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Irene Josey

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 the majority 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 definitions of foreclosure terms you might see while using our Foreclosure Search or on other products associated with the foreclosure procedure. Our workplace does not supply legal recommendations.

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 funded. The Deed of Trust provides the Public Trustee the right to offer the residential or commercial property through foreclosure procedures if the borrower defaults on the regards to the Deed of Trust or Promissory Note (non-payment or other default).
LOAN TYPE - Some various kinds of loans are: Conventional, VA, FHA, and Unknown.
INTEREST RATE - The portion rate shown may be the initial rates of interest 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 unpaid.
CURRENT BENEFICIARY - It is a common practice for mortgage business to "offer" loans to other loan providers or pools of lenders. The current lending institution (or recipient) of a loan will regularly 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 very first document the Public Trustee's workplace receives from the lender or its lawyer. This is 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 in between 110 and 125 days after the NED is taped to allow time for legal notice mailings and for newspaper publications to be completed. The original sale date may be continued upon request of the loan provider or its lawyer, or it might be continued by the Public Trustee only under legally-defined scenarios.
MAILINGS - By law, the general public Trustee should send by mail notices and information to persons/entities defined on the mailing notes offered 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 two mailings sent to the mailing notes provided.
PUBLICATION - By law, the general public Trustee should publish the sent by mail notification in a newspaper of general circulation within Larimer County. We currently publish in the Loveland Reporter-Herald. The notification should be released at least 5 successive weeks.
CONTINUANCE - The arranged sale date may be continued (delayed) at the demand of the lending institution or its lawyer, or it might be continued by the Public Trustee, for legally-defined factors.
CURE - A remedy might be made prior to the foreclosure sale only by certain people/entities who have a legal right to treat 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 fees and expenses of the lender, lending institution's attorney, and Public Trustee), they need to file with the general public Trustee's office a Notification of Intent to Cure at least 15 days prior to the scheduled sale date. The Public Trustee's office then demands treat figures from the lending institution. Cure figures from the lending institution are because of the Public Trustee's workplace within 10 organization days of the request or by the eighth (8th) calendar day before the sale. Once remedy figures are received, the general public Trustee provides those to the celebration who submitted the Intent to Cure. The remedy quantity given is reliable through the deadline listed on the remedy statement. Funds need to be sent to the general public Trustee's Office by twelve 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 due date to submit an Intent to Cure by those celebrations entitled to cure might also be extended.
WITHDRAWAL - A foreclosure may be withdrawn (stopped) for a number of reasons at the demand of the lender or its lawyer, or by the Public Trustee if the sale has actually been continued for too long a duration of time according to statute. A withdrawal is usually processed when a cure is made so that the foreclosure does not go forward.
RULE 120 COURT ACTION and ORDER AUTHORIZING SALE (OAS) - When a loan is described a lawyer for a foreclosure action, the attorney files a court action under Rule 120 of the Colorado Rules of Civil Procedure. The borrowers/owners are notified of the date and time for the court hearing and may go to that hearing. The function of the hearing is to provide the loan provider's attorney a chance to prove to the judge that a "sensible likelihood" exists that the loan is in default. If the borrower/owner does NOT appear at the court hearing, the court will consider from the proof provided whether there is a reasonable probability that a default exists and then, if so, will enter an Order Authorizing Sale to allow the foreclosure action to proceed. Before the Public Trustee's office may sell a residential or commercial property on the foreclosure sale date, it must have gotten from the loan provider's attorney a signed copy of the Order Authorizing Sale. Any foreclosure sale made without that Order is void.
BID AMOUNT OR AMENDED BID - A preliminary written quote is due from the foreclosing lender/holder by noon (12:00 pm Mountain Time) 2 company days prior to the set up foreclosure sale date. A bid generally consists of the outstanding principal amount, interest due, and statutorily-allowable charges and costs from the attorney and Public Trustee. Bids sent on time might be modified the day before the sale. If an initial written bid from the lending institution is not received timely for a foreclosure set to go to sale, the foreclosure sale is continued for a minimum of one week.
