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Treasurer and Public Trustee

1. Home 2. Treasurer & Public Trustee 3. Public Trustee 4. Foreclosure Information

Foreclosure Information

Foreclosure Definitions and Process

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

Below you will discover some meanings of foreclosure terms you may see while using our Foreclosure Search or on other materials associated with the foreclosure procedure. Our workplace does not provide legal suggestions.

DEED OF TRUST - In Colorado, a mortgage is generally called a Deed of Trust which file is signed and recorded at the time the residential or commercial property is purchased and funded. The Deed of Trust provides 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.
RATES OF INTEREST - The portion rate shown may be the original interest rate on the loan and might not reflect the default interest rate. Default interest rates usually go into effect when payments on the loan are in arrears or past due.
CURRENT BENEFICIARY - It is a common practice for mortgage business to "offer" loans to other lenders or pools of lending institutions. The existing 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 at first purchased.
NED RECORDED - The Notice of Election & Demand for Foreclosure (NED) is the very first document the Public Trustee's workplace gets from the loan provider or its lawyer. This is tape-recorded with the Clerk & Recorder's workplace and the foreclosure is officially started at this time.
SCHEDULED SALE DATE - A sale date is established somewhere between 110 and 125 days after the NED is taped to allow time for legal notice mailings and for paper publications to be finished. The initial sale date may be continued upon request of the lender or its lawyer, or it may be continued by the Public Trustee only under legally-defined situations.
MAILINGS - By law, the Public Trustee must send by mail notifications and details to persons/entities specified on the mailing notes provided to the Public Trustee by the loan provider or its lawyer. This notice sets out the time and date of the foreclosure sale. There are at least 2 mailings sent out to the mailing notes supplied.
PUBLICATION - By law, the Public Trustee need to release the mailed notification in a paper of basic flow within Larimer County. We currently publish in the Loveland Reporter-Herald. The notification must be released at least 5 consecutive weeks.
CONTINUANCE - The scheduled sale date might be continued (delayed) at the demand of the lender or its attorney, or it may be continued by the Public Trustee, for legally-defined reasons.
CURE - A treatment may be made prior to the foreclosure sale just by 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 individual) believes they can bring the past-due payments existing (plus all costs and costs of the lender, lending institution's lawyer, and Public Trustee), they must file with the general public Trustee's office a Notification of Intent to Cure a minimum of 15 days prior to the set up sale date. The general public Trustee's office then demands treat figures from the loan provider. Cure figures from the lending institution are because of the general public Trustee's workplace within 10 organization days of the demand or by the eighth (8th) calendar day before the sale. Once treatment figures are received, the general public Trustee provides those to the celebration who filed the Intent to Cure. The remedy quantity given works through the deadline noted on the cure statement. Funds must be sent to the general public Trustee's Office by noon (12:00 pm Mountain Time) the day before the set up sale date. If the arranged sale date is continued to a later date, the deadline to file an Intent to Cure by those celebrations entitled to treat might also be extended.
WITHDRAWAL - A foreclosure may be withdrawn (stopped) for numerous reasons at the demand 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 based on statute. A withdrawal is generally 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 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 informed of the date and time for the court hearing and may go to that hearing. The function of the hearing is to offer the lending institution's lawyer an opportunity to show to the judge that a "sensible possibility" exists that the loan remains in default. If the borrower/owner does NOT appear at the court hearing, the court will think about from the proof presented whether there is an affordable probability that a default exists and then, if so, will enter an Order Authorizing Sale to allow the foreclosure action to proceed. Before the general public Trustee's office may sell a residential or commercial property on the foreclosure sale date, it needs to have gotten from the lending institution's lawyer a signed copy of the Order Authorizing Sale. Any foreclosure sale made without that Order is void.
