What is a Foreclosure?

Foreclosure takes place when a property owner is no longer able to make mortgage payments as needed. This permits the lender to seize the residential or commercial property, removing the house owner and selling the home, as stated in the mortgage agreement.

When a foreclosure occurs, the following steps occur:

1. Notice of Election and Demand is taped within 10 company days of receiving a packet from the lending institution's lawyer.
2. Sale date is set between 110 through 125 calendar days after the NED was taped (non-ag).
3. Combined Notice is sent by mail within 20 calendar days after the NED was tape-recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first 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 should be gotten at least 15 calendar days prior to the first scheduled sale date. A treatment, in the form of a cashier's check, must be paid by midday the day before the sale.
7. The court order authorizing the sale and the signed and detailed bid should be received by twelve noon two (2) business days prior to sale day.
8. The Pre-sale List is provided by 2:00 p.m. on Tuesday before Thursday's sale.
9. The sale is performed 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 tape-recorded within 5 (5) company days.
11. A Notification of Intent to Redeem must be filed by a junior lienholder within 8 (8) company days after the sale. Foreclosures began in 2008 and more recent do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws effective 1/1/2010,

In order to start the foreclosure procedure, the following is submitted to the Public Trustee's workplace in addition to a referral of the case and a Certificate of the Current Owner of the debt:

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

1. Original promissory note or bond if initial note has actually been lost. Some qualified foreclosing loan providers may 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 original promissory note and Certification of Qualified Holder, signed by attorneys representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of celebrations to receive Combined Notice of the sale, rights to treat and rights to redeem.
4. Additional files needed under foreclosure statutes.
5. Payment of required fees.
   
   The above files are submitted to the general public Trustee by a Colorado-licensed attorney representing the lending institution of the loan in default. The general public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This should be done within ten company days after getting the documents from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the subscriber list or changed mailing list. The subscriber list or lists should consist of all parties whose interests appear in an instrument recorded subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notices are sent to the addresses revealed on the taped instrument. If there is no address, then by statute it is not required to send the notification in care of the county seat. The general 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 an initial deposit of $650 for all foreclosures
   
   How to Determine Agricultural Status C.R.S. 38-38-108( 2( a)( I)
   
   1. If necessary the Clear Creek County Public Trustee will make a determination right away upon the opening of the foreclosure.
6. This workplace will accept as proof:
   
   a. Certified copy of tape-recorded subdivision plat b. Written statement from city or town clerk c. Written statement from county assessor d. Statements must be dated no more than 6 months before the NED was submitted
   
   3. Our determination is binding
7. Statements used in figuring out farming status no longer need to be tape-recorded
8. Cost for figuring out status may be consisted of as a portion of the charges and expenses charged by the attorney Please do not include copies of statutes for mailing. This is covered in the cost of postage and copies.
   
   How to Cure a Foreclosure:
   
   A treatment amount is the amount essential to bring a foreclosed loan current. The Public Trustee's foreclosure files only contain treatment figures when an Intent to Cure has actually been submitted and the figures have been received from the foreclosing lawyer.
   
   The only parties lawfully permitted to file an Intent to Cure consist of, but are not limited to: residential or commercial property owners, individuals accountable, grantor of evidence of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must 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 submitted by e-mail, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we got the document). There is no charge to file and does not obligate the filer. Cure funds need to be received in the general public Trustees workplace by noon on the day before the sale, and must remain in the kind of money or verifiable bank cashier's check.
   
   Please do not expect to receive details of the amount due immediately after filing the type. The general public Trustee's Office should request that information from the lending institution or lender's attorney. Upon receipt of the figures from the lender or lending institution's attorney, the treatment quantity will be provided to you as requested. The figures may benefit only a limited time so if you do not treat by the legitimate figure deadline stated in the statement, you will need to ask for an updated remedy declaration through the general public Trustee's Office.
   
