Foreclosure in 80012>Question Details

Kat, Other/Just Looking in 80012

When does the bank officially take ownership of a foreclosed property? How will I be informed?

Asked by Kat, 80012 Sat Jul 24, 2010

My condo is being foreclosed on. I just got a notice in the mail that the hearing to authorize foreclosure and public trustees sale is august 16th. Is this the day the bank takes ownership of the title? How will I know it's out of my name? Will I get another notice saying I know longer own this property? Is this the day I can stop paying HOA's (as I'm still paying them now).

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New Foreclosure Laws went into affect in 2008 and there is no longer a redemption period once there is a public trustee sale; so please do not take advise from an out of state Broker. The bank will not take possession until a deed is passed by the public trustee. After the sale, junior lien holders have 8 days to attempt to be paid too and only they have a redemption period. Your obligation or ability to redeem ends on the day of the sale. If you try to short sale and wish to try to postpone the auction, you must file an "attempt to Redeem" 15 days before the auction date with the Public Trustee and bank before the auction is to take place, but if you do not attempt a short sale, to postpone and delay the auction, then, it is after those 8 days, the Bank will receive the deed. Possession is provided you are out of the home. They will more then likely come by and serve an eviction notice if you are still in the home too. Yes you can stop paying the HOA once the auction takes place, because all your rights will end on the day of the auction. The HOA should prorate up to the day of the sale, because all your rights of ownership and redemption end on the day of the sale, not 8 days after. If you have any more questions, please contact a Real Estate attorney for additional help, we are not really suppose to advise you to do a short sale, only an attorney legally is suppose to based on your entire estate information and you can approach a broker to list to do a short sale provided you are upside down on your loan which I will assume you are. Sorry you are in this position and wish you a positive outcome.
1 vote Thank Flag Link Sun Jul 25, 2010
you do not need to go to any private website from any person the public trustee website is free and for all!
0 votes Thank Flag Link Mon Aug 26, 2013
You can check it on your county public trustee website Go to foreclosure results look for your property using either your name or other info and you will see immediately what happened with your condo at auction. That info is posted the same day or the next day of the auction that info includes if the property was purchased, who purchased the property,how much the buyer paid and if there is any deficiency against the borrower.
0 votes Thank Flag Link Mon Aug 26, 2013
Kat,

Lots of information below for you to chew on. I would suggest speaking with a Real Estate Attorney to get the answers to your specific situation that has aspects and ramifications that we are not privy to. Before you call an attorney you should contact the Colorado Foreclosure Hotlilne here - http://www.coloradoforeclosurehotline.org/ . This is a free service to give answers, options and advice to people in your situation. Best of success getting through this and with your future endeavors.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Mon Dec 17, 2012
Kat, it's pretty difficult to answer your question as there are so many unknowns in the equation. The homeowner receives so many "official" looking documents, sometime it's hard to tell what's really going to happen from what just someone trying to scam or get business. I suggest also that you talk to an agent that is experienced in Short Sales as well as the Foreclosure process in your area. But, call the Arapahoe County public trustee first to get clarification on where you are at in the process. Ask them as well for their Foreclosure support phone number for more education and help. Our website has lots of information that you can access. Go to DenverAvoidForeclosure.com and click on "Reports".

Marianne Bandy ~ GRI, CRS, ePRO, CDPE
The Bandy Team
RE/MAX Professionals
Colorado's Most Prestigious Real Estate Company
Direct: 303-746-7799 Fax: 303-557-6299
http://www.BandyHomes.com
http://www.DenverAvoidForeclosure.com

Do you or someone you know currently owe more on their mortgage and don't know what to do? Give me a call.
0 votes Thank Flag Link Mon Jul 26, 2010
Kat, it sounds like you received a notice for the hearing. This is a letter notifying you that you can go to the hearing and in front of the judge present your case as to why you should not be foreclosed on. At the same time the loan company could send their representative to the hearing and also present their side as to why the loan company should be able to proceed with the foreclosure process.

It is part of the pre-foreclosure process. Usually the borrowers that I have worked with have not gone to these hearings because they feel they don't have a case to stop the foreclosure process.

It looks like you are in arapahoe county, which does the actual foreclosure sale (trustee sale on Wednesdays of each week in the month.

Based on the little detail I can see, you are at least a month or maybe more from the actual foreclosure sale date. Somewhere along the foreclosure process you should have or will soon receive what is known as a " Notice of Election and Demand" "NED" giving you information as to when the actual sale date is scheduled.

If you would like to chat or have a link for some more info on how foreclosures or short sales affect you, give me a call or email me.

Hope the info helps you. Wishing you the best Bill
Web Reference: http://www.homesellteam.com
0 votes Thank Flag Link Sun Jul 25, 2010
Sorry you are getting so many different answers from so many different brokers. Please contact a Real Estate attorney. The bank can not take possession until 8 days after the auction even if they bid and are successtul at the bid if there are Jr lien holders of record. But, again, talk to a good Real Estate Attorney ASAP for correct advise.
0 votes Thank Flag Link Sun Jul 25, 2010
If the Bank will take the home on the 16th they will "bid" on the Home the Monday before. You may call the Trustees Office on Tuesday and see if the Bank will take the Home on Wed the 16th. Banks are sitting on Homes and it may go week to week for a While. If the Banks gets the home back on the 16th it is theirs on the 16th. Consult a Lawyer for legal Questions
Brian
http://www.highlandsranchexpert.com
0 votes Thank Flag Link Sun Jul 25, 2010
Call the bank and ask them. To try to sell your home at this stage, as suggested by some, is almost a pointless excercise. I'm curious why didn't you attempt to short sale your home before it got this far along; foreclosure is never a good thing?
0 votes Thank Flag Link Sun Jul 25, 2010
Hi Kat,

I think u need to do short sale of your property. I can help u with short sale. You can contact me at 720 838 3777 or email me at REALTORPA@GMAIL.COM. It will help u better, then foreclosing your unit. It will also help u on your credit too. Once your property get foreclosed they'll come and change the locks and take possession of the property.
Web Reference: http://www.piyushashra.com
0 votes Thank Flag Link Sun Jul 25, 2010
Kat:

You are getting mixed answers to your question. I'm not from your area either. What you really need to do is talk to a local Realtor who handles short sales & homes in the process of foreclosure. If you haven't tried to sell your condo? If you haven't, you may want to try it. You obviously are trying to be responsible with your payments, since you are still paying your HOA fees.
0 votes Thank Flag Link Sat Jul 24, 2010
No the bank does not take ownership on the 16th Colorado is a redemption state and the redemption period is 75 days. The trustee will then transfer the title to the bank if they are the highest bidder and if they are not the highest bidder will need to close adding a few more weeks.

Good Luck
Bob Patrick
Buy a home after foreclosure expert
0 votes Thank Flag Link Sat Jul 24, 2010
On the 16th of August, whoever bids the highest and best offer will take ownership of the home. I would suggest that you start packing to get out of the home, as the new owner could easily have the sheriff come by and evict you the day of the auction.

Have you tried to sell it? I would do that, even if you have very little time left. Call an agent that has experience with foreclosures and short sales and see what he/she has to say. Best of luck to you.
0 votes Thank Flag Link Sat Jul 24, 2010
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