercial property is called a “lienor” and might have a right to redemption of the residential or commercial property according to law. Lienors need to have a documented interest in the residential or commercial property being foreclosed PRIOR to the NED recording date. In order to redeem the residential or commercial property in foreclosure, a lienor should file a of Intent to Redeem within the time specified by law. Lienors thinking about exercising their legal rights on a foreclosure residential or commercial property are strongly advised to speak with a lawyer.

MAILINGS - By law, the general public Trustee must mail notifications and details to persons/entities specified on the mailing lists supplied to the Public Trustee by the loan provider or its lawyer.

REDEMPTION - A “redemption” is made AFTER the Foreclosure Auction Sale takes location and has actually a number of due dates related to it. If a redemption is made, a Certificate of Redemption is provided by the Public Trustee’s office. Once the Certificate of Redemption has been released by the Public Trustee, it is assignable to somebody else at the alternative of the holder. The residential or commercial property owner NO LONGER HAS A RIGHT TO REDEEM the residential or commercial property AFTER the Foreclosure Sale.

PUBLICATION - By law, the Public Trustee need to release a Notice or Combined Notice in a newspaper of basic flow within Larimer County. The Notice should be published at least 5 successive times over a period of one month.

RESCISSION - The loan provider or its lawyer may “rescind” (or void) the foreclosure sale after it has actually occurred. In order to rescind the sale, the foreclosing lending institution must be the successful bidder at the Foreclosure Sale and the holder of the Certificate of Purchase and a notice should be offered to the Public Trustee no later on than 8 business days after the date of the Foreclosure Sale.

RESTART - When a borrower files an Insolvency Petition prior to or during publication of the notice of foreclosure, the U.S. Bankruptcy Court will usually issue a “stay order” requiring that the foreclosure action not be continued up until more notification from the court. If the Bankruptcy Court consequently releases an order approving “relief” from the stay order, then the foreclosure might be restarted.

WITHDRAWAL - A foreclosure might be withdrawn (or stopped) for a number of reasons at the demand of the loan provider or its lawyer or by the Public Trustee if the sale has been continued for too long a period of time based on statute. A withdrawal is typically always processed when a treatment is made so that the foreclosure does not go forward.
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RULE 120 COURT ACTION and ORDER AUTHORIZING SALE - When a loan is referred to a lawyer for a foreclosure action, the attorney submits a Court action under Rule 120 of the Colorado Rules of Civil Procedure. The borrowers/owners are notified of the date and time for the Court hearing and might go to that Court hearing. The function of the hearing is to offer the lender’s attorney a chance to prove to the judge that a “sensible probability” exists that the loan is in default. If the borrower/owner does NOT appear at the court hearing, the court will think about from the evidence presented whether or not there is a reasonable likelihood that a default exists and then, if so, will go into an Order Authorizing Sale to permit the foreclosure action to proceed. Before the general public Trustee’s office might offer a residential or commercial property on the Foreclosure Sale Date, it should have received from the lending institution’s lawyer designated copy of the Order Authorizing Sale. Any Foreclosure Sale made without that Order is invalid.

ELIGIBLE FOR DEFERMENT or DEFERRED - a property/foreclosure case may be qualified for deferment (as identified by the loan provider or its lawyer) if it satisfies the criteria of Colorado’s Foreclosure Deferment Program (House Bill 09-1276 and House Bill 10-1240). If the residential or commercial property might be qualified, a NOTICE is to be posted on the residential or commercial property itself. In order for the property/foreclosure to be considered to be DEFERRED or IN DEFERMENT it must be accredited by a HUD-approved counselor after that counselor has consulted with the residential or commercial property owner and determined that qualification is proper. If a foreclosure case is IN DEFERMENT and the borrower/property owner abides by all of the regards to the deferment, the sale date for the foreclosure auction might be continued for as much as 90 days to enable time for the borrower/property owner to deal with the lender on a loan modification contract.