What is a Foreclosure?

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What is a Foreclosure?

Foreclosure occurs when a homeowner is no longer able to make mortgage payments as required. This allows the lending institution to take the residential or commercial property, eliminating the property owner and selling the home, as stated in the mortgage agreement.
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When a foreclosure takes place, the following steps happen:

1. Notice of Election and Demand is taped within 10 organization days of receiving a package from the lender's lawyer.
2. Sale date is set between 110 through 125 calendar days after the NED was recorded (non-ag).
3. Combined Notice is mailed within 20 calendar days after the NED was tape-recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially set up sale date.
5. Combined Notice published in local paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure need to be gotten at least 15 calendar days prior to the first scheduled sale date. A remedy, in the type of a cashier's check, need to be paid by twelve noon the day before the sale.
7. The court order licensing the sale and the signed and itemized quote must be gotten by midday 2 (2) business days prior to sale day.
8. The Pre-sale List is offered by 2:00 p.m. on Tuesday before Thursday's sale.
9. The sale is carried out at the Clear Creek County Courthouse, Office of the Treasurer & Public Trustee at 11:00 a.m. on Thursdays
10. The Certificate of Purchase is recorded within five (5) business days.
11. A Notice of Intent to Redeem should be submitted by a junior lienholder within 8 (8) company days after the sale. Foreclosures started in 2008 and more recent do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws reliable 1/1/2010,

In order to begin the foreclosure process, the following is sent to the Public Trustee's workplace together with a referral of the case and a Certificate of the Current Owner of the debt:

1. Original or licensed copy of the recorded deed of trust.

Original promissory note or bond if initial note has been lost. Some certified foreclosing lending institutions might send certain documentation in lieu of the note if they fall under the standards of C.R.S. 38-38-100.3( 20) or if Qualified Holder: Copy of initial promissory note and Certification of Qualified Holder, signed by attorneys representing holder.
Notice of Election and Demand for Foreclosure.
Mailing List, that includes names and addresses of parties to get Combined Notice of the sale, rights to treat and rights to redeem.
Additional files needed under foreclosure statutes.
Payment of required costs.

The above documents are sent to the Public Trustee by a Colorado-licensed attorney representing the lender of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This must be done within 10 service days after getting the files from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations listed on the newsletter or changed mailing list. The newsletter or lists should include all celebrations whose interests appear in an instrument taped subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notifications are sent to the addresses shown on the tape-recorded instrument. If there is no address, then by statute it is not essential to send the notification in care of the county seat. The Public Trustee sets the sale date to be not less than 110 calendar days nor more than 125 calendar days from the date of recording of the NED for non-agricultural residential or commercial properties or not less than 215 calendar days nor more than 230 calendar days from the date of recording of the NED for farming residential or commercial properties. Clear Creek County needs a preliminary deposit of $650 for all foreclosures

How to Determine Agricultural Status C.R.S. 38-38-108( 2( a)( I)

1. If needed the Clear Creek County Public Trustee will make a decision right away upon the opening of the foreclosure.
This office shall accept as proof:

a. Certified copy of tape-recorded neighborhood plat b. Written statement from city or town clerk c. Written statement from county assessor d. Statements need to be dated no more than 6 months before the NED was submitted

3. Our determination is binding
Statements used in figuring out agricultural status no longer require to be taped
Cost for identifying status may be consisted of as a part of the costs and costs charged by the lawyer Please do not consist of copies of statutes for mailing. This is covered in the expense of postage and copies.

How to Cure a Foreclosure:

A remedy amount is the amount essential to bring a foreclosed loan current. The general public Trustee's foreclosure files just contain remedy figures when an Intent to Cure has been filed and the figures have actually been gotten from the foreclosing attorney.

The only celebrations legally enabled to file an Intent to Cure include, however are not restricted to: residential or commercial property owners, persons accountable, grantor of evidence of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure need to be submitted at least fifteen days prior to the date of the set up Public Trustee sale.

The Intent to Cure Form (PDF) might be filed by e-mail, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or e-mail to validate that we got the document). There is no fee to submit and does not obligate the filer. Cure funds should be gotten in the Public Trustees office by midday on the day before the sale, and need to be in the form of money or verifiable bank cashier's check.

Please do not anticipate to receive details of the quantity due immediately after submitting the type. The general public Trustee's Office should request that details from the lender or loan provider's lawyer. Upon receipt of the figures from the lender or loan provider's lawyer, the remedy quantity will be supplied to you as requested. The figures may be excellent for just a restricted time so if you do not treat by the legitimate figure deadline set forth in the statement, you will need to ask for an upgraded treatment declaration through the general public Trustee's Office.

To find out more about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.

