Foreclosure checklist
Download
1 / 25

Processing a Standard Foreclosure Bob Sagel Morgan County Public Trustee - PowerPoint PPT Presentation


  • 139 Views
  • Uploaded on

Foreclosure Checklist. Processing a Standard Foreclosure Bob Sagel Morgan County Public Trustee. Foreclosure Checklist. Initial Foreclosure Filing and Recording of NED Set Dates and Prepare Documents Notices of Intent to Cure Default Second Mailing of Combined Notice

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Processing a Standard Foreclosure Bob Sagel Morgan County Public Trustee' - shani


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Foreclosure checklist
Foreclosure Checklist

  • Processing a Standard

  • Foreclosure

  • Bob Sagel

  • Morgan County Public Trustee


Foreclosure checklist1
Foreclosure Checklist

  • Initial Foreclosure Filing and Recording of NED

  • Set Dates and Prepare Documents

  • Notices of Intent to Cure Default

  • Second Mailing of Combined Notice

  • Publication of the Combined Notice

  • Pre Sale Documents

  • Conduct the Sale

  • Redemption

  • Confirmation Deed


Foreclosure checklist2
Foreclosure Checklist

Initial Foreclosure Filing and Recording of NED

Receipt Foreclosure

Proof documents for accuracy and completeness

Accept file

Assign Sale Number

Email notification to Attorney

Record NED within 10 business days


Foreclosure checklist3
Foreclosure Checklist

Set Dates and Prepare Documents

Set Sale Date

Determine sale status: Deferment, Expedited, Ag, Non-Ag

Set sale date: Non-Ag/Deferred sale: 110-125 days (Set deferred sale as late as possible) Ag sale: 215-230 days Expedited sale: 45-65 days


Foreclosure checklist4
Foreclosure Checklist

Set Dates and Prepare Documents

Prepare Documents

Create Combined Notice for Mailing Mail to names on Mailing List Include copies of Statutes Include any other inserts (brochures, intents to cure, etc.)

Create Combined Notice for Publication Send to newspaper & request proof


Foreclosure checklist5
Foreclosure Checklist

Notices of Intents to Cure Default

Receipt of Intent to Cure Default

Must be received at least 15 days before sale

Written requests for updated figures must also be received at least 15 days before sale

Request Cure Statement from attorney/Holder

Promptly but no less than 12 days before sale


Foreclosure checklist6
Foreclosure Checklist

Notices of Intents to Cure Default

Cure Statement

Due within 10 business days of receipt or by end of business 8 calendar days before sale

If not timely filed, sale is continued weekly(run concurrently with deferment continuances)

Must state effective date and be good for at least 10 days but no more than 30 days


Foreclosure checklist7
Foreclosure Checklist

Notices of Intents to Cure Default

Cure payment

Due by effective date on Cure Statement

Final day to pay is by noon, day before actual sale

All cure deadlines apply to foreclosures in deferment


Foreclosure checklist8
Foreclosure Checklist

Second Mailing of Combined Notice

Second Mailing due 45–60 days before sale

Mail to names on Amended Mailing List

If no Amended Mailing List, use initial list

Do not mail prior to deferment deadline

Do not mail if in deferment

There is No second mailing for expedited sales


Foreclosure checklist9
Foreclosure Checklist

Second Mailing of Combined Notice

Amended Mailing List received after second mailing

Continue sale no less than 65 days after receipt of Amended Mailing List

Send Combined Notice to names on Amended Mailing List no less that 45 days prior to actual sale


Foreclosure checklist10
Foreclosure Checklist

Second Mailing of Combined Notice

Amended Mailing List received after second mailing

Continue sale no less than 65 days after receipt of Amended Mailing List

Send Combined Notice to names on Amended Mailing List no less that 45 days prior to actual sale


Foreclosure checklist11
Foreclosure Checklist

Publication of the Combined Notice

Publication

45 – 60 days before first scheduled sale date

Review the publication for accuracy

Publish in newspaper in the county (or counties) where property is located

Unless otherwise specified by attorney for Holder, Officer shall select the newspaper


Foreclosure checklist12
Foreclosure Checklist

Publication of the Combined Notice

Publication

45 – 60 days before first scheduled sale date

Review the publication for accuracy

Publish in newspaper in the county (or counties) where property is located

Unless otherwise specified by attorney for Holder, Officer shall select the newspaper


Foreclosure checklist13
Foreclosure Checklist

Pre Sale Documents

Order Authorizing Sale

Due by noon 2 business days before sale

Hearing must be at least 16 days before sale

If not filed or filed late, continue the sale for one week


Foreclosure checklist14
Foreclosure Checklist

Pre Sale Documents

Itemized Bid (statutory form)

Due by noon 2 business days before sale

Must be signed by attorney or Holder

Upon receipt, make available to public

May be amended in writing by noon day before sale or orally at the sale

If not filed or filed late, continue the sale for one week


Foreclosure checklist15
Foreclosure Checklist

Pre Sale Documents

Itemized Bid (statutory form)

Due by noon 2 business days before sale

Must be signed by attorney or Holder

Upon receipt, make available to public

May be amended in writing by noon day before sale or orally at the sale

If not filed or filed late, continue the sale for one week


Foreclosure checklist16
Foreclosure Checklist

Conduct the Sale

Register bidders and provide sale rules

Read, post, or provide sale and bid info

Conduct the auction

Successful bid is due at time of sale unless there is a written policy stating otherwise


Foreclosure checklist17
Foreclosure Checklist

Conduct the Sale

Deficiency Bids

Mark on the note or create an allonge

Send note and/or allonge to attorney

Certificate of Purchase

Record within 5 business days

Retain the original recorded COP


Foreclosure checklist18
Foreclosure Checklist

Conduct the Sale

Excess Bid Payments

First use to lower any deficiency

Hold in escrow until end of redemption periods

Pay by recording priority to “qualified” junior lienors to the extent of their lien

Finally pay owner of property as of NED


Foreclosure checklist19
Foreclosure Checklist

Redemption by Junior Lienors

Notice of Intent to Redeem

Due within 8 business days after sale

Redemption Statement

Send request within one business day of receipt of intent

Due within 13 business days after sale

If not timely filed, PT calculates amounts


Foreclosure checklist20
Foreclosure Checklist

Redemption by Junior Lienors

Redemption dates

Set on 9th business day after sale

First redemption starts on 15th business day after sale

Each redemption has 5 business days

Redemptions are due by noon of last day of each redemption period


Foreclosure checklist21
Foreclosure Checklist

Redemption by Junior Lienors

Redemption payments

Senior lienor pays amount bid at sale

Subsequent lienor pays amount paid by prior redeemer plus interest plus amount due as listed on statement plus per diem

Disburse funds at end of each period


Foreclosure checklist22
Foreclosure Checklist

Redemption by Junior Lienors

Certificate of Redemption

Record no sooner than 15 business days following sale

Record no later than 5 business days following redemption payment


Foreclosure checklist23
Foreclosure Checklist

Confirmation Deed

Confirmation Deed (Statutory form)

Issue upon written request and payment of fees and costs

Do not issue before the end of all redemption periods

If no Intents to Redeem are filed, Officer may issue on 9th business day



ad