Colorado Foreclosure
| Description: | GOALS |
| Category: | Standardized Tests |
| Created by: | PTNEWB on 2007-11-27 |
| Stack ID: | 106661 |
| WORD OR PHRASE | Definition |
| Attorney for the Holder | The attorney for the Holder of the Evidence of Debt, who must be licensed in Colorado – added |
| Confirmation Deed (new) | The new term for the deed issued by the public trustee (or sheriff) upon completion of the foreclosure |
| Evidence of Debt | Defines in more detail what instruments, secured by a deed of trust, may be foreclosed through the public trustee: |
| Fees and Costs | The allowable items that may be recovered in certain circumstances by the foreclosing party, holder of certificate of purchase or redeeming lienor – centralized in one section (§ 38-38-107) |
| Holder of Evidence of Debt | The person in actual possession of or otherwise entitled to enforce an Evidence of Debt |
| Maintaining and Repairing (new) | The allowable work that can be performed with respect to the property being foreclosed: |
| Officer (new) | Either the public trustee or the sheriff conducting the sale |
| Qualified Holder | One of the listed holders authorized to foreclose without the original Evidence of Debt (same as current law) and adds to the list any of the same acting in the capacity of agent, nominee or trustee, except for a MERS type entity (see C.3.e) |
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ATTACHMENT 1 Quick Summary of 2006 Foreclosure Act (HB 06-1387) New definitions added for commonly used terms= A total of 24 and all put in one place= Evidence of Debt = Expands and clarifies definitions and now includes loan agreements and monetary Judgments=Holder and Qualified Holder= Both now include agents and nominees= Notice of Public Trustee Sale and Notice of Rights= Now combined= Notice mailing changes=Now Two Notice mailings instead of one= First notice mailing= within 20 days after NED to borrower/grantor= Second notice mailing =45-60 days before sale to owner and junior lienors at time of NED= o notice and interest deemed extinguished if this item is missing from recorded instrument= Address= 3. Sale Date 110-125 days after NED for =nonagricultural (extended from 45-60)= 215-230 days after NED for= agricultural (extended from 45-60)= May be continued for up to =9 months from original sale date= 4. Cure The Only one eligible to Cure=The owner at time of NED (or such owner's heirs, etc.) = Cure rights of junior lienors= eliminated= Cure period extended by reason of= extended sale date= Fine assessed by= public trustee= if cure statement not= timely submitted= 5. Redemption Owner/borrower/guarantor redemption= eliminated= Only junior lienors of record have right to redeem= prior to NED;= parties liens or interests after NED= no longer have redemption rights= Intent to Redeem must be filed= within 10 days after sale= Thereafter, each redeeming lienor has= 5 business days to redeem in order of seniority= Concept of serial redemption expanded to include= certificate of purchase holder= |
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