Why Sign Up Log In?

Why Register/ Log In? Sign Up/ Visit Sign Up/ Visit Help

Irene Josey

Treasurer and Public Trustee

1. Home

Treasurer & Public Trustee
Public Trustee
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 readily available in a lot of public 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 using our Foreclosure Search or on other products associated with the foreclosure process. Our office does not offer legal advice.

DEED OF TRUST - In Colorado, a mortgage is normally 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 Public Trustee the right to sell the residential or commercial property through foreclosure procedures if the debtor defaults on the regards to 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.
INTEREST RATE - The percentage rate revealed might be the original rate of interest on the loan and might not reflect the default rate of interest. Default rate of interest generally enter into result when payments on the loan are in defaults or overdue.
CURRENT BENEFICIARY - It is a common practice for mortgage companies to "sell" loans to other loan providers or swimming pools of lenders. The current lending institution (or beneficiary) of a loan will often not be the mortgage business that made the loan when the residential or commercial property was initially purchased.
NED RECORDED - The Notice of Election & Demand for Foreclosure (NED) is the first file the Public Trustee's office gets from the lender or its attorney. This is taped with the Clerk & Recorder's workplace and the foreclosure is formally begun at this time.
SCHEDULED SALE DATE - A sale date is established somewhere in between 110 and 125 days after the NED is tape-recorded to allow time for legal notification mailings and for newspaper publications to be completed. The initial sale date might be continued upon demand of the loan provider or its lawyer, or it might be continued by the Public Trustee just under legally-defined situations.
MAILINGS - By law, the general public Trustee should send by mail notices and details to persons/entities defined on the mailing notes offered to the general public Trustee by the lender or its lawyer. This notice sets out the time and date of the foreclosure sale. There are at least two mailings sent to the mailing notes supplied.
PUBLICATION - By law, the Public Trustee must publish the mailed notice in a newspaper of general circulation within Larimer County. We currently release in the Loveland Reporter-Herald. The notice should be published a minimum of 5 successive weeks.
CONTINUANCE - The scheduled sale date may be continued (postponed) at the request of the loan provider or its attorney, or it may be continued by the Public Trustee, for legally-defined factors.
CURE - A remedy may be made prior to the foreclosure sale only by specific 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 current (plus all costs and costs of the loan provider, loan provider's attorney, and Public Trustee), they should submit with the Public Trustee's workplace a Notice of Intent to Cure at least 15 days prior to the scheduled sale date. The Public Trustee's workplace then requests cure figures from the lending institution. Cure figures from the lender are due to the general public Trustee's office within 10 organization days of the demand or by the 8th (8th) calendar day before the sale. Once treatment figures are gotten, the general public Trustee provides those to the celebration who submitted the Intent to Cure. The cure amount offered works through the due date noted on the remedy statement. Funds should be sent to the general public Trustee's Office by noon (12:00 pm Mountain Time) the day before the arranged sale date. If the set up sale date is continued to a later date, the due date to file an Intent to Cure by those parties entitled to cure might likewise be extended.
WITHDRAWAL - A foreclosure might be withdrawn (stopped) for several factors at the request of the lender or its lawyer, or by the Public Trustee if the sale has actually been continued for too long a time period as per statute. A withdrawal is usually processed when a remedy is made so that the foreclosure does not go forward.
RULE 120 COURT ACTION and ORDER AUTHORIZING SALE (OAS) - When a loan is referred to an attorney for a foreclosure action, the lawyer files a court action under Rule 120 of the Colorado Rules of Civil Procedure. The borrowers/owners are alerted of the date and time for the court hearing and might go to that hearing. The purpose of the hearing is to offer the loan provider's lawyer an opportunity to show to the judge that a "reasonable 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 an affordable likelihood that a default exists and after that, if so, will get in an Order Authorizing Sale to permit the foreclosure action to proceed. Before the general public Trustee's office might sell a residential or commercial property on the foreclosure sale date, it should have received from the loan provider's attorney a signed copy of the Order Authorizing Sale. Any foreclosure sale made without that Order is invalid.
BID AMOUNT OR AMENDED BID - An initial written bid is due from the foreclosing lender/holder by noon (12:00 pm Mountain Time) two service days prior to the arranged foreclosure sale date. A bid generally consists of the outstanding principal amount, interest due, and statutorily-allowable charges and costs from the lawyer and Public Trustee. Bids sent on time might be amended the day before the sale. If a preliminary composed quote from the lending institution is not gotten 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 must submit quotes that they believe are a reflection of the residential or commercial property's value at the time of the foreclosure sale. If the lender feels the residential or commercial property deserves less than the amount owed on it, the "deficiency amount" reflects the difference. If the residential or commercial property is offered for less than the amount owed on the loan at the time of sale (plus all costs and charges), the lending institution might attempt to gather the deficiency quantity personally versus the borrower through a separate court action due to the fact that the shortage quantity is NOT snuffed out by the foreclosure.
