NED RECORDED - The notification of Election & Demand for Foreclosure (NED) is the FIRST record the Public Trustee's office receives from the loan provider or its lawyer. This is taped with the Clerk & Recorder's office and the foreclosure is officially started at this time.

DEED OF TRUST - In Colorado, a mortgage is generally called a "Deed of Trust" and that document is signed and taped at the time the residential or commercial property is purchased and funded. The Deed of Trust gives the general public Trustee the right to sell the residential or commercial property through foreclosure proceedings if the borrower defaults on the terms of the Deed of Trust or Promissory Note (non-payment or other default).

ORIGINAL SALE DATE - When a foreclosure is be weapon after 1/1/08, a sale date is developed someplace in between 110 and 125 days after the NED is recorded to permit time for legal notice mailings and for newspaper publications to be completed. The initial sale date may be continued upon request of the lending institution or its attorney or might be continued by the Public Trustee (but just under legally-defined scenarios).

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, a number of due dates begin to run.

LOAN TYPE - Some different types of loans are: Conventional, VA, FHA or Unknown.

RATES OF INTEREST - The portion rate revealed might be the ORIGINAL rates of interest on the loan and might not reflect the DEFAULT rates of interest on the loan. Default interest rates typically go into result when payments on the loan are in arrears or unpaid.

CURRENT BENEFICIARY - It is a common practice for mortgage companies to "sell" loans to other lending institutions or swimming pools of loan providers. The current loan provider (or beneficiary) of a loan will often not be the mortgage company that made the loan when the residential or commercial property was initially acquired.

CERTIFICATE OF PURCHASE - The Public Trustee problems this file to the successful bidder at the Foreclosure Sale to reveal that the effective bidder has an interest in the residential or commercial property. It is recorded with the Clerk & Recorder's office and made a public record.

LAST DATE TO REDEEM - This is the due date 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 attorney's charges and costs and Public Trustee's charges and costs, be paid in complete. If a residential or commercial property is redeemed before the deadline ends, a Certificate of Redemption will be provided and eventually the holder of the last Certificate of Redemption released will get ownership of the residential or commercial property through a Public Trustee's Confirmation Deed. NOTE: For all cases began 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 composed quote (generally the foreclosing lending institution), the date the quote was formally made and the amount of the bid. Written quotes are due from the foreclosing lending institution by twelve noon TWO BUSINESS DAYS prior to the Foreclosure Sale date which info is posted on the Public Trustee's site no behind Tuesday evening prior to the Sale Date.

DEFICIENCY AMOUNT - Foreclosing lending institutions must send quotes that they think are a reflection of the residential or commercial property's worth at the time of the Foreclosure Sale. If the lender feels the residential or commercial property deserves less than the amount owed on it, the "shortage quantity" reflects the distinction. If the residential or commercial property is cost less than the amount owed on the loan at the time of sale (plus all costs and charges) the lending institution might attempt to gather the deficiency amount personally versus the debtor through a separate court action because the shortage amount is NOT snuffed out by the foreclosure.

OVERBID AMOUNT - If someone besides the foreclosing lending institution 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 loan provider, 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 bought 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 started should call the general public Trustee's office AFTER THE SALE takes place since he/she MAY have funds due to him/her.

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

CURE - A "treatment" is made PRIOR TO THE FORECLOSURE SALE by just 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 person) thinks he can bring the past-due payments existing (plus all fees and costs of the loan provider, lending institution's lawyer and Public Trustee), he must file with the Public Trustee's workplace a Notice of Intent to Cure AT LEAST 15 days prior to the set up Sale Date.The Public Trustee's office then demands a "cure" figure from the loan provider and supplies that to the celebration 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 required to cure the default. If the sale date is CONTINUED to a later date, the deadline to submit a Notification of Intent to Cure by those celebrations entitled to treat may likewise 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 durations have actually ended and no redemption has been made (or a redemption has been made and a Certificate of Redemption has been provided and taped), 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 office and transfers title to the residential or commercial property from the previous owners (customers) to the new owner.

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 might 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 the time defined by law. Lienors thinking about exercising their legal rights on a foreclosure residential or commercial property are strongly recommended to speak with a lawyer.

MAILINGS - By law, the Public Trustee must mail notifications and info to persons/entities specified on the mailing notes supplied to the Public Trustee by the lender or its lawyer.

REDEMPTION - A "redemption" is made AFTER the Foreclosure Auction Sale takes place and has actually a number of due dates associated with it. If a redemption is made, a Certificate of Redemption is issued by the Public Trustee's workplace. Once the Certificate of Redemption has actually been provided by the Public Trustee, it is assignable to another person at the option 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 general public Trustee need to release a Notification or Combined Notice in a newspaper of basic circulation within Larimer County. The Notice needs to be published at least 5 consecutive times over a duration of one month.

RESCISSION - The lender or its attorney may "rescind" (or void) the foreclosure sale after it has happened. In order to rescind the sale, the foreclosing loan provider should be the successful bidder at the Foreclosure Sale and the holder of the Certificate of Purchase and a notice must be offered to the general public Trustee no later on than 8 business days after the date of the Foreclosure Sale.

RESTART - When a borrower submits a Bankruptcy Petition prior to or throughout publication of the notification of foreclosure, the U.S. Bankruptcy Court will typically provide a "stay order" requiring that the foreclosure action not be continued up until more notice from the court. If the Bankruptcy Court subsequently releases an order approving "relief" from the stay order, then the foreclosure might be restarted.

WITHDRAWAL - A foreclosure may be withdrawn (or 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 an amount of time according to statute. A withdrawal is normally always processed when a remedy is made so that the foreclosure does not move forward.

RULE 120 COURT ACTION and ORDER AUTHORIZING SALE - When a loan is described a lawyer for a foreclosure action, the lawyer 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 participate in that Court hearing. The purpose of the hearing is to supply the lender's lawyer an opportunity 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 think about from the evidence provided whether there is a sensible possibility that a default exists and after that, if so, will get in 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 must have received from the lender's attorney appointed copy of the Order Authorizing Sale. Any Foreclosure Sale made without that Order is invalid.

ELIGIBLE FOR DEFERMENT or DEFERRED - a property/foreclosure case might be qualified for deferment (as determined by the loan provider or its lawyer) if it fulfills the criteria of Colorado's Foreclosure Deferment Program (House Bill 09-1276 and House Bill 10-1240). If the residential or commercial property may be eligible, a notification is to be posted 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 accredited by a HUD-approved therapist after that therapist has spoken with the residential or commercial property owner and determined that qualification is appropriate. If a foreclosure case remains in DEFERMENT and the borrower/property owner adheres to all of the terms of the deferment, the sale date for the foreclosure auction may be continued for approximately 90 days to enable time for the borrower/property owner to deal with the lending institution on a loan modification agreement.