processing a standard foreclosure bob sagel morgan county public trustee foreclosure checklist
TRANSCRIPT
1. Initial Foreclosure Filing and Recording of NED
2. Set Dates and Prepare Documents
3. Notices of Intent to Cure Default
4. Second Mailing of Combined Notice
5. Publication of the Combined Notice
6. Pre Sale Documents
7. Conduct the Sale
8. Redemption
9. Confirmation Deed
Foreclosure Checklist
Foreclosure Checklist
• Initial Foreclosure Filing and Recording of NED
Receipt Foreclosure1.Proof documents for accuracy and completeness
Accept file
1. Assign Sale Number
2. Email notification to Attorney
Record NED within 10 business days
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• Set Dates and Prepare Documents
Set Sale Date1.Determine sale status:
Deferment, Expedited, Ag, Non-Ag
2.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
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• Set Dates and Prepare Documents
Prepare Documents1.Create Combined Notice for Mailing
Mail to names on Mailing ListInclude copies of StatutesInclude any other inserts
(brochures, intents to cure, etc.)
2.Create Combined Notice for PublicationSend to newspaper & request proof
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• Notices of Intents to Cure Default
Receipt of Intent to Cure Default1. Must be received at least 15 days before sale
2. Written requests for updated figures must also be received at least 15 days before sale
Request Cure Statement from attorney/Holder
1.Promptly but no less than 12 days before sale
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• Notices of Intents to Cure Default
Cure Statement
1. Due within 10 business days of receipt or by end of business 8 calendar days before sale
2. If not timely filed, sale is continued weekly(run concurrently with deferment continuances)
3. Must state effective date and be good for at least 10 days but no more than 30 days
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• Notices of Intents to Cure Default
Cure payment
1. Due by effective date on Cure Statement
2. Final day to pay is by noon, day before actual sale
3. All cure deadlines apply to foreclosures in deferment
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Second Mailing of Combined Notice
Second Mailing due 45–60 days before sale
1. Mail to names on Amended Mailing List
2. If no Amended Mailing List, use initial list
3. Do not mail prior to deferment deadline
4. Do not mail if in deferment
5. There is No second mailing for expedited sales
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Second Mailing of Combined Notice
Amended Mailing List received after second mailing
1. Continue sale no less than 65 days after receipt of Amended Mailing List
2. Send Combined Notice to names on Amended Mailing List no less that 45 days prior to actual sale
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Second Mailing of Combined Notice
Amended Mailing List received after second mailing
1. Continue sale no less than 65 days after receipt of Amended Mailing List
2. Send Combined Notice to names on Amended Mailing List no less that 45 days prior to actual sale
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Publication of the Combined Notice
Publication1. 45 – 60 days before first scheduled sale date2. Review the publication for accuracy3. Publish in newspaper in the county (or
counties) where property is located4. Unless otherwise specified by attorney for
Holder, Officer shall select the newspaper
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Publication of the Combined Notice
Publication1. 45 – 60 days before first scheduled sale date2. Review the publication for accuracy3. Publish in newspaper in the county (or
counties) where property is located4. Unless otherwise specified by attorney for
Holder, Officer shall select the newspaper
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Pre Sale Documents
Order Authorizing Sale1. Due by noon 2 business days before sale2. Hearing must be at least 16 days before sale3. If not filed or filed late, continue the sale for
one week
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Pre Sale Documents
Itemized Bid (statutory form)1. Due by noon 2 business days before sale2. Must be signed by attorney or Holder3. Upon receipt, make available to public4. May be amended in writing by noon day before
sale or orally at the sale5. If not filed or filed late, continue the sale for one
week
Foreclosure Checklist
Pre Sale Documents
Itemized Bid (statutory form)1. Due by noon 2 business days before sale2. Must be signed by attorney or Holder3. Upon receipt, make available to public4. May be amended in writing by noon day before
sale or orally at the sale5. If not filed or filed late, continue the sale for one
week
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Conduct the Sale
Register bidders and provide sale rules
Read, post, or provide sale and bid info
Conduct the auction1. Successful bid is due at time of sale unless
there is a written policy stating otherwise
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Conduct the Sale
Deficiency Bids1. Mark on the note or create an allonge2. Send note and/or allonge to attorney
Certificate of Purchase1. Record within 5 business days2. Retain the original recorded COP
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Conduct the Sale
Excess Bid Payments1. First use to lower any deficiency2. Hold in escrow until end of redemption
periods3. Pay by recording priority to “qualified” junior
lienors to the extent of their lien4. Finally pay owner of property as of NED
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Redemption by Junior Lienors
Notice of Intent to Redeem1. Due within 8 business days after sale
Redemption Statement1. Send request within one business day of
receipt of intent2. Due within 13 business days after sale3. If not timely filed, PT calculates amounts
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Redemption by Junior Lienors
Redemption dates 1. Set on 9th business day after sale2. First redemption starts on 15th business day
after sale3. Each redemption has 5 business days4. Redemptions are due by noon of last day of
each redemption period
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Redemption by Junior Lienors
Redemption payments 1. Senior lienor pays amount bid at sale2. Subsequent lienor pays amount paid by prior
redeemer plus interest plus amount due as listed on statement plus per diem
3. Disburse funds at end of each period
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Redemption by Junior Lienors
Certificate of Redemption 1. Record no sooner than 15 business days
following sale2. Record no later than 5 business days
following redemption payment
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Confirmation Deed
Confirmation Deed (Statutory form)1. Issue upon written request and payment of
fees and costs2. Do not issue before the end of all
redemption periods3. If no Intents to Redeem are filed, Officer
may issue on 9th business day