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Irene Josey

Treasurer and Public Trustee

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4. Foreclosure Information

Foreclosure Information

Foreclosure Definitions and Process

The foreclosure procedure is stated in Title 38, Article 38 of the Colorado Revised Statutes. Those statutes are available in many town libraries along with online at https://leg.colorado.gov/agencies/office-legislative-legal-services/colorado-revised-statutes.

Below you will discover some definitions of foreclosure terms you may see while utilizing our Foreclosure Search or on other materials related to the foreclosure process. Our workplace does not offer legal advice.

DEED OF TRUST – In Colorado, a mortgage is usually called a Deed of Trust which document is signed and taped at the time the residential or commercial property is purchased and financed. The Deed of Trust offers the general public Trustee the right to offer the residential or commercial property through foreclosure procedures if the borrower defaults on the terms of the Deed of Trust or Promissory Note (non-payment or other default).

LOAN TYPE – Some different types of loans are: Conventional, VA, FHA, and Unknown.

RATES OF INTEREST – The percentage rate revealed may be the initial rate of interest on the loan and might not show the default rates of interest. Default interest rates typically enter into impact when payments on the loan are in financial obligations or overdue.

CURRENT BENEFICIARY – It is a common practice for to “offer” loans to other lenders or pools of lending institutions. The present lender (or beneficiary) of a loan will regularly not be the mortgage business that made the loan when the residential or commercial property was initially acquired.

NED RECORDED – The Notice of Election & Demand for Foreclosure (NED) is the first document the general public Trustee’s office gets from the loan provider or its lawyer. This is tape-recorded with the Clerk & Recorder’s office and the foreclosure is officially begun at this time.

SCHEDULED SALE DATE – A sale date is established somewhere in between 110 and 125 days after the NED is recorded to allow time for legal notice mailings and for newspaper publications to be finished. The initial sale date might be continued upon demand of the lender or its attorney, or it might be continued by the Public Trustee just under legally-defined circumstances.

MAILINGS – By law, the general public Trustee should mail notifications and information to persons/entities defined on the mailing lists supplied to the Public Trustee by the lender or its attorney. This notice sets out the time and date of the foreclosure sale. There are at least two mailings sent out to the mailing notes offered.

PUBLICATION – By law, the general public Trustee should publish the sent by mail notification in a newspaper of basic flow within Larimer County. We presently publish in the Loveland Reporter-Herald. The notice needs to be published a minimum of 5 consecutive weeks.

CONTINUANCE – The scheduled sale date might be continued (held off) at the request of the lender or its lawyer, or it might be continued by the Public Trustee, for legally-defined reasons.

CURE – A treatment may be made prior to the foreclosure sale just by specific people/entities who have a legal right to treat the default on the mortgage or Deed of Trust. If a residential or commercial property owner (or other legally-entitled person) thinks they can bring the past-due payments current (plus all charges and costs of the loan provider, lending institution’s attorney, and Public Trustee), they must file with the general public Trustee’s office a Notice of Intent to Cure a minimum of 15 days prior to the arranged sale date. The Public Trustee’s workplace then requests cure figures from the lender. Cure figures from the lender are due to the Public Trustee’s office within 10 service days of the demand or by the eighth (8th) calendar day before the sale. Once remedy figures are gotten, the general public Trustee offers those to the party who submitted the Intent to Cure. The remedy amount given is effective through the due date noted on the cure statement. Funds need to be submitted to the Public Trustee’s Office by noon (12:00 pm Mountain Time) the day before the set up sale date. If the set up sale date is continued to a later date, the deadline to submit an Intent to Cure by those parties entitled to cure may likewise be extended.

WITHDRAWAL – A foreclosure might be withdrawn (stopped) for several reasons at the request of the lending institution or its attorney, or by the Public Trustee if the sale has actually been continued for too long an amount of time as per statute. A withdrawal is usually processed when a remedy is made so that the foreclosure does not move forward.

RULE 120 COURT ACTION and ORDER AUTHORIZING SALE (OAS) – When a loan is described 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 may participate in that hearing. The function of the hearing is to offer the lending institution’s lawyer a chance to show to the judge that a “sensible likelihood” exists that the loan is in default. If the borrower/owner does NOT appear at the court hearing, the court will consider from the proof presented whether or not there is a reasonable likelihood that a default exists and then, if so, will get in an Order Authorizing Sale to allow the foreclosure action to continue. Before the Public Trustee’s workplace may sell a residential or commercial property on the foreclosure sale date, it must have gotten from the lending institution’s attorney a signed copy of the Order Authorizing Sale. Any foreclosure sale made without that Order is void.

BID AMOUNT OR AMENDED BID – A preliminary written bid is due from the foreclosing lender/holder by midday (12:00 pm Mountain Time) two service days prior to the set up foreclosure sale date. A bid normally consists of the outstanding principal quantity, interest due, and statutorily-allowable costs and expenses from the lawyer and Public Trustee. Bids submitted on time might be changed the day before the sale. If an initial written quote from the loan provider is not received prompt for a foreclosure set to go to sale, the foreclosure sale is continued for a minimum of one week.

DEFICIENCY AMOUNT – Foreclosing loan providers need to send 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 deserves less than the amount owed on it, the “deficiency quantity” shows the distinction. If the residential or commercial property is cost less than the quantity owed on the loan at the time of sale (plus all expenses and charges), the lending institution may try to gather the deficiency amount personally versus the debtor through a separate court action since the deficiency amount is NOT snuffed out by the foreclosure.