   To read more about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above details is supplied only as an informative tool and is not meant to serve as legal recommendations.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing in advance:
   
   It is your obligation to do research before coming to the sale to bid on a residential or commercial property. The general public Trustee can not and does not guaranty that the deed of trust being foreclosed is a first lien - it might be a 2nd or third lien. The Public Trustee does not understand the condition of the residential or commercial property, or if the residential or commercial property taxes or evaluations have been paid or if there are any other liens against the residential or commercial property. If you do not know how to check the "condition of title" or the "chain of title" to the residential or commercial property, you might want to work with someone 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, two days before sale, we will have published in our office by roughly 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lender's composed quote is required to be provided, in composing, to the general public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public info and you may browse our foreclosure search, sale info, bid, to see the opening bid amount. Bids got from the lending institutions may be amended at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the changed composed quote.
   
   Be recommended: 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 until the sale begins Thursday early morning.
   
   Sign in on sale day:
   
   The Clear Creek County Public Trustee holds foreclosure sales on Thursday's promptly 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 must get to the office about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This information will be utilized for the Certificate of Purchase, please make certain it is accurate and understandable.
   
   Those interested in bidding must personally go to the sale. We do not take over-bids by phone, fax or e-mail. If you are appearing at the sale to bid on behalf of someone besides yourself or another entity that you do not own or control, you require to have actually composed authorization, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your bid is being gone into on behalf of that other person or entity at the time the quote is made.
   
   Bidding at the sale continues in increments of $5.00 - if the loan provider has actually sent a bid for $150,000.00, for example, you need to bid at least $150,005.00 in order to be the successful bidder.
   
   You will likewise be needed to have enough funds with you to bid on the residential or commercial property. Payment of effective bid should be made in the type of a proven bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can decline third party checks. The general public Trustee will strike and sell the residential or commercial property to the successful bidder after bidding has actually stopped and funds have actually been provided.
   
   Pursuant to laws in impact on January 1, 2008 for cases began after that date, the successful bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be offered with a Receipt from the general public Trustee after the sale is completed. A Certificate of Purchase will be released in the name and address of the effective bidder as revealed on your Bidder Information Form and recorded (within 5 service days) by the Public Trustee's workplace and retained in our workplace records.
   
   As the grantee named in the Certificate of Purchase, you do not have immediate right of access to the residential or commercial property. A Certificate of Purchase does not transfer title to you, it simply evidences your financial investment made at the time of sale.
   
   The Redemption Process:
   
   A junior lien holder has 8 business days after the sale to submit an intent to redeem. The most senior lien may redeem 15 to 19 organization days after the sale, however no behind noon the final day. If numerous lien holders submit an intent to redeem, each additional lien holder will get a 5 day redemption duration.
   
   If you are gotten in touch with for redemption figures, interest is calculated at the rate defined on the note and extra costs are limited to those enabled by statute. Please be prepared to provide receipts for costs incurred. Redemption figures must be gotten within 13 business days after the sale. The statement should specify all amounts needed to redeem consisting of the amount of daily interest and the interest rate. The statement might be changed up till 2 company days before the start of the next appropriate redemption period. Your declaration of redemption must adhere to 38-38-302 C.R.S.
   
   . If redemption takes place, the Certificate of Purchase holder is paid the quote amount, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other allowable expenses as specified by Colorado Revised Statutes (receipts should be provided) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon composed demand and payment of the needed costs, the general public Trustee's office will release a Confirmation Deed to communicate title to the last redeeming party.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you need to ask for, in writing, that our office problem your Confirmation Deed, no quicker than 15 service days after the sale. You must pay a $30.00 charge, 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 purchased for more than the overall owed to the loan provider and to all other lien holders, please contact the general public Trustee's workplace after the sale because you might have funds due to you.
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   The general public Trustee's office does not offer legal advice and we do not do any eviction procedures. Once the Confirmation Deed is released by this office and taped, the Public Trustee's file is closed.
   
   IF THE BORROWER BELIEVES THAT A LENDER 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 GRIEVANCE WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.