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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 process is stated in Title 38, Article 38 of the Colorado Revised Statutes. Those statutes are available in a lot of town libraries in addition to online at https://leg.colorado.gov/agencies/office-legislative-legal-services/colorado-revised-statutes.

Below you will find some meanings of foreclosure terms you may see while using our Foreclosure Search or on other products related to the foreclosure process. Our office does not provide legal recommendations.

DEED OF TRUST - In Colorado, a mortgage is normally called a Deed of Trust and that file is signed and recorded at the time the residential or commercial property is bought and funded. The Deed of Trust offers the Public Trustee the right to offer the residential or commercial property through foreclosure proceedings if the debtor 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.
RATES OF INTEREST - The portion rate shown might be the original rates of interest on the loan and may not show the default rate of interest. Default rate of interest usually enter into effect when payments on the loan are in financial obligations or unpaid.
CURRENT BENEFICIARY - It is a common practice for mortgage companies to “sell” loans to other loan providers or pools of lenders. The existing loan provider (or recipient) of a loan will often not be the mortgage business that made the loan when the residential or commercial property was at first bought.
NED RECORDED - The Notice of Election & Demand for Foreclosure (NED) is the very first file the Public Trustee’s office 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 developed 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 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 only under legally-defined situations.
MAILINGS - By law, the general public Trustee should send by mail notices and info to persons/entities defined on the mailing lists supplied to the general public Trustee by the lending institution or its attorney. This notice sets out the time and date of the foreclosure sale. There are at least 2 mailings sent to the mailing lists supplied.
PUBLICATION - By law, the Public Trustee need to publish the mailed notice in a paper of general flow within Larimer County. We presently publish in the Loveland Reporter-Herald. The notice should be released at least 5 consecutive weeks.
CONTINUANCE - The scheduled sale date may be continued (delayed) at the demand of the loan provider or its attorney, or it might be continued by the Public Trustee, for legally-defined factors.
CURE - A cure 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 individual) thinks they can bring the past-due payments current (plus all charges and expenses of the loan provider, lender’s attorney, and Public Trustee), they need to file with the general public Trustee’s office a Notification of Intent to Cure a minimum of 15 days prior to the scheduled sale date. The general public Trustee’s workplace then demands cure figures from the lending institution. Cure figures from the loan provider are because of the general public Trustee’s workplace within 10 business days of the demand or by the 8th (8th) calendar day before the sale. Once remedy figures are gotten, the Public Trustee provides those to the celebration who filed the Intent to Cure. The cure quantity given works through the deadline listed on the remedy 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 set up sale date is continued to a later date, the deadline to submit an Intent to Cure by those celebrations entitled to treat might also be extended.
WITHDRAWAL - A foreclosure might be withdrawn (stopped) for several factors at the request of the loan provider or its lawyer, or by the Public Trustee if the sale has actually been continued for too long a duration of time based on statute. A withdrawal is typically processed when a cure 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 lawyer submits 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 may go to that hearing. The purpose of the hearing is to offer the lender’s lawyer a chance to prove to the judge that a “affordable 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 evidence presented whether or not there is a reasonable possibility that a default exists and then, if so, will enter an Order Authorizing Sale to allow the foreclosure action to continue. Before the general public Trustee’s workplace might offer a residential or commercial property on the foreclosure sale date, it needs to have gotten from the loan provider’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 arranged foreclosure sale date. A bid generally includes the exceptional principal amount, interest due, and statutorily-allowable costs and expenses from the attorney and Public Trustee. Bids sent on time may be changed 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 loan providers need to submit bids that they think are a reflection of the residential or commercial property’s worth 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 “deficiency quantity” shows the distinction. If the residential or commercial property is cost less than the quantity owed on the loan at the time of sale (plus all costs and fees), the loan provider might try to gather the shortage amount personally versus the debtor through a separate court action since the shortage quantity is NOT extinguished by the foreclosure.
ACTUAL SALE DATE - This is when the residential or commercial property is really cost the foreclosure auction sale. Once the sale is in fact held, several deadlines begin to run.
3RD PARTY BIDDER - If someone besides the foreclosing loan provider (usually referred to as a “3rd party bidder”) bids more than the initial written quote sent by the foreclosing loan provider, that is an overbid. The effective third party bidder must send licensed funds by 2:00 pm (Mountain Time) the day of the sale by means of wire, money or accredited check.
OVERBID AMOUNT OR EXCESS PROCEEDS - If the residential or commercial property goes to foreclosure auction sale and is bought for MORE than the TOTAL OWED to the loan provider and to all other lien holders, the debtor at the time the foreclosure was begun ought to contact the general public Trustee’s office AFTER THE SALE takes place since they MAY have funds due to them.
CERTIFICATE OF PURCHASE (COP) - The Public Trustee problems this document to the successful 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 workplace and made a public record. The interest under the Certificate of Purchase is totally 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 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 Notification of Intent to Redeem within eight (8) organization days of the sale. Lienors thinking about exercising their legal rights on a foreclosure residential or commercial property are highly encouraged to seek advice from with 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 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 fees and costs and Public Trustee’s charges and costs, be paid in complete. If a residential or commercial property is redeemed before the due date expires, a Certificate of Redemption (COR) will be released. Once the COR has actually been released by the Public Trustee, it is assignable to someone else at the choice 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 ended and no redemption has been made (or a redemption has been made and a Certificate of Redemption has actually been issued and tape-recorded), the general 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 workplace and transfers title to the residential or commercial property from the previous owners (customers) to the brand-new owner. A Confirmation Deed Request type should 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 occurred. In order to rescind the sale, the foreclosing loan provider needs to be the successful bidder at the foreclosure sale and the holder of the Certificate of Purchase, and a notice must be provided to the Public Trustee no later on than 8 business days after the date of the foreclosure sale.
BANKRUPTCY/ RESTART - When a borrower files an Insolvency Petition prior to or during publication of the notice of foreclosure, the U.S. Bankruptcy Court will usually provide a stay order needing that the foreclosure action not be continued till additional notification from the court. The foreclosure sale extends week to week up until the Bankruptcy Court takes action. If the Bankruptcy Court subsequently releases an order approving relief from the stay order, then the foreclosure may be restarted.
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 costs present. An Intent to Cure need to be filed with the Public Trustee’s Office (there is no cost to file) at least 15 days before the Sale is scheduled. The amount needed to cure a foreclosure is figured out by the lending institution. The money should be gotten by the due date noted on the treatment statement that is offered to you. The last day fund might be sent to the Public Trustee’s Office is by midday the day before the sale.

2. Does the Larimer County Public Trustee perform seminars worrying the foreclosure process? We do not carry out workshops worrying the foreclosure procedure. Instead, we have actually assembled this web site as a tool to advise residents interested in learning more about the foreclosure procedure. We are pleased to address your questions you have or provide additional resources if readily available. For property owners in foreclosure, please evaluate the Foreclosure Counseling Resources. We do not offer legal guidance.

3. Where can I obtain information about other taped liens existing versus this residential or commercial property? Information concerning other liens recorded against the residential or commercial property can be gotten 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 offered? An initial sales list is posted on Monday afternoon after 2:00 pm and updated once again Tuesday afternoon prior to the Wednesday early 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 immediately at 10:00 am (Mountain Time) each Wednesday (except County vacations) online at larimer.realforeclose.com. You should 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 required to bid at a Public Trustee sale? Acceptable kinds of payment are ACH to Realforeclose or Wire to the general . These are the only acceptable forms 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.