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Irene Josey

Treasurer and Public Trustee

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Treasurer & Public Trustee
Public Trustee
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 a lot of public libraries as well as 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 utilizing our Foreclosure Search or on other products associated with the foreclosure procedure. Our office does not offer legal recommendations.

DEED OF TRUST - In Colorado, a mortgage is typically called a Deed of Trust and that document is signed and taped at the time the residential or commercial property is purchased and financed. The Deed of Trust provides the Public Trustee the right to sell the residential or commercial property through foreclosure proceedings if the borrower defaults on the regards to 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.
INTEREST RATE - The portion rate revealed may be the initial rate of interest on the loan and may not show the default rates of interest. Default rates of interest typically enter into effect when payments on the loan are in defaults or unpaid.
CURRENT BENEFICIARY - It is a typical practice for mortgage business to “offer” loans to other loan providers or swimming pools of lending institutions. The present lender (or beneficiary) of a loan will often not be the mortgage company that made the loan when the residential or commercial property was at first acquired.
NED RECORDED - The Notice of Election & Demand for Foreclosure (NED) is the first document the general public Trustee’s workplace gets from the lending institution or its lawyer. This is tape-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 notification mailings and for paper publications to be finished. The initial sale date might be continued upon request of the lender or its lawyer, or it might be continued by the Public Trustee only under legally-defined scenarios.
MAILINGS - By law, the Public Trustee should mail notices and details to persons/entities specified on the mailing lists supplied to the Public Trustee by the lending institution or its attorney. This notification sets out the time and date of the foreclosure sale. There are at least 2 mailings sent to the mailing notes provided.
PUBLICATION - By law, the Public Trustee must publish the mailed notification in a paper of general flow within Larimer County. We presently release in the Loveland Reporter-Herald. The notification must be released at least 5 consecutive weeks.
CONTINUANCE - The set up sale date may be continued (delayed) at the demand of the lender or its lawyer, or it may be continued by the Public Trustee, for legally-defined factors.
CURE - A cure 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 expenses of the loan provider, loan provider’s lawyer, and Public Trustee), they should file with the Public Trustee’s office a Notice of Intent to Cure a minimum of 15 days prior to the scheduled sale date. The general public Trustee’s office then demands cure figures from the lender. Cure figures from the lending institution are because of the general public Trustee’s office within 10 business days of the request or by the 8th (8th) calendar day before the sale. Once cure figures are gotten, the Public Trustee supplies those to the celebration who submitted the Intent to Cure. The remedy amount given works through the due date listed on the cure declaration. Funds should be sent to the Public Trustee’s Office by midday (12:00 pm Mountain Time) the day before the set up sale date. If the scheduled sale date is continued to a later date, the due date to file an Intent to Cure by those parties entitled to treat might also be extended.
WITHDRAWAL - A foreclosure might be withdrawn (stopped) for several reasons at the demand of the lending institution or its attorney, or by the Public Trustee if the sale has 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 referred to an attorney for a foreclosure action, the attorney 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 might go to that hearing. The function of the hearing is to provide the lender’s lawyer a chance to show to the judge that a “reasonable likelihood” 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 possibility that a default exists and after that, if so, will enter an Order Authorizing Sale to allow the foreclosure action to continue. Before the Public Trustee’s office may offer a residential or commercial property on the foreclosure sale date, it should have received from the lending institution’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 bid is due from the foreclosing lender/holder by twelve noon (12:00 pm Mountain Time) two company days prior to the scheduled foreclosure sale date. A bid usually includes the exceptional principal quantity, interest due, and statutorily-allowable fees and expenses from the lawyer and Public Trustee. Bids sent on time might be amended the day before the sale. If an initial composed quote 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 should submit quotes that they think are a reflection of the residential or commercial property’s value at the time of the foreclosure sale. If the loan provider feels the residential or commercial property is worth less than the amount owed on it, the “shortage quantity” shows the distinction. If the residential or commercial property is offered for less than the quantity owed on the loan at the time of sale (plus all expenses and fees), the lender might try to collect the deficiency amount personally against the debtor through a different court action because the shortage quantity 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 in fact held, numerous due dates begin to run.
THIRD PARTY BIDDER - If somebody besides the foreclosing loan provider (normally referred to as a “3rd party bidder”) bids more than the preliminary composed bid sent by the foreclosing lending institution, that is an overbid. The successful 3rd celebration bidder need to send qualified funds by 2:00 pm (Mountain Time) the day of the sale through wire, money or licensed 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 lender and to all other lien holders, the debtor at the time the foreclosure was started should call the general public Trustee’s office AFTER THE SALE takes place since they MAY have funds due to them.
CERTIFICATE OF PURCHASE (COP) - The general public Trustee issues this document to the successful bidder at the foreclosure sale to reveal that the successful bidder has an interest in the residential or commercial property. It is taped 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 might 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 should submit a Notice of Intent to Redeem within eight (8) business days of the sale. Lienors thinking about exercising their legal rights on a foreclosure residential or commercial property are strongly recommended to seek advice from an attorney.
LAST DATE TO REDEEM/ REDEMPTION - This is the deadline for a redemption to be made by a junior lienor who has actually submitted an Intent to Redeem form and been given redemption figures. A redemption requires that all funds owing to the foreclosing loan provider or holder of the Certificate of Purchase (COP), including lawyer’s charges and expenses and Public Trustee’s charges and expenses, 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 been provided by the Public Trustee, it is assignable to another person at the alternative of the holder. Ultimately, the last COR issued will get 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 provided and taped), the Public Trustee might 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 taped with the Clerk & Recorder’s office and transfers title to the residential or commercial property from the previous owners (debtors) to the new owner. A Confirmation Deed Request type need to be finished by the Certificate of Purchase or Certificate of Redemption holder.
RESCISSION - The loan provider or its lawyer may rescind (void) the foreclosure sale after it has occurred. In order to rescind the sale, the foreclosing lender needs to be the effective bidder at the foreclosure sale and the holder of the Certificate of Purchase, and a notification needs to be provided to the Public Trustee no behind 8 business days after the date of the foreclosure sale.
BANKRUPTCY/ RESTART - When a customer files a Personal bankruptcy Petition prior to or throughout publication of the notification of foreclosure, the U.S. Bankruptcy Court will usually release 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 up until the Bankruptcy Court takes action. If the Bankruptcy Court consequently provides an order approving 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 treated by bringing the payments and charges existing. An Intent to Cure must be filed with the general public Trustee’s Office (there is no expense to file) a minimum of 15 days before the Sale is arranged. The amount necessary to cure a foreclosure is figured out by the lender. The cash must be received by the deadline listed on the treatment declaration 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 workshops worrying the foreclosure procedure? We do not perform workshops worrying the foreclosure procedure. Instead, we have compiled this web site as a tool to advise people interested in discovering the foreclosure procedure. We are happy to address your concerns you have or supply extra resources if readily available. For property owners in foreclosure, please examine the Foreclosure Counseling Resources. We do not provide legal recommendations.

3. Where can I about other recorded liens existing versus this residential or commercial property? Information worrying other liens tape-recorded against the residential or commercial property can be obtained by searching 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 readily available? An initial sales list is posted on Monday afternoon after 2:00 pm and upgraded once 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 Public Trustee Sales conducted? Sales are held promptly at 10:00 am (Mountain Time) each Wednesday (other than County vacations) online at larimer.realforeclose.com. You need to register with RealForeclose prior to the sale and submit a deposit by 4:30 pm (Mountain Time) the day before the sale if you prepare 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 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.