BID AMOUNT OR AMENDED BID - An initial written bid is due from the foreclosing lender/holder by twelve noon (12:00 pm Mountain Time) 2 organization days prior to the arranged foreclosure sale date. A bid normally consists of the exceptional principal amount, interest due, and statutorily-allowable fees and expenses from the attorney and Public Trustee. Bids submitted on time may be changed the day before the sale. If an initial written bid from the lender is not gotten prompt 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 value at the time of the foreclosure sale. If the lending institution feels the residential or commercial property deserves less than the quantity owed on it, the "shortage quantity" shows the difference. If the residential or commercial property is sold for less than the amount owed on the loan at the time of sale (plus all expenses and fees), the loan provider may try to collect the deficiency quantity personally against the customer through a different court action due to the fact that 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, a number of due dates start to run.
THIRD PARTY BIDDER - If someone aside from the foreclosing loan provider (generally described as a "3rd party bidder") quotes more than the preliminary composed quote submitted by the foreclosing lending institution, that is an overbid. The effective 3rd party bidder need to send qualified funds by 2:00 pm (Mountain Time) the day of the sale by means of wire, cash or accredited 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 should contact the general public Trustee's workplace AFTER THE SALE occurs since they MAY have funds due to them.
CERTIFICATE OF PURCHASE (COP) - The Public Trustee problems this document 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 recorded with the Clerk & Recorder's workplace and made a public record. The interest under the Certificate of Purchase is totally 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 may have a right to redemption of the residential or commercial property according to law. Lienors require 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 must file a Notification of Intent to Redeem within eight (8) company days of the sale. Lienors interested in exercising their legal rights on a foreclosure residential or commercial property are highly advised 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 kind and been provided redemption figures. A redemption requires that all funds owing to the foreclosing lender or holder of the Certificate of Purchase (COP), consisting of lawyer's costs and costs and Public Trustee's costs and expenses, be paid completely. 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 provided by the Public Trustee, it is to another person at the option of the holder. Ultimately, the last COR released will get ownership of the residential or commercial property through a Public Trustee's Confirmation Deed.
DEED or CONFIRMATION DEED - Once all redemption durations have actually ended and no redemption has actually been made (or a redemption has been made and a Certificate of Redemption has been provided and tape-recorded), the general 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 tape-recorded with the Clerk & Recorder's office 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 finished by the Certificate of Purchase or Certificate of Redemption holder.
RESCISSION - The lender or its attorney may rescind (space) 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 needs to be provided to the general public Trustee no behind 8 company days after the date of the foreclosure sale.
BANKRUPTCY/ RESTART - When a debtor files a Personal bankruptcy Petition prior to or throughout publication of the notice of foreclosure, the U.S. Bankruptcy Court will normally release a stay order needing that the foreclosure action not be continued up until further notice from the court. The foreclosure sale extends week to week up 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 charges present. An Intent to Cure need to be filed with the Public Trustee's Office (there is no cost to file) a minimum of 15 days before the Sale is scheduled. The amount necessary to treat a foreclosure is identified by the loan provider. The cash needs to be gotten by the deadline noted on the cure declaration that is provided to you. The last day fund may be sent to the Public Trustee's Office is by noon the day before the sale.

2. Does the Larimer County Public Trustee conduct seminars concerning the foreclosure process? We do not perform workshops concerning the foreclosure process. Instead, we have actually compiled this web site as a tool to instruct residents interested in learning more about the foreclosure procedure. We enjoy to address your questions you have or supply extra resources if available. For property owners in foreclosure, please review the Foreclosure Counseling Resources. We do not offer legal recommendations.

3. Where can I acquire information about other taped liens existing against this residential or commercial property? Information concerning other liens recorded versus the residential or commercial property can be obtained by browsing 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 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 likewise readily available on the Auction Calendar at larimer.realforeclose.com.

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

6. What kind of funds are required to bid at a Public Trustee sale? Acceptable forms of payment are ACH to Realforeclose or Wire to the Public Trustee. These are the only appropriate kinds 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.
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