Arbitration - Binding or nonbonding settlement of a dispute by a third-party arbitrator.
Acceleration Clause - A provision that allows the lender to call the entire balance of the mortgage loan when the borrower fails to make some installment payments.
Assessment - A real estate tax or fee imposed by a local government against the property.
Balloon Payment - Large enstallment payment by the end of the term to pay off the entire balance of the debt.
Cure - Getting caught up on a mortgage loan payment before a Public Trustee has sold the property.
Default- This occurs when a debtor has not met his or her legal obligations according to a debt contract such as a home loan mortgage.
Foreclosure - Is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust."
Lien- A lien is filed by people or companies you have a legal obligation to pay yet you have not done so. It prevents you from being able to sell a property without first clearing the lien.
Public Trustee - A foreclosure does not mean your home is lost. But you must act quickly. Contact your Public Trustee to lean more about foreclosure procedures, including: The public trustee is an office established pursuant to national (and, where applicable, state or territory) statute, to act as a trustee.
As of January 1, 2008 all mortgage brokers must be licensed with the State of Colorado´s Division of Real Estate. (Pursuant to Senate Bill 07-203)
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NOTE - The laws for the state of Colorado are changing! If you believe you may be subject to a foreclosure on your property, understand that as of 2008 the law has changed!
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Old Law - You had between 45 and 60 days to catch up on your delinquent payments as well as an additional 75 days to pay off whoever may have bought your home at auction, which is usually the lender.
New Law - Under the new law which takes affect for all foreclosures filed after January 1, 2008, you will have between 110 and 125 days to get caught up. The state is going to do away with the 75 days to pay the person or lender who buys your home at auction. The reason behind extending the amount of time is it should be much easier to bring your payments up to date rather then sign for an entirely new loan. The other part of the law will prevent liens from being filed once your home has gone into foreclosure. You are welcome to sign up for e-newsletters from the State of Colorado on many different subjects including housing in Colorado. The State of Colorado provides weekly or monthly e-newsletters.