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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 process is set forth in Title 38, Article 38 of the Colorado Revised Statutes. Those statutes are available in the majority of town libraries as well as online at https://leg.colorado.gov/agencies/office-legislative-legal-services/colorado-revised-statutes.
Below you will find some meanings of foreclosure terms you may see while using our Foreclosure Search or on other products connected to the foreclosure procedure. Our office does not provide legal suggestions.
DEED OF TRUST - In Colorado, a mortgage is typically called a Deed of Trust and that file 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 proceedings if the customer defaults on the terms of the Deed of Trust or Promissory Note (non-payment or other default).
LOAN TYPE - Some various types of loans are: Conventional, VA, FHA, and Unknown.
RATE OF INTEREST - The percentage rate shown might be the original interest rate on the loan and might not show the default rate of interest. Default rates of interest generally enter into impact when payments on the loan are in financial obligations or past due.
CURRENT BENEFICIARY - It is a typical practice for mortgage companies to "offer" loans to other lending institutions or pools of lenders. The existing loan provider (or beneficiary) of a loan will frequently not be the mortgage company that made the loan when the residential or commercial property was at first purchased.
NED RECORDED - The Notice of Election & Demand for Foreclosure (NED) is the first file the Public Trustee's workplace receives from the lending institution or its lawyer. This is recorded with the Clerk & Recorder's workplace 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 permit time for legal notice mailings and for newspaper publications to be finished. The initial sale date might be continued upon demand of the lending institution or its attorney, or it might be continued by the Public Trustee only under legally-defined circumstances.
MAILINGS - By law, the general public Trustee need to mail notifications and info to persons/entities specified on the mailing notes supplied to the Public Trustee by the lending institution or its lawyer. This notification sets out the time and date of the foreclosure sale. There are at least 2 mailings sent to the mailing lists offered.
PUBLICATION - By law, the Public Trustee should publish the mailed notice in a paper of general circulation within Larimer County. We currently publish in the Loveland Reporter-Herald. The notice should be published a minimum of 5 consecutive weeks.
CONTINUANCE - The scheduled sale date might be continued (held off) at the request of the loan provider or its attorney, or it may be continued by the Public Trustee, for legally-defined reasons.
CURE - A cure might be made prior to the foreclosure sale just by particular 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) thinks they can bring the past-due payments present (plus all fees and costs of the lender, lender's lawyer, and Public Trustee), they must submit with the general public Trustee's workplace a Notification of Intent to Cure at least 15 days prior to the set up sale date. The Public Trustee's office then requests cure figures from the lender. Cure figures from the lending institution are due to the general public Trustee's workplace within 10 service days of the request or by the eighth (8th) calendar day before the sale. Once remedy figures are received, the general public Trustee supplies those to the celebration who filed the Intent to Cure. The treatment quantity provided is effective through the due date noted on the cure declaration. Funds must be submitted to the Public Trustee's Office by twelve 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 celebrations entitled to treat might likewise be extended.
WITHDRAWAL - A foreclosure might be withdrawn (stopped) for numerous factors at the request of the loan provider 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 generally 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 lawyer files a court action under Rule 120 of the Colorado Rules of Civil Procedure. The borrowers/owners are informed of the date and time for the court hearing and may participate in that hearing. The function of the hearing is to provide the lender's attorney a chance to show to the judge that a "reasonable possibility" exists that the loan is in . If the borrower/owner does NOT appear at the court hearing, the court will think about from the proof provided whether or not there is a sensible likelihood that a default exists and then, if so, will get in an Order Authorizing Sale to permit the foreclosure action to proceed. Before the Public Trustee's workplace may offer a residential or commercial property on the foreclosure sale date, it should have gotten from the loan provider's lawyer a signed copy of the Order Authorizing Sale. Any foreclosure sale made without that Order is invalid.
BID AMOUNT OR AMENDED BID - An initial composed quote is due from the foreclosing lender/holder by midday (12:00 pm Mountain Time) two organization days prior to the arranged foreclosure sale date. A bid usually consists of the exceptional principal quantity, interest due, and statutorily-allowable costs and expenses from the attorney and Public Trustee. Bids sent on time may be changed the day before the sale. If a preliminary composed bid from the lending institution is not gotten timely for a foreclosure set to go to sale, the foreclosure sale is continued for at least one week.
DEFICIENCY AMOUNT - Foreclosing lending institutions must send bids 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 amount owed on it, the "shortage quantity" reflects the difference. 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 fees), the lending institution might try to gather the shortage quantity personally versus the customer through a different court action due to the fact that the shortage quantity is NOT extinguished by the foreclosure.
