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Irene Josey

Treasurer and Public Trustee

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2. Treasurer & Public Trustee
3. Public Trustee
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 offered in the majority of 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 associated with the foreclosure process. Our workplace does not offer legal guidance.

DEED OF TRUST - In Colorado, a mortgage is generally called a Deed of Trust which document is signed and taped at the time the residential or commercial property is acquired and funded. The Deed of Trust offers the 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 different kinds of loans are: Conventional, VA, FHA, and Unknown.

RATE OF INTEREST - The portion rate shown may be the initial rate of interest on the loan and may not reflect the default interest rate. Default rates of interest normally go into effect when payments on the loan are in financial obligations or overdue.

CURRENT BENEFICIARY - It is a typical practice for mortgage companies to "sell" loans to other loan providers or pools of loan providers. The present lender (or beneficiary) of a loan will regularly not be the mortgage company 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 office and the foreclosure is formally begun at this time.

SCHEDULED SALE DATE - A sale date is established someplace in between 110 and 125 days after the NED is tape-recorded to permit time for legal notice mailings and for paper publications to be finished. The initial sale date might be continued upon request of the lending institution or its attorney, or it may be continued by the Public Trustee only under legally-defined scenarios.

MAILINGS - By law, the general public Trustee need to send by mail notifications and information to persons/entities defined on the mailing notes supplied to the general public Trustee by the loan provider or its attorney. This notification sets out the time and date of the foreclosure sale. There are at least 2 mailings sent out to the mailing notes offered.

PUBLICATION - By law, the general public Trustee must release the sent by mail notice in a paper of general circulation within Larimer County. We presently publish in the Loveland Reporter-Herald. The notification must be released at least 5 consecutive weeks.

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

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 existing (plus all costs and costs of the lending institution, loan provider'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 arranged sale date. The Public Trustee's office then requests cure figures from the lender. Cure figures from the lending institution are because of the general public Trustee's workplace within 10 company days of the demand or by the 8th (8th) calendar day before the sale. Once treatment figures are gotten, the general public Trustee supplies those to the party who submitted the Intent to Cure. The remedy amount given works through the due date noted on the cure declaration. Funds must be submitted to the Public Trustee's Office by midday (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 parties entitled to cure may also be extended.

WITHDRAWAL - A foreclosure may be withdrawn (stopped) for a number of factors at the demand of the lending institution or its lawyer, or by the Public Trustee if the sale has actually been continued for too long a time period according to statute. A withdrawal is generally processed when a treatment 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 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 participate in that hearing. The function of the hearing is to offer the loan provider's attorney an opportunity to show to the judge that a "reasonable likelihood" 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 proof provided whether or not there is a reasonable probability that a default exists and then, if so, will get in an Order Authorizing Sale to allow the foreclosure action to continue. Before the general public Trustee's office might sell a residential or commercial property on the foreclosure sale date, it must have gotten from the 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 midday (12:00 pm Mountain Time) two business days prior to the arranged foreclosure sale date. A bid usually includes the impressive principal amount, interest due, and statutorily-allowable charges and expenses from the lawyer and Public Trustee. Bids submitted on time might be amended the day before the sale. If a preliminary composed quote from the loan provider is not received prompt for a foreclosure set to go to sale, the foreclosure sale is continued for at least one week.

DEFICIENCY AMOUNT - Foreclosing lending institutions need to send 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 "deficiency quantity" shows 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 loan provider might try to collect the deficiency quantity personally against the borrower through a separate court action because the deficiency quantity is NOT extinguished by the foreclosure.

ACTUAL SALE DATE - This is when the residential or commercial property is really offered at the foreclosure auction sale. Once the sale is actually held, several due dates start to run.

3RD PARTY BIDDER - If somebody besides the foreclosing lender (typically described as a "third party bidder") bids more than the initial written quote sent by the foreclosing lending institution, that is an overbid. The effective third celebration bidder should submit certified funds by 2:00 pm (Mountain Time) the day of the sale through 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 lender and to all other lien holders, the customer at the time the foreclosure was begun should call 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 issues this file 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 taped 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 needs to submit a Notification 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 deadline for a redemption to be made by a junior lienor who has actually submitted an Intent to Redeem kind and been provided redemption figures. A redemption requires that all funds owing to the foreclosing lending institution or holder of the Certificate of Purchase (COP), including lawyer's costs and costs and Public Trustee's charges and expenses, be paid completely. If a residential or commercial property is redeemed before the due date ends, a Certificate of Redemption (COR) will be released. Once the COR has been issued by the Public Trustee, it is assignable to someone else at the alternative 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 expired and no redemption has been made (or a redemption has been made and a Certificate of Redemption has actually been issued and recorded), the 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 workplace and transfers title to the residential or commercial property from the previous owners (customers) to the brand-new owner. A Confirmation Deed Request form must be completed by the Certificate of Purchase or Certificate of Redemption holder.

RESCISSION - The loan provider or its attorney might rescind (space) the foreclosure sale after it has taken place. In order to rescind the sale, the foreclosing lender should be the effective bidder at the foreclosure sale and the holder of the Certificate of Purchase, and a notice needs to be offered to the Public Trustee no behind 8 service 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 notice of foreclosure, the U.S. Bankruptcy Court will generally release a stay order needing that the foreclosure action not be continued till more notification from the court. The foreclosure sale extends week to week up until the Bankruptcy Court does something about it. 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 cured by bringing the payments and fees existing. An Intent to Cure need to be filed with the Public Trustee's Office (there is no charge to file) at least 15 days before the Sale is arranged. The quantity needed to cure a foreclosure is figured out by the loan provider. The money needs to be gotten by the deadline listed on the cure declaration that is provided to you. The last day fund may be sent to the Public Trustee's Office is by twelve noon the day before the sale.

2. Does the Larimer County Public Trustee perform seminars concerning the foreclosure procedure?
We do not carry out workshops worrying the foreclosure procedure. Instead, we have compiled this web website as a tool to advise residents thinking about finding out about the foreclosure procedure. We are delighted to answer your questions you have or supply extra resources if offered. For property owners in foreclosure, please examine the Foreclosure Counseling Resources. We do not offer legal suggestions.

3. Where can I obtain information about other taped liens existing versus this residential or commercial property?
Information worrying other liens taped versus 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 contacting their workplace at (970) 498-7860.

4. When is the sales list offered?
An initial sales list is posted 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 offered on the Auction Calendar at larimer.realforeclose.com.

5. When and where are the general public Trustee Sales conducted?
Sales are held quickly 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 needed 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 types for both the bidder deposits and the final payment by the successful bidder.

Treasurer & Public Trustee - Contact Us

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