Foreclosure Surplus Money in Colorado: How to Find and Claim It: Free Course

Foreclosure surplus course glossary: 86 terms

Every trade word from the course in plain English, A to Z. Each links to the lesson that teaches it.

A B C D E F G H J L M N O P R S T U V

A

Administrator: The official who runs the unclaimed property law; in Colorado, the state treasurer. When the money goes to the state treasurer
Administrator: In Colorado's unclaimed property law, the state treasurer, who holds overbid money after it is transferred. Finders, heir hunters and bad deals
Administrator: In Colorado's unclaimed property law, the state treasurer. Special cases, scams and your claim checklist
Affidavit: A written statement signed under oath that something is true. Special cases, scams and your claim checklist
Agreement to locate: A signed deal to pay someone to find or recover unclaimed property for you. When the money goes to the state treasurer
Agreement to locate: A contract in which an owner agrees to pay someone to find or help recover held property. Finders, heir hunters and bad deals
Apparent owner: A person whose name appears on a holder's records as the owner of the property. When the money goes to the state treasurer
Apparent owner: A person whose name is on a holder's records as the owner of the held property. Finders, heir hunters and bad deals

B

Borrower: A person or business liable on the loan or deed of trust that was foreclosed. What surplus money is and how a sale creates it
Borrower: A person or business liable on the loan or deed of trust that was foreclosed. Claiming your overbid from the public trustee
Borrower: The person or entity liable under the mortgage loan; the public trustee pays the leftover overbid to the borrower. Special cases, scams and your claim checklist
Business day: A working day. Redemption deadlines are counted in business days, not calendar days. Who gets paid first: lienholders, then you

C

Certificate of purchase: A recorded paper, issued within five business days of the sale, showing who bought the property and for how much. What surplus money is and how a sale creates it
Certificate of purchase: The recorded paper showing the buyer, the price, and the names of the original borrowers. Claiming your overbid from the public trustee
Certificate of purchase: The record the treasurer gives the winning bidder, showing the property, rate and amounts paid. Tax sales, redemption and the treasurer's deed
Certificate of redemption: A recorded paper the officer issues when a lienor redeems. Who gets paid first: lienholders, then you
Certificate of redemption: The paper the treasurer issues after a redemption, showing the date, amount and who paid. Tax sales, redemption and the treasurer's deed
Claim: The request, on the administrator's form, to be paid property the state is holding. When the money goes to the state treasurer
Class 2 misdemeanor: A criminal offense in Colorado; the statute uses it for people who push fee deals that the law bars. Claiming your overbid from the public trustee
Class 2 misdemeanor: A criminal offense in the lower range of misdemeanors; Colorado uses it for pushing certain bad finder deals. Finders, heir hunters and bad deals
Confirmation deed: The final deed the buyer receives once all redemption periods have ended without a redemption. What surplus money is and how a sale creates it
County treasurer: The county official who collects property taxes and runs the tax lien sale. Tax sales, redemption and the treasurer's deed
Custody: Holding something safe for another person; the state holds unclaimed property for the owner and does not own it. When the money goes to the state treasurer

D

Decree: A court's final written order, such as a divorce decree. Special cases, scams and your claim checklist
Deemed denied: Treated as turned down because the administrator did not act within 90 days. When the money goes to the state treasurer
Deemed denied: Treated as turned down because the treasurer did not act on a claim within ninety days. Special cases, scams and your claim checklist
Deficiency: The part of the debt that the holder's bid does not cover. What surplus money is and how a sale creates it
Discharged: Released from further responsibility; the public trustee is discharged once the money is transferred. When the money goes to the state treasurer

E

Equity purchaser: A person who gets title to a home that is in foreclosure, other than someone buying it to live in. Finders, heir hunters and bad deals
Escrow: Money kept safe by a neutral party until it can be paid to the right person. What surplus money is and how a sale creates it
Escrow: Money kept safe by a neutral party until it can be paid to the right person. Who gets paid first: lienholders, then you
Escrow: Money held safe by a neutral party until it can be paid to the right person. Claiming your overbid from the public trustee
Estate: All the property a person owned at death. Claiming your overbid from the public trustee

F

Finder: A person or company that offers, for a fee, to locate or help claim money that belongs to someone else. Finders, heir hunters and bad deals
Foreclosure consultant: A person who, for pay, offers to stop or delay a foreclosure sale or to help a homeowner in a similar way. Finders, heir hunters and bad deals
Full redemption: A redemption that pays all that is required; a lienor who takes less loses its claim to the overbid. Who gets paid first: lienholders, then you

G

General fund of the county: The county's main account; unclaimed overbids under $25 become county property there. When the money goes to the state treasurer

H

Heir: A person who inherits from someone who has died. Special cases, scams and your claim checklist
Holder: The lender or other person entitled to collect the debt that the foreclosure is meant to pay. What surplus money is and how a sale creates it
Holder: A business or office that holds property that may be unclaimed and must report it to the state. When the money goes to the state treasurer
Holder's bid: The signed, itemized bid the lender files before the sale showing what it is owed. What surplus money is and how a sale creates it

J

Junior lien: A lien that ranks behind the lien being foreclosed. Who gets paid first: lienholders, then you
Junior lienor: The person who holds a junior lien. Who gets paid first: lienholders, then you
Junior lienor: Someone with a recorded claim on the property that ranks behind the tax lien, such as a second lender. Tax sales, redemption and the treasurer's deed