DEFICIENCY AMOUNT - Foreclosing lenders should submit bids 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 quantity 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 costs), the lending institution might try to gather the shortage quantity personally versus the borrower through a separate court action due to the fact that the deficiency quantity is NOT snuffed out by the foreclosure.
ACTUAL SALE DATE - This is when the residential or commercial property is actually cost the foreclosure auction sale. Once the sale is really held, several deadlines begin to run.
3RD PARTY BIDDER - If somebody other than the foreclosing lender (normally referred to as a "3rd party bidder") quotes more than the preliminary composed bid submitted by the foreclosing lending institution, that is an overbid. The effective third party bidder must submit licensed funds by 2:00 pm (Mountain Time) the day of the sale by means of wire, cash or licensed 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 loan provider and to all other lien holders, the customer at the time the foreclosure was begun ought to get in touch with the Public Trustee's workplace AFTER THE SALE happens because they MAY have funds due to them.
CERTIFICATE OF PURCHASE (COP) - The Public Trustee issues this document to the successful 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 office 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 might 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 should submit 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 encouraged to speak with a lawyer.
LAST DATE TO REDEEM/ REDEMPTION - This is the due date 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 lending institution or holder of the Certificate of Purchase (COP), consisting of attorney's fees and costs and Public Trustee's fees and expenses, be paid in full. If a residential or commercial property is redeemed before the due date ends, a Certificate of Redemption (COR) will be provided. Once the COR has actually been provided by the Public Trustee, it is assignable to somebody else at the alternative of the holder. Ultimately, the last COR issued 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 actually expired and no redemption has actually been made (or a redemption has actually been made and a Certificate of Redemption has actually been released and taped), 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 recorded with the Clerk & Recorder's office and transfers title to the residential or commercial property from the previous owners (borrowers) to the brand-new owner. A Verification Deed Request kind ought to be completed by the Certificate of Purchase or Certificate of Redemption holder.
RESCISSION - The loan provider or its attorney may rescind (space) the foreclosure sale after it has actually taken location. In order to rescind the sale, the foreclosing loan provider should 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 general public Trustee no later on than 8 business days after the date of the foreclosure sale.
BANKRUPTCY/ RESTART - When a customer files an Insolvency Petition prior to or during publication of the notification of foreclosure, the U.S. Bankruptcy Court will usually provide a stay order needing that the foreclosure action not be continued till more notification from the court. The foreclosure sale extends week to week until the Bankruptcy Court acts. If the Bankruptcy Court consequently releases an order approving remedy for the stay order, then the foreclosure might 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 Public Trustee's Office (there is no charge to file) a minimum of 15 days before the Sale is arranged. The amount required to treat a foreclosure is figured out by the loan provider. The money needs to be gotten by the deadline noted on the remedy statement that is supplied to you. The last day fund may be sent to the general public Trustee's Office is by noon the day before the sale.

2. Does the Larimer County Public Trustee perform workshops worrying the foreclosure process? We do not perform seminars worrying the foreclosure procedure. Instead, we have compiled this web website as a tool to instruct residents interested in learning about the foreclosure process. We are pleased to address your concerns you have or supply additional resources if offered. For property owners in foreclosure, please examine the Foreclosure Counseling Resources. We do not use legal guidance.

3. Where can I obtain details about other tape-recorded liens existing versus this residential or ? Information concerning other liens recorded versus the residential or commercial property can be acquired by browsing public records on the Larimer County Clerk and Recorder's site at https://www.larimer.gov/clerk/recording/easy-access or by calling 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 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 general public Trustee Sales carried out? Sales are held promptly at 10:00 am (Mountain Time) each Wednesday (other than County vacations) online at larimer.realforeclose.com. You must sign up 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 type of funds are required to bid at a Public Trustee sale? Acceptable forms 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 successful bidder.

Treasurer & Public Trustee - Contact Us

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