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 recorded with the Clerk & Recorder's workplace and the foreclosure is officially begun at this time.

DEED OF TRUST - In Colorado, a mortgage is typically called a "Deed of Trust" which document is signed and tape-recorded at the time the residential or commercial property is acquired and funded. The Deed of Trust offers the Public Trustee the right to sell the residential or commercial property through foreclosure proceedings 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 weapon after 1/1/08, a sale date is established somewhere in between 110 and 125 days after the NED is taped to permit time for legal notice mailings and for paper publications to be finished. The initial sale date might be continued upon request of the lender or its lawyer or may be continued by the Public Trustee (but only under legally-defined circumstances).

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 due dates begin to run.

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

RATE OF INTEREST - The portion rate revealed might be the ORIGINAL interest rate on the loan and might not reflect the DEFAULT interest rate on the loan. Default rates of interest normally enter into result when payments on the loan are in financial obligations or past due.

CURRENT BENEFICIARY - It is a common practice for mortgage business to "sell" loans to other loan providers or pools of lending institutions. The existing lender (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 general public Trustee concerns this file to the effective bidder at the Foreclosure Sale to show that the effective bidder has an interest in the residential or commercial property. It is recorded 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 needs that ALL funds owing to the foreclosing lender or holder of the Certificate of Purchase, including attorney's fees and costs and Public Trustee's fees and costs, be paid completely. If a residential or commercial property is redeemed before the due date ends, a Certificate of Redemption will be provided and eventually 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 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 reflect the person/entity submitting a written quote (generally the foreclosing lender), the date the bid was formally made and the amount of the bid. Written quotes are due from the foreclosing lending institution by midday TWO BUSINESS DAYS prior to the Foreclosure Sale date and that info is published on the Public Trustee's site no later on than Tuesday night prior to the Sale Date.

DEFICIENCY AMOUNT - Foreclosing loan providers should submit bids that they think are a reflection of the residential or commercial property's value at the time of the Foreclosure Sale. If the loan provider feels the residential or commercial property deserves less than the quantity owed on it, the "shortage 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 fees) the loan provider might try to collect the deficiency quantity personally against the borrower through a separate court action due to the fact that the deficiency amount is NOT extinguished by the foreclosure.

OVERBID AMOUNT - If somebody aside from the foreclosing loan provider appears in person at the Foreclosure Auction Sale and gets in a quote for at least $1.00 more than the written bid 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 acquired 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 should get in touch with the general public Trustee's office AFTER THE SALE happens since he/she MAY have funds due to him/her.

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

CURE - A "remedy" is made PRIOR TO THE FORECLOSURE SALE by just 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 person) thinks he can bring the past-due payments existing (plus all charges and expenses of the loan provider, loan provider's lawyer and Public Trustee), he needs to submit 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 a "cure" figure from the lender and supplies that to the celebration filing the Notice of Intent to cure. The owner (or other legally-entitled individual) 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 due date to submit a Notice of Intent to Cure by those parties entitled to cure 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 opportunity to keep the residential or commercial property and leave foreclosure is through a "treatment.".


DEED or CONFIRMATION DEED - Once all redemption periods have expired and no redemption has actually been made (or a redemption has actually been made and a Certificate of Redemption has been provided and recorded), the Public Trustee might release 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 (customers) 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 needs to submit a Notice of Intent to Redeem within the time specified by law. Lienors thinking about exercising their legal rights on a foreclosure residential or commercial property are strongly recommended to seek advice from a lawyer.

MAILINGS - By law, the Public Trustee should send by mail notifications and information to persons/entities specified on the mailing notes supplied to the general public Trustee by the lending institution or its lawyer.

REDEMPTION - A "redemption" is made AFTER the Foreclosure Auction Sale happens and has actually several deadlines associated with it. If a redemption is made, a Certificate of Redemption is provided by the Public Trustee's office. Once the Certificate of Redemption has 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 general public Trustee need to publish a Notification or Combined Notice in a paper of general blood circulation within Larimer County. The Notice must be published at least 5 consecutive times over a period of one month.

RESCISSION - The lender or its lawyer might "rescind" (or void) the foreclosure sale after it has occurred. In order to rescind the sale, the foreclosing lending institution needs to be the effective 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 service days after the date of the Foreclosure Sale.

RESTART - When a borrower files a Personal bankruptcy Petition prior to or during publication of the notification of foreclosure, the U.S. Bankruptcy Court will usually release a "stay order" requiring that the foreclosure action not be continued up until additional notice from the court. If the Bankruptcy Court subsequently provides an order approving "relief" from the stay order, then the foreclosure may be restarted.

WITHDRAWAL - A foreclosure may be withdrawn (or stopped) for a number of factors at the demand of the lender or its attorney or by the Public Trustee if the sale has actually been continued for too long a duration of time as per statute. A withdrawal is usually constantly processed when a remedy is made so that the foreclosure does not go forward.

RULE 120 COURT ACTION and ORDER AUTHORIZING SALE - 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 informed of the date and time for the Court hearing and may attend that Court hearing. The purpose of the hearing is to offer the lender's attorney a chance to show to the judge that a "sensible probability" 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 provided whether or not there is a reasonable likelihood that a default exists and after that, if so, will get in an Order Authorizing Sale to allow the foreclosure action to proceed. Before the general public Trustee's office may sell a residential or commercial property on the Foreclosure Sale Date, it needs to have gotten from the lending institution's lawyer designated copy of the Order Authorizing Sale. Any Foreclosure Sale made without that Order is void.

ELIGIBLE FOR DEFERMENT or DEFERRED - a property/foreclosure case may 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 notification 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 counselor after that counselor has talked to the residential or commercial property owner and determined that qualification is proper. If a foreclosure case remains in DEFERMENT and the borrower/property owner abides by all of the regards to the deferment, the sale date for the foreclosure auction may be continued for approximately 90 days to allow time for the borrower/property owner to deal with the lender on a loan adjustment arrangement.