L

Lawful holder: The person who legally holds the certificate of purchase and may apply for the option certificate auction. Tax sales, redemption and the treasurer's deed
Legal disability: A legal status, not defined in the sources read here, that can extend the time to redeem; ask a lawyer. Tax sales, redemption and the treasurer's deed
Legally entitled: Having a legal right to the money, such as the borrower or the borrower's estate. Claiming your overbid from the public trustee
Lien: A legal claim on property for a debt, which can force a sale if the debt is not paid. Who gets paid first: lienholders, then you
Lis pendens: A recorded notice that a court case about the property is pending. Who gets paid first: lienholders, then you

M

Minimum bid: The amount owed to the lawful holder plus the treasurer's fees and costs; bids must be higher than this. Tax sales, redemption and the treasurer's deed

N

Notice of election and demand: The notice recorded to start a public trustee foreclosure; it sets the date used to rank liens. Who gets paid first: lienholders, then you
Notice of intent to redeem: A paper a lienor must file with the officer, generally within eight business days after the sale, to keep its redemption right and its claim to the overbid. Who gets paid first: lienholders, then you

O

Officer: The statute's word for the public trustee or sheriff who runs the sale. What surplus money is and how a sale creates it
Option certificate: Short for certificate of option for treasurer's deed; it is sold at a public auction before any treasurer's deed can issue. Tax sales, redemption and the treasurer's deed
Overbid: The amount a property sells for above the holder's written bid. What surplus money is and how a sale creates it
Overbid: The money left from a foreclosure sale bid after the lender and the other lien holders are paid in full. Finders, heir hunters and bad deals
Overbid: The amount the option certificate buyer pays above the minimum bid; it goes to junior lienors who filed notice, then to the owner. Tax sales, redemption and the treasurer's deed
Owner: A person with a legal or equitable interest in the property, including a legal representative acting for that person. When the money goes to the state treasurer
Owner (unclaimed property law): A person with a legal, beneficial or equitable interest in the property, or their legal representative acting for them. Special cases, scams and your claim checklist

P

Personal representative: The person a court names to handle a dead person's estate. Special cases, scams and your claim checklist
Power of attorney: A signed paper that lets another person act for you; a foreclosure consultant may not take one except to inspect documents. Finders, heir hunters and bad deals
Premium: The extra a bidder pays above the taxes, interest and fees due; at a tax lien auction it goes to the county general fund. Tax sales, redemption and the treasurer's deed
Presumed abandoned: A legal label for property unclaimed for the required time; it does not end the owner's right to it. When the money goes to the state treasurer
Probate court: The court that handles the estates of people who have died. Special cases, scams and your claim checklist
Public auction: A sale open to public bidders; for tax liens it starts on or before the second Monday in December. Tax sales, redemption and the treasurer's deed
Public trustee: A county officer who runs most Colorado foreclosure sales and holds the sale money. What surplus money is and how a sale creates it
Public trustee: The officer who runs a deed-of-trust foreclosure sale and holds the sale money in escrow. Claiming your overbid from the public trustee
Public trustee: The county official who runs most Colorado foreclosure sales and holds the overbid for the first six months. Finders, heir hunters and bad deals

R

Recording priority: The order in which liens were officially recorded with the clerk and recorder; earlier generally means paid first. Who gets paid first: lienholders, then you
Redeem: To step in after the sale and take over the buyer's position by paying the sale price plus interest and allowed costs. Who gets paid first: lienholders, then you
Redeem: Pay what is owed to cancel the tax sale and keep the property. Tax sales, redemption and the treasurer's deed
Redemption interest: The interest added to the redemption amount, set at nine percentage points above the discount rate. Tax sales, redemption and the treasurer's deed
Redemption period: A short window after the sale when certain lienholders may pay to take over the sale. What surplus money is and how a sale creates it
Redemption period: The short window after the sale when certain lienholders may pay to take over the sale. Claiming your overbid from the public trustee
Registry of the court: The account the court clerk uses to hold money in a court case; sheriff sale proceeds are deposited there. Claiming your overbid from the public trustee
Remaining overbid: What is left of the overbid after the deficiency and the qualified lienors are paid. Claiming your overbid from the public trustee

S

Sale number: The number the public trustee gives a foreclosure sale; use it to identify your file. Claiming your overbid from the public trustee
Sheriff: The officer who runs the sale in a court (judicial) foreclosure; sale money goes to the court instead. What surplus money is and how a sale creates it
Small-estate affidavit: A Colorado shortcut that lets a successor collect some property without a court-appointed personal representative. Special cases, scams and your claim checklist
Stay: A legal stop; a bankruptcy filing can automatically stay a foreclosure sale. Special cases, scams and your claim checklist
Successor: A person entitled to a dead person's property. Special cases, scams and your claim checklist

T

Tax lien: The county's claim against a property for unpaid taxes, interest and fees. Tax sales, redemption and the treasurer's deed
Treasurer's deed: The deed the treasurer signs for the holder of an option certificate when the property stays unredeemed after the auction; it gives full rights to the property. Tax sales, redemption and the treasurer's deed

U

Unclaimed property: Money or property that an owner has not claimed for a set time, so a holder must send it to the state. When the money goes to the state treasurer
Unenforceable: A promise a court will not make you keep, even if you signed it. Finders, heir hunters and bad deals

V

Void: Treated by the law as having no effect from the start. Finders, heir hunters and bad deals