ACTUAL SALE DATE - This is when the residential or commercial property is in fact cost the sale. Once the sale is in fact held, numerous due dates begin to run.
3RD PARTY BIDDER - If someone aside from the foreclosing lending institution (typically referred to as a "3rd party bidder") quotes more than the preliminary written bid submitted by the foreclosing lender, that is an overbid. The successful 3rd celebration bidder need to send licensed funds by 2:00 pm (Mountain Time) the day of the sale via wire, cash or certified check.
OVERBID AMOUNT OR EXCESS PROCEEDS - If the residential or commercial property goes to foreclosure auction sale and is acquired for MORE than the TOTAL OWED to the loan provider and to all other lien holders, the borrower at the time the foreclosure was started must call the general 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 issues this file to the effective bidder at the foreclosure sale to show that the successful bidder has an interest in the residential or commercial property. It is taped with the Clerk & Recorder's workplace 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 might have a right to redemption of the residential or commercial property according to law. Lienors require 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 Notification of Intent to Redeem within 8 (8) business days of the sale. Lienors thinking about exercising their legal rights on a foreclosure residential or commercial property are strongly advised to speak with 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 form and been provided redemption figures. A redemption needs that all funds owing to the foreclosing lender or holder of the Certificate of Purchase (COP), including attorney's charges and costs and Public Trustee's charges and costs, be paid in full. If a residential or commercial property is redeemed before the deadline ends, a Certificate of Redemption (COR) will be released. Once the COR has actually been provided by the Public Trustee, it is assignable to somebody else at the choice of the holder. Ultimately, the last COR provided will acquire ownership of the residential or commercial property through a Public Trustee's Confirmation Deed.
DEED or CONFIRMATION DEED - Once all redemption durations have ended and no redemption has been made (or a redemption has actually been made and a Certificate of Redemption has actually been released and taped), the general public Trustee may provide 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. A Confirmation Deed Request form need to be finished by the Certificate of Purchase or Certificate of Redemption holder.
RESCISSION - The lending institution or its attorney might rescind (void) the foreclosure sale after it has actually happened. In order to rescind the sale, the foreclosing lender must be the successful bidder at the foreclosure sale and the holder of the Certificate of Purchase, and a notification must be given to the general public Trustee no later than 8 service days after the date of the foreclosure sale.
BANKRUPTCY/ RESTART - When a borrower files a Personal bankruptcy Petition prior to or during publication of the notice of foreclosure, the U.S. Bankruptcy Court will generally issue a stay order requiring that the foreclosure action not be continued up until more notification from the court. The foreclosure sale extends week to week until the Bankruptcy Court takes action. If the Bankruptcy Court consequently issues an order granting remedy for 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 fees existing. An Intent to Cure should be submitted with the general public Trustee's Office (there is no charge to file) at least 15 days before the Sale is scheduled. The amount essential to cure a foreclosure is figured out by the lender. The cash must be gotten by the deadline listed on the cure declaration that is offered to you. The last day fund may be submitted to the general public Trustee's Office is by twelve noon the day before the sale.

2. Does the Larimer County Public Trustee perform workshops worrying the foreclosure process? We do not perform workshops worrying the foreclosure procedure. Instead, we have assembled this web site as a tool to advise residents thinking about discovering the foreclosure procedure. We enjoy to answer your concerns you have or provide extra resources if offered. For house owners in foreclosure, please evaluate the Foreclosure Counseling Resources. We do not provide legal guidance.

3. Where can I get info about other tape-recorded liens existing against this residential or commercial property? Information concerning other liens tape-recorded versus the residential or commercial property can be obtained 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 available? A preliminary sales list is posted on Monday afternoon after 2:00 pm and upgraded once again Tuesday afternoon prior to the Wednesday early morning sale. Properties on the sales list are likewise offered on the Auction Calendar at larimer.realforeclose.com.

5. When and where are the Public Trustee Sales conducted? Sales are held without delay at 10:00 am (Mountain Time) each Wednesday (except County vacations) online at larimer.realforeclose.com. You need to 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 plan on bidding.

6. What type of funds are needed to bid at a Public Trustee sale? Acceptable types of payment are ACH to Realforeclose or Wire to the general public Trustee. These are the only appropriate types 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.