NED RECORDED - The notice of Election & Demand for Foreclosure (NED) is the FIRST record the Public Trustee's workplace receives from the lender or its lawyer. This is tape-recorded with the Clerk & Recorder's workplace and the foreclosure is formally started at this time.

DEED OF TRUST - In Colorado, a mortgage is usually called a "Deed of Trust" and that document is signed and recorded at the time the residential or commercial property is bought and financed. The Deed of Trust gives the Public Trustee the right to sell the residential or commercial property through foreclosure procedures if the customer defaults on the regards to the Deed of Trust or Promissory Note (non-payment or other default).

ORIGINAL SALE DATE - When a foreclosure is be gun after 1/1/08, a sale date is established someplace between 110 and 125 days after the NED is taped to permit time for legal notice mailings and for paper publications to be completed. The initial sale date may be continued upon demand of the loan provider or its attorney or might be continued by the Public Trustee (but just under legally-defined circumstances).

ACTUAL SALE DATE - This is when the residential or commercial property is actually sold at the Foreclosure Auction Sale. Once the Sale is really held, several due dates start to run.

LOAN TYPE - Some various kinds of loans are: Conventional, VA, FHA or Unknown.

RATES OF INTEREST - The portion rate revealed may be the ORIGINAL rates of interest on the loan and might not reflect the DEFAULT rate of interest on the loan. Default rates of interest normally go into impact 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 swimming pools of lenders. The present lending institution (or recipient) of a loan will frequently not be the mortgage company that made the loan when the residential or commercial property was initially purchased.

CERTIFICATE OF PURCHASE - The Public Trustee problems this file to the effective 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 workplace and made a public record.

LAST DATE TO REDEEM - This is the deadline for a redemption to be made - a redemption requires that ALL funds owing to the foreclosing lending institution or holder of the Certificate of Purchase, including lawyer's charges and expenses and Public Trustee's costs and costs, be paid in complete. If a residential or commercial property is redeemed before the due date ends, a Certificate of Redemption will be issued and ultimately the holder of the last Certificate of Redemption provided will get ownership of the residential or commercial property through a Public Trustee's Confirmation Deed. NOTE: For all cases started after 1/1/08 the residential or commercial property owner NO LONGER HAS A RIGHT TO REDEEM the residential or commercial property after the Foreclosure Sale.

BID AMOUNT, PENDING BID and BIDDER INFORMATION - These terms show the person/entity sending a written bid (typically the foreclosing lending institution), the date the quote was officially made and the quantity of the quote. Written quotes are due from the foreclosing lender by noon TWO BUSINESS DAYS prior to the Foreclosure Sale date and that details is published on the Public Trustee's website no behind Tuesday night prior to the Sale Date.

DEFICIENCY AMOUNT - Foreclosing lenders must 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 "deficiency amount" shows the difference. 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 charges) the lending institution might try to collect the deficiency amount personally versus the debtor through a different court action since the deficiency quantity is NOT snuffed out by the foreclosure.

OVERBID AMOUNT - If somebody aside from the foreclosing loan provider appears face to face at the Foreclosure Auction Sale and goes into a quote for a minimum of $1.00 more than the composed quote submitted by the foreclosing lender, that is an "overbid" and the person entering it is called an "over bidder."

OVERBID 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 lending institution and to all other lien holders, the owner of the residential or commercial property at the time the foreclosure was begun must contact the Public Trustee's office AFTER THE SALE occurs due to the fact that he/she MAY have funds due to him/her.

CONTINUANCE - The Foreclosure Sale Date may be continued at the request of the loan provider or its lawyer, or it might be continued by the Public Trustee, for legally-defined reasons.

CURE - A "remedy" is made PRIOR TO THE FORECLOSURE SALE by only specific 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 he can bring the past-due payments existing (plus all fees and expenses of the loan provider, loan provider's attorney and Public Trustee), he should submit with the Public Trustee's office a Notification of Intent to Cure AT LEAST 15 days prior to the scheduled Sale Date.The Public Trustee's workplace then requests a "treatment" figure from the lender and supplies that to the party submitting the Notice of Intent to treat. The owner (or other legally-entitled person) has ONLY UNTIL 12:00 NOON on the day PRIOR to Sale Date to pay all funds necessary to treat the default. If the sale date is CONTINUED to a later date, the due date to file a Notice of Intent to Cure by those celebrations entitled to treat might also be extended.

