NOTICE TO AN OWNER IN FORECLOSURE: If your property goes to foreclosure auction sale, and is purchased for more than the total owed to the lender, and to all other lien holders, please contact the Garfield County Public Trustee’s office after the sale; you may have funds due to you. The concept of acceleration is used to determine the amount owed under foreclosure. In the case of a foreclosure sale, this is generally done by announcement at the original sale or by posting notices establishing the new date and time the foreclosure sale will take place.
The sale of the property usually takes 30 days to complete (including the upset bid period) and the Closing will be 30-45 days after the completed sale. The primary reason to consider purchasing a foreclosure is the potential for a great deal. A neutral party who advertises the foreclosure property for sale and conducts the auction to sell said property to the highest bidder.
In California, lenders can foreclose on deeds of trust or mortgages using a nonjudicial foreclosure process (outside of court) or a judicial foreclosure process (through the courts). Homes that reach the real estate owned (REO) phase of foreclosure are often in the worst structural condition.
However, some homeowners simply don’t take advantage of the help available and foreclosure becomes the only option. When a lender uses the nonjudicial foreclosure process against a borrower who fails to pay on a mortgage for his or her primary residence, the lender gives up the right to collect a deficiency judgment against the borrower.
Instead, typed in capital letters across the top of the page were the words CITATION — FORECLOSURE.” Riggs, a trim 39-year-old technician at a semiconductor equipment plant, felt like his chest was going to pop open. Court and judicial sales of properties that have gone into foreclosure simply means that a judge from the Court of Queens Bench in Alberta will decide on which fair offer to accept regarding foreclosed properties.