ACTUAL SALE DATE - This is when the residential or commercial property is really sold at the foreclosure auction sale. Once the sale is in fact held, numerous deadlines start to run.
3RD PARTY BIDDER - If somebody besides the foreclosing lending institution (normally referred to as a "3rd party bidder") bids more than the initial written bid submitted by the foreclosing loan provider, that is an overbid. The successful 3rd celebration bidder should send licensed funds by 2:00 pm (Mountain Time) the day of the sale via wire, money or accredited 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 lender and to all other lien holders, the borrower at the time the foreclosure was begun must contact the Public Trustee's workplace AFTER THE SALE happens since they MAY have funds due to them.
CERTIFICATE OF PURCHASE (COP) - The general public Trustee concerns this document to the effective bidder at the foreclosure sale to show that the effective 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 may 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 may 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 submit a Notification of Intent to Redeem within eight (8) organization days of the sale. Lienors thinking about exercising their legal rights on a foreclosure residential or commercial property are strongly encouraged to speak with an attorney.
LAST DATE TO REDEEM/ REDEMPTION - This is the deadline for a redemption to be made by a junior lienor who has submitted an Intent to Redeem type and been given redemption figures. A redemption requires that all funds owing to the foreclosing lender or holder of the Certificate of Purchase (COP), including lawyer's costs and expenses and Public Trustee's fees and costs, be paid in full. If a residential or commercial property is redeemed before the deadline expires, a Certificate of Redemption (COR) will be released. Once the COR has actually been released by the Public Trustee, it is assignable to another person at the option 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 actually ended and no redemption has actually been made (or a redemption has been made and a Certificate of Redemption has actually been released and tape-recorded), the general public Trustee may 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 (borrowers) to the new owner. A Verification Deed Request type need to be finished by the Certificate of Purchase or Certificate of Redemption holder.
RESCISSION - The lending institution or its lawyer might rescind (space) the foreclosure sale after it has taken place. In order to rescind the sale, the foreclosing loan provider should be the successful bidder at the foreclosure sale and the holder of the Certificate of Purchase, and a notification needs to be offered to the Public Trustee no later on than 8 business days after the date of the foreclosure sale.
BANKRUPTCY/ RESTART - When a debtor submits a Bankruptcy Petition prior to or during publication of the notification of foreclosure, the U.S. Bankruptcy Court will usually release a stay order needing that the foreclosure action not be continued up until additional notification from the court. The foreclosure sale extends week to week until the Bankruptcy Court acts. If the Bankruptcy Court consequently issues an order granting relief from the stay order, then the foreclosure may be rebooted.
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 costs present. An Intent to Cure must be submitted with the general public Trustee's Office (there is no expense to file) a minimum of 15 days before the Sale is arranged. The quantity essential to cure a foreclosure is identified by the lending institution. The cash must be gotten by the deadline noted on the remedy statement that is offered to you. The last day fund may be sent to the general public Trustee's Office is by twelve noon the day before the sale.
2. Does the Larimer County Public Trustee carry out seminars worrying the foreclosure process?
We do not carry out workshops concerning the foreclosure procedure. Instead, we have compiled this website as a tool to instruct residents interested in finding out about the foreclosure procedure. We more than happy to address your questions you have or supply additional resources if readily available. For house owners in foreclosure, please examine the Foreclosure Counseling Resources. We do not provide legal recommendations.
3. Where can I get information about other taped liens existing versus this residential or commercial property?
Information concerning other liens tape-recorded against the residential or commercial property can be obtained by browsing public records on the Larimer County Clerk and Recorder's website at https://www.larimer.gov/clerk/recording/easy-access or by calling their workplace at (970) 498-7860.
4. When is the sales list available?
A preliminary sales list is published on Monday afternoon after 2:00 pm and updated again Tuesday afternoon prior to the Wednesday early morning sale. Properties on the sales list are also offered on the Auction Calendar at larimer.realforeclose.com.
5. When and where are the Public Trustee Sales conducted?
Sales are held immediately at 10:00 am (Mountain Time) each Wednesday (except County vacations) online at larimer.realforeclose.com. You should register with RealForeclose prior to the sale and send a deposit by 4:30 pm (Mountain Time) the day before the sale if you prepare on bidding.
6. What kind of funds are needed to bid at a Public Trustee sale?
Acceptable kinds of payment are ACH to Realforeclose or Wire to the general public Trustee. These are the only acceptable forms for both the bidder deposits and the last payment by the effective bidder.
Treasurer & Public Trustee - Contact Us
Physical Address: 200 W. Oak Street, Suite 2100, Fort Collins, CO 80521
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