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NED RECORDED - The notification of Election & Demand for Foreclosure (NED) is the FIRST document the general public Trustee's office receives from the lending institution or its lawyer. This is recorded with the Clerk & Recorder's workplace and the foreclosure is formally started at this time.

DEED OF TRUST - In Colorado, a mortgage is normally called a "Deed of Trust" which document is signed and tape-recorded at the time the residential or commercial property is bought and financed. The Deed of Trust offers the Public Trustee the right to sell the residential or commercial property through foreclosure proceedings if the debtor defaults on the terms of the Deed of Trust or Promissory Note (non-payment or other default).
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ORIGINAL SALE DATE - When a foreclosure is be gun after 1/1/08, a sale date is developed someplace in between 110 and 125 days after the NED is taped to enable time for legal notification mailings and for paper publications to be finished. The initial sale date might be continued upon request of the loan provider 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 offered at the Foreclosure Auction Sale. Once the Sale is actually held, several deadlines begin to run.

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

RATES OF INTEREST - The percentage rate shown might be the ORIGINAL interest rate on the loan and may not show the DEFAULT interest rate on the loan. Default rate of interest generally go into effect when payments on the loan are in defaults or overdue.

CURRENT BENEFICIARY - It is a typical practice for mortgage business to "sell" loans to other lenders or swimming pools of lenders. The current lender (or beneficiary) 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 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 taped with the Clerk & Recorder's workplace 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 lender or holder of the Certificate of Purchase, consisting of lawyer's fees and expenses and Public Trustee's costs and expenses, be paid completely. 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 issued 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 submitting a written bid (normally the foreclosing lender), the date the bid was formally made and the amount of the bid. Written quotes are due from the foreclosing lender by twelve noon TWO BUSINESS DAYS prior to the Foreclosure Sale date and that information is posted on the Public Trustee's website no behind Tuesday to the Sale Date.

DEFICIENCY AMOUNT - Foreclosing lending institutions must submit quotes that they think are a reflection of the residential or commercial property's worth at the time of the Foreclosure Sale. If the loan provider feels the residential or commercial property is worth less than the amount owed on it, the "shortage amount" reflects 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 lending institution may attempt to gather the deficiency quantity personally against the debtor through a separate court action due to the fact that the deficiency amount is NOT extinguished by the foreclosure.

OVERBID AMOUNT - If somebody other than the foreclosing lender appears face to face at the Foreclosure Auction Sale and enters a bid for at least $1.00 more than the composed bid sent by the foreclosing lending institution, 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 loan provider and to all other lien holders, the owner of the residential or commercial property at the time the foreclosure was begun must call the Public Trustee's workplace 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 lending institution or its attorney, or it might be continued by the Public Trustee, for legally-defined factors.

CURE - A "treatment" is made PRIOR TO THE FORECLOSURE SALE by just particular 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 costs and costs of the lender, lender's lawyer and Public Trustee), he must submit 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 Public Trustee's workplace then demands a "cure" figure from the loan provider and offers 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 needed to cure the default. If the sale date is CONTINUED to a later date, the deadline to submit a Notice of Intent to Cure by those parties entitled to cure might 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 get out of foreclosure is through a "treatment.".
DEED or CONFIRMATION DEED - Once all redemption durations have expired and no redemption has been made (or a redemption has actually been made and a Certificate of Redemption has actually been released 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 workplace and transfers title to the residential or commercial property from the previous owners (borrowers) to the 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 might have a right to redemption of the residential or commercial property according to law. Lienors require to have a recorded 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 Notification of Intent to Redeem within the time defined by law. Lienors interested in exercising their legal rights on a foreclosure residential or commercial property are strongly recommended to seek advice from an attorney.

MAILINGS - By law, the Public Trustee should send by mail notifications and info to persons/entities defined on the mailing notes provided to the general public Trustee by the lending institution or its attorney.

REDEMPTION - A "redemption" is made AFTER the Foreclosure Auction Sale happens and has actually a number of due dates related to it. If a redemption is made, a Certificate of Redemption is provided by the Public Trustee's workplace. Once the Certificate of Redemption has actually been provided 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 flow within Larimer County. The Notice must be published at least 5 successive times over a period of one month.

RESCISSION - The lending institution or its attorney might "rescind" (or void) the foreclosure sale after it has taken location. In order to rescind the sale, the foreclosing lending institution must be the effective bidder at the Foreclosure Sale and the holder of the Certificate of Purchase and a notice should be provided to the general public Trustee no later than 8 service days after the date of the Foreclosure Sale.

RESTART - When a debtor files an Insolvency Petition prior to or throughout publication of the notice of foreclosure, the U.S. Bankruptcy Court will generally release a "stay order" requiring that the foreclosure action not be continued up until more notification from the court. If the Bankruptcy Court consequently releases an order granting "relief" from the stay order, then the foreclosure might be rebooted.

WITHDRAWAL - A foreclosure might 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 period of time as per statute. A withdrawal is typically constantly 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 referred to 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 notified of the date and time for the Court hearing and might go to that Court hearing. The function of the hearing is to provide the lending institution's attorney an opportunity to show to the judge that a "sensible 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 proof presented whether there is a sensible 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 Public Trustee's office may sell a residential or commercial property on the Foreclosure Sale Date, it must have received from the lender's attorney assigned copy of the Order Authorizing Sale. Any Foreclosure Sale made without that Order is invalid.

ELIGIBLE FOR DEFERMENT or DEFERRED - a property/foreclosure case may be qualified for deferment (as identified by the lending institution or its attorney) if it meets the requirements 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 thought about to be DEFERRED or IN DEFERMENT it should be licensed by a HUD-approved therapist after that therapist has spoken with the residential or commercial property owner and determined that certification is proper. If a foreclosure case is IN DEFERMENT and the borrower/property owner abides by all of the terms of the deferment, the sale date for the foreclosure auction may be continued for as much as 90 days to permit time for the borrower/property owner to work with the lender on a loan adjustment arrangement.