ACTUAL SALE DATE – This is when the residential or commercial property is actually sold at the foreclosure auction sale. Once the sale is actually held, numerous deadlines start to run.

THIRD PARTY BIDDER – If somebody aside from the foreclosing lending institution (usually described as a “3rd party bidder”) quotes more than the initial written bid sent by the foreclosing lender, that is an overbid. The effective 3rd party bidder must send licensed funds by 2:00 pm (Mountain Time) the day of the sale through wire, money or certified check.

OVERBID AMOUNT OR EXCESS PROCEEDS – If the residential or commercial property goes to foreclosure auction sale and is purchased for MORE than the TOTAL OWED to the loan provider and to all other lien holders, the customer at the time the foreclosure was begun need to get in touch with the Public Trustee’s workplace AFTER THE SALE happens due to the fact that they MAY have funds due to them.

CERTIFICATE OF PURCHASE (COP) – The Public Trustee problems this file to the effective bidder at the foreclosure sale to reveal that the successful bidder has an interest in the residential or commercial property. It is tape-recorded with the Clerk & Recorder’s office and made a public record. The interest under the Certificate of Purchase is completely assignable.

JUNIOR 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 recorded 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 must file a Notice of Intent to Redeem within 8 (8) business days of the sale. Lienors interested in exercising their legal rights on a foreclosure residential or commercial property are highly encouraged to talk to an attorney.

LAST DATE TO REDEEM/ REDEMPTION – This is the due date for a redemption to be made by a junior lienor who has actually filed an Intent to Redeem kind and been offered redemption figures. A redemption requires that all funds owing to the foreclosing lender or holder of the Certificate of Purchase (COP), consisting of attorney’s charges and expenses and Public Trustee’s charges and expenses, be paid completely. If a residential or commercial property is redeemed before the deadline expires, a Certificate of Redemption (COR) will be issued. Once the COR has been issued by the Public Trustee, it is assignable to another person at the choice of the holder. Ultimately, the last COR released will obtain ownership of the residential or commercial property through a Public Trustee’s Confirmation Deed.

DEED or CONFIRMATION DEED – Once all redemption periods have ended and no redemption has actually been made (or a redemption has actually been made and a Certificate of Redemption has actually been released 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 taped with the Clerk & Recorder’s workplace and transfers title to the residential or commercial property from the previous owners (customers) to the new owner. A Verification Deed Request kind need to be completed by the Certificate of Purchase or Certificate of Redemption holder.

RESCISSION – The loan provider or its lawyer may rescind (space) the foreclosure sale after it has occurred. In order to rescind the sale, the foreclosing loan provider needs to be the effective bidder at the foreclosure sale and the holder of the Certificate of Purchase, and a notification must be offered to the Public Trustee no later on than 8 service days after the date of the foreclosure sale.

BANKRUPTCY/ RESTART – When a borrower files a Bankruptcy Petition prior to or throughout publication of the notification of foreclosure, the U.S. Bankruptcy Court will generally provide a stay order needing that the foreclosure action not be continued till further notice from the court. The foreclosure sale extends week to week till the Bankruptcy Court takes action. If the Bankruptcy Court consequently releases an order giving remedy for the stay order, then the foreclosure might be restarted.

FAQs

1. How can I stop a foreclosure?
Before a residential or commercial property goes to sale, the foreclosure can be cured by bringing the payments and charges present. An Intent to Cure need to be filed with the Public Trustee’s Office (there is no charge to file) a minimum of 15 days before the Sale is scheduled. The amount needed to treat a foreclosure is figured out by the loan provider. The cash must be gotten by the deadline listed on the remedy statement that is offered to you. The last day fund may be sent to the Public Trustee’s Office is by midday the day before the sale.

2. Does the Larimer County Public Trustee conduct seminars concerning the foreclosure procedure?
We do not conduct seminars worrying the foreclosure procedure. Instead, we have assembled this website as a tool to advise citizens thinking about learning more about the foreclosure procedure. We more than happy to answer your questions you have or provide extra resources if available. For homeowners in foreclosure, please examine the Foreclosure Counseling Resources. We do not offer legal advice.

3. Where can I get info about other taped liens existing against this residential or commercial property?
Information worrying other liens recorded versus the residential or commercial property can be acquired by searching public records on the Larimer County Clerk and Recorder’s site at https://www.larimer.gov/clerk/recording/easy-access or by contacting their office at (970) 498-7860.

4. When is the sales list offered?
A preliminary sales list is published on Monday afternoon after 2:00 pm and updated again Tuesday afternoon prior to the Wednesday morning sale. Properties on the sales list are also readily available on the Auction Calendar at larimer.realforeclose.com.

5. When and where are the Public Trustee Sales performed?
Sales are held without delay at 10:00 am (Mountain Time) each Wednesday (other than County holidays) online at larimer.realforeclose.com. You must sign up with RealForeclose prior to the sale and send a deposit by 4:30 pm (Mountain Time) the day before the sale if you intend on bidding.

6. What type of funds are required to bid at a Public Trustee sale?
Acceptable types of payment are ACH to Realforeclose or Wire to the Public Trustee. These are the only acceptable forms for both the bidder deposits and the final payment by the effective bidder.

Treasurer & Public Trustee – Contact Us

Physical Address: 200 W. Oak Street, Suite 2100, Fort Collins, CO 80521
Mailing Address: P.O.