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

DEED OF TRUST - In Colorado, a mortgage is generally called a "Deed of Trust" which document is signed and taped at the time the residential or commercial property is purchased and financed. The Deed of Trust offers the general public Trustee the right to offer 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 someplace in between 110 and 125 days after the NED is taped to allow time for legal notice mailings and for newspaper 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 only under legally-defined scenarios).

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, numerous due dates begin to run.

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

INTEREST RATE - The portion rate revealed may be the ORIGINAL rate of interest on the loan and may not reflect the DEFAULT rate of interest on the loan. Default rates of interest normally go into effect when payments on the loan are in arrears or overdue.

CURRENT BENEFICIARY - It is a common practice for mortgage companies to "offer" loans to other loan providers or 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 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 tape-recorded with the Clerk & Recorder's office 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 loan provider or holder of the Certificate of Purchase, including lawyer'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 will be issued and ultimately the holder of the last Certificate of Redemption released will obtain 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 submitting a written quote (generally the foreclosing loan provider), the date the quote was officially made and the quantity of the bid. Written quotes are due from the foreclosing loan provider by noon TWO BUSINESS DAYS prior to the Foreclosure Sale date which information is posted on the general public Trustee's website no behind Tuesday evening prior to the Sale Date.

DEFICIENCY AMOUNT - Foreclosing lending institutions need to submit quotes that they believe 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 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 expenses and costs) the loan provider may try to gather the shortage amount personally versus the debtor through a different court action because the deficiency amount is NOT extinguished by the foreclosure.

OVERBID AMOUNT - If somebody other than the foreclosing lender appears in individual at the Foreclosure Auction Sale and enters a bid for a minimum of $1.00 more than the written bid submitted by the foreclosing lender, that is an "overbid" and the individual 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 loan provider and to all other lien holders, the owner of the residential or commercial property at the time the foreclosure was started ought to contact the general public Trustee's workplace AFTER THE SALE takes place because 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 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 charges and costs of the loan provider, loan provider's lawyer and Public Trustee), he needs to submit with the general public Trustee's workplace a Notification of Intent to Cure a minimum of 15 days prior to the arranged Sale Date.The Public Trustee's office then demands a "remedy" figure from the loan provider and supplies that to the celebration submitting the Notice of Intent to cure. 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 treat the default. If the sale date is CONTINUED to a later date, the deadline to file a Notice of Intent to Cure by those parties entitled to cure may 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 get out of foreclosure is through a "cure.".
DEED or CONFIRMATION DEED - Once all redemption durations have ended and no redemption has been made (or a redemption has actually been made and a Certificate of Redemption has actually been provided and tape-recorded), the Public Trustee may 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 office and transfers title to the residential or commercial property from the previous owners (debtors) to the brand-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 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 must 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 with a lawyer.

By law, the Public Trustee need to mail notices and info to persons/entities defined on the mailing lists offered to the Public Trustee by the lender or its lawyer.

REDEMPTION - A "redemption" is made AFTER the Foreclosure Auction Sale takes place and has 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 actually been issued by the Public Trustee, it is assignable to somebody else 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 paper of general circulation within Larimer County. The Notice must be released at least 5 consecutive times over a duration of one month.

RESCISSION - The lending institution or its attorney might "rescind" (or void) 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 notice should be offered to the Public Trustee no behind 8 organization days after the date of the Foreclosure Sale.

RESTART - When a borrower submits a Bankruptcy Petition prior to or throughout publication of the notice of foreclosure, the U.S. Bankruptcy Court will usually release a "stay order" needing that the foreclosure action not be continued till further notification from the court. If the Bankruptcy Court subsequently issues an order approving "relief" from the stay order, then the foreclosure might be rebooted.

WITHDRAWAL - A foreclosure may be withdrawn (or stopped) for several reasons 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 typically constantly processed when a treatment is made so that the foreclosure does not go forward.

RULE 120 COURT ACTION and ORDER AUTHORIZING SALE - 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 notified of the date and time for the Court hearing and might participate in that Court hearing. The purpose of the hearing is to offer the lender's lawyer a chance to prove to the judge that a "reasonable likelihood" exists that the loan remains in default. If the borrower/owner does NOT appear at the court hearing, the court will consider from the proof provided whether or not there is an affordable probability that a default exists and after that, if so, will go into an Order Authorizing Sale to allow the foreclosure action to proceed. Before the Public Trustee's workplace may offer a residential or commercial property on the Foreclosure Sale Date, it needs to have received from the loan provider'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 figured out by the lending institution or its attorney) if it fulfills the requirements of Colorado's Foreclosure Deferment Program (House Bill 09-1276 and House Bill 10-1240). If the residential or commercial property may be qualified, a NOTICE is to be posted on the residential or commercial property itself. In order for the property/foreclosure to be thought about to be DEFERRED or IN DEFERMENT it must be certified by a HUD-approved therapist after that therapist has actually consulted 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 adheres to all of the regards to the deferment, the sale date for the foreclosure auction might be continued for up to 90 days to enable time for the borrower/property owner to work with the lender on a loan adjustment agreement.