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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 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 utilizing our Foreclosure Search or on other products connected to the foreclosure procedure. Our office does not offer legal advice.

DEED OF TRUST - In Colorado, a mortgage is usually 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 general public Trustee the right to offer 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 different types of loans are: Conventional, VA, FHA, and Unknown.
INTEREST RATE - The portion rate revealed may be the original rates of interest on the loan and might not reflect the default interest rate. Default rate of interest generally enter into effect when payments on the loan are in financial obligations or overdue.
CURRENT BENEFICIARY - It is a typical practice for mortgage business to "offer" loans to other lenders or pools of loan providers. The existing lender (or beneficiary) of a loan will frequently 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 first file the Public Trustee's office gets from the loan provider or its attorney. This is tape-recorded with the Clerk & Recorder's workplace 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 taped to enable time for legal notification mailings and for newspaper publications to be finished. The initial sale date may be continued upon demand of the lender 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 details to persons/entities specified on the mailing notes offered to the Public Trustee by the lending institution or its lawyer. This notification sets out the time and date of the foreclosure sale. There are at least two mailings sent to the mailing lists offered.
PUBLICATION - By law, the Public Trustee must release the sent by mail notice in a newspaper of general flow within Larimer County. We currently release in the Loveland Reporter-Herald. The notification should be released a minimum of 5 consecutive weeks.
CONTINUANCE - The arranged sale date may be continued (delayed) at the demand of the lending institution or its attorney, or it might be continued by the Public Trustee, for legally-defined reasons.
CURE - A cure might be made prior to the foreclosure sale just 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 individual) believes they can bring the past-due payments current (plus all costs and expenses of the lending institution, loan provider's lawyer, and Public Trustee), they should 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 loan provider. Cure figures from the lender are due to 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 Public Trustee offers those to the party who submitted the Intent to Cure. The cure quantity provided is efficient through the deadline noted on the remedy declaration. Funds must be sent to the Public Trustee's Office by twelve noon (12:00 pm Mountain Time) the day before the arranged sale date. If the scheduled sale date is continued to a later date, the due date to file an Intent to Cure by those celebrations entitled to treat may likewise be extended.
WITHDRAWAL - A foreclosure might be withdrawn (stopped) for several factors at the demand of the lender or its lawyer, 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 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 a lawyer for a foreclosure action, the lawyer 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 might attend that hearing. The purpose of the hearing is to supply the lender's attorney a chance to show to the judge that a "sensible possibility" 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 presented whether there is a sensible likelihood 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 workplace may sell a residential or commercial property on the foreclosure sale date, it should have received from the lender's attorney a signed copy of the Order Authorizing Sale. Any foreclosure sale made without that Order is invalid.
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 quote usually consists of the exceptional principal amount, interest due, and statutorily-allowable costs and costs from the attorney and Public Trustee. Bids sent on time may be modified the day before the sale. If an initial written bid from the lender 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 lending institutions need to send 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 "shortage amount" reflects the distinction. If the residential or commercial property is sold for less than the quantity owed on the loan at the time of sale (plus all costs and costs), the lending institution may attempt to collect the deficiency quantity personally versus the borrower through a different court action due to the fact that the shortage quantity is NOT snuffed out by the foreclosure.
ACTUAL SALE DATE - This is when the residential or commercial property is in fact cost the foreclosure auction sale. Once the sale is in fact held, several due dates start to run.
THIRD PARTY BIDDER - If somebody aside from the foreclosing lender (typically described as a "3rd party bidder") bids more than the preliminary written quote sent by the foreclosing lending institution, that is an overbid. The successful 3rd party bidder need to send qualified funds by 2:00 pm (Mountain Time) the day of the sale through wire, cash or accredited 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 lender and to all other lien holders, the debtor at the time the foreclosure was started ought to 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 problems this file 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 recorded with the Clerk & Recorder's office 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 need to have a documented interest in the residential or commercial property being foreclosed prior to the NED recording date. In order to redeem the or commercial property in foreclosure, a lienor should file a Notice 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 strongly advised 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 filed an Intent to Redeem kind and been provided redemption figures. A redemption needs that all funds owing to the foreclosing lending institution or holder of the Certificate of Purchase (COP), consisting of attorney's costs and costs and Public Trustee's fees and costs, be paid completely. 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 been released by the Public Trustee, it is assignable to somebody else at the choice of the holder. Ultimately, the last COR provided 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 ended and no redemption has actually been made (or a redemption has been made and a Certificate of Redemption has been released and taped), the 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 taped with the Clerk & Recorder's workplace and transfers title to the residential or commercial property from the previous owners (debtors) to the brand-new owner. A Confirmation Deed Request type need to be finished by the Certificate of Purchase or Certificate of Redemption holder.
RESCISSION - The lender or its lawyer might rescind (space) the foreclosure sale after it has actually happened. In order to rescind the sale, the foreclosing loan provider must 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 later than 8 organization days after the date of the foreclosure sale.
BANKRUPTCY/ RESTART - When a borrower submits a Personal bankruptcy Petition prior to or during publication of the notice of foreclosure, the U.S. Bankruptcy Court will generally provide a stay order requiring that the foreclosure action not be continued up until more notice from the court. The foreclosure sale extends week to week until the Bankruptcy Court does something about it. If the Bankruptcy Court consequently issues an order approving remedy for 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 cured by bringing the payments and charges current. An Intent to Cure should be submitted with the Public Trustee's Office (there is no cost to file) a minimum of 15 days before the Sale is scheduled. The amount required to treat a foreclosure is identified by the lender. The money needs to be received by the deadline noted on the remedy declaration that is supplied to you. The last day fund may be submitted to the Public Trustee's Office is by noon the day before the sale.

2. Does the Larimer County Public Trustee carry out seminars worrying the foreclosure process? We do not carry out seminars worrying the foreclosure process. Instead, we have actually assembled this web site as a tool to advise people interested in finding out about the foreclosure procedure. We more than happy to answer your questions you have or offer extra resources if available. For house owners in foreclosure, please examine the Foreclosure Counseling Resources. We do not offer legal guidance.

3. Where can I acquire information about other recorded liens existing against 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 office at (970) 498-7860.

4. When is the sales list readily available? A preliminary 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 also available on the Auction Calendar at larimer.realforeclose.com.

5. When and where are the Public Trustee Sales carried out? Sales are held promptly at 10:00 am (Mountain Time) each Wednesday (other than County holidays) online at larimer.realforeclose.com. You need to 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 intend on bidding.

6. What type of funds are needed 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.