The above information is offered just as an informative tool and is not intended to serve as legal guidance.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your responsibility to do research before coming to the sale to bid on a residential or commercial property. The Public Trustee can not and does not guaranty that the deed of trust being foreclosed is a first lien - it could be a second or 3rd lien. The General Public Trustee does not understand the condition of the residential or commercial property, or if the residential or commercial property taxes or assessments have actually been paid or if there are any other liens versus the residential or commercial property. If you do not know how to examine the "condition of title" or the "chain of title" to the residential or commercial property, you might want to work with somebody to do the research study for you.

You can obtain the foreclosure case number for the residential or commercial property by looking it up at our site, Foreclosure Search.

On Tuesday, 2 days before sale, we will have posted in our workplace by approximately 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lending institution's written quote is needed to be provided, in composing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public details and you may search our foreclosure search, sale information, quote, to see the opening quote amount. Bids got from the loan providers might be amended at the time of sale so long as the lender's agent is personally present at sale and re-executes the changed written bid.

Be advised: The loan provider or its lawyer, or the general public Trustee, may pull or continue a residential or commercial property from the sale list at any time up till the sale starts Thursday early morning.

Check in on sale day:

The Clear Creek County Public Trustee holds foreclosure sales on Thursday's immediately at 11:00 a.m. - Sales are held at the Clear Creek County Treasurer & Public Trustee's Office, in the Clear Creek County Courthouse, 405 Argentine Street, Georgetown, Colorado. See Map (PDF)

If you plan to bid on a residential or commercial property, you ought to reach the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This information will be utilized for the Certificate of Purchase, please make certain it is accurate and legible.

Those thinking about bidding needs to personally attend the sale. We do not take over-bids by phone, fax or email. If you are appearing at the sale to bid on behalf of somebody other than yourself or another entity that you do not own or control, you require to have actually written authorization, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered on behalf of that other individual or entity at the time the bid is made.

Bidding at the sale continues in increments of $5.00 - if the lending institution has actually sent a quote for $150,000.00, for example, you must bid at least $150,005.00 in order to be the .

You will likewise be needed to have enough funds with you to bid on the residential or commercial property. Payment of effective quote amounts should be made in the kind of a verifiable bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The general public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has stopped and funds have been offered.

Pursuant to laws in effect on January 1, 2008 for cases started after that date, the effective bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be provided with a Receipt from the general public Trustee after the sale is completed. A Certificate of Purchase will be issued in the name and address of the successful bidder as revealed on your Bidder Information Form and recorded (within 5 business days) by the Public Trustee's workplace and maintained in our office records.

As the beneficiary named in the Certificate of Purchase, you do not have instant right of access to the residential or commercial property. A Certificate of Purchase does not move title to you, it merely evidences your investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 business days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 company days after the sale, but no later on than noon the last day. If numerous lien holders submit an intent to redeem, each additional lien holder will receive a 5 day redemption duration.

If you are contacted for redemption figures, interest is determined at the rate defined on the note and additional costs are restricted to those enabled by statute. Please be prepared to supply receipts for expenditures sustained. Redemption figures need to be received within 13 business days after the sale. The declaration should specify all amounts needed to redeem consisting of the quantity of per diem interest and the rates of interest. The declaration might be changed up till 2 business days before the start of the next appropriate redemption period. Your declaration of redemption should comply with 38-38-302 C.R.S.

. If redemption happens, the Certificate of Purchase holder is paid the quote amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other permitted expenses as specified by Colorado Revised Statutes (receipts must be supplied) as offered in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon written demand and payment of the needed charges, the general public Trustee's workplace will issue a Verification Deed to communicate title to the last redeeming celebration.

If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you should request, in writing, that our workplace issue your Confirmation Deed, no sooner than 15 company days after the sale. You should pay a $30.00 fee, plus recording expenses, for issuance of the tape-recorded Deed. The Confirmation Deed shall be released by the Public Trustee and taped with the Clerk & Recorder's workplace. If you are the grantee of that Deed, you will then have ownership of the residential or commercial property.

Notice to an owner in foreclosure:

If your residential or commercial property goes to foreclosure auction sale and is bought for more than the overall owed to the lender and to all other lien holders, please contact the general public Trustee's workplace after the sale since you might have funds due to you.

The general public Trustee's office does not supply legal advice and we do not do any eviction procedures. Once the Confirmation Deed is released by this workplace and taped, the general public Trustee's file is closed.

IF THE BORROWER BELIEVES THAT A LENDING INSTITUTION OR SERVICER HAS VIOLATED THE REQUIREMENTS FOR A SINGLE POINT OF CONTACT IN SECTION 38-38-103.1 OR THE PROHIBITION ON DUAL TRACKING IN SECTION 38-38-103.2, THE BORTROWER MAY FILE A COMPLAINT WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.