- Since the residential or commercial property owner NO LONGER HAS A RIGHT TO REDEEM the residential or commercial property AFTER the Foreclosure Sale, the chance to keep the residential or commercial property and leave foreclosure is through a "treatment.".
DEED or CONFIRMATION DEED - Once all redemption periods have actually expired and no redemption has actually been made (or a redemption has actually been made and a Certificate of Redemption has been provided and taped), the Public Trustee may release a Public Trustee's Confirmation Deed to the holder of the Certificate of or the holder of the last-issued Certificate of Redemption. The Deed is then tape-recorded with the Clerk & Recorder's workplace and transfers title to the residential or commercial property from the previous owners (borrowers) to the brand-new owner.

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 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 residential or commercial property in foreclosure, a lienor must file a Notice of Intent to Redeem within the time defined by law. Lienors thinking about exercising their legal rights on a foreclosure residential or commercial property are highly recommended to speak with an attorney.

MAILINGS - By law, the Public Trustee need to mail notifications and details to persons/entities specified on the mailing lists supplied to the Public Trustee by the loan provider or its attorney.

REDEMPTION - A "redemption" is made AFTER the Foreclosure Auction Sale takes location and has actually numerous deadlines related to it. If a redemption is made, a Certificate of Redemption is released by the Public Trustee's office. Once the Certificate of Redemption has actually been released by the Public Trustee, it is assignable to somebody else at the alternative of the holder. The residential or commercial property owner NO LONGER HAS A RIGHT TO REDEEM the residential or commercial property AFTER the Foreclosure Sale.

PUBLICATION - By law, the Public Trustee need to publish a Notification or Combined Notice in a newspaper of basic blood circulation within Larimer County. The Notice needs to be released at least 5 successive times over a period of one month.

RESCISSION - The lender or its attorney might "rescind" (or space) the foreclosure sale after it has actually happened. In order to rescind the sale, the foreclosing lending institution should be the successful bidder at the Foreclosure Sale and the holder of the Certificate of Purchase and a notification must be offered to the Public Trustee no behind 8 service days after the date of the Foreclosure Sale.

RESTART - When a debtor submits 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 until more notice from the court. If the Bankruptcy Court subsequently issues an order approving "relief" from the stay order, then the foreclosure might be restarted.

WITHDRAWAL - A foreclosure might be withdrawn (or stopped) for numerous factors 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 based on statute. A withdrawal is normally constantly processed when a cure is made so that the foreclosure does not go forward.

RULE 120 COURT ACTION and ORDER AUTHORIZING SALE - When a loan is referred to an attorney for a foreclosure action, the lawyer files 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 participate in that Court hearing. The function of the hearing is to offer the loan provider'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 think about from the proof provided whether there is an affordable likelihood that a default exists and then, if so, will go into an Order Authorizing Sale to allow the foreclosure action to proceed. Before the Public Trustee's office might offer a residential or commercial property on the Foreclosure Sale Date, it should have gotten from the lender's lawyer appointed copy of the Order Authorizing Sale. Any Foreclosure Sale made without that Order is void.

ELIGIBLE FOR DEFERMENT or DEFERRED - a property/foreclosure case might be qualified for deferment (as figured out by the loan provider or its attorney) if it satisfies the criteria of Colorado's Foreclosure Deferment Program (House Bill 09-1276 and House Bill 10-1240). If the residential or commercial property might be eligible, a NOTICE is to be published on the residential or commercial property itself. In order for the property/foreclosure to be considered to be DEFERRED or IN DEFERMENT it must be licensed by a HUD-approved therapist after that therapist has actually sought advice from with the residential or commercial property owner and figured out that certification is appropriate. If a foreclosure case remains in DEFERMENT and the borrower/property owner abides by all of the terms of the deferment, the sale date for the foreclosure auction might be continued for approximately 90 days to allow time for the borrower/property owner to deal with the lending institution on a loan modification contract.