What is a Foreclosure?

Foreclosure happens when a property owner is no longer able to make mortgage payments as required. This permits the loan provider to take the residential or commercial property, removing the house owner and offering the home, as stated in the mortgage contract.
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When a foreclosure occurs, the following actions happen:

1. Notice of Election and Demand is recorded within 10 service days of getting a packet from the loan provider's lawyer.
2. Sale date is set in between 110 through 125 calendar days after the NED was taped (non-ag).
3. Combined Notice is mailed within 20 calendar days after the NED was taped.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first arranged sale date.
5. Combined Notice published in regional paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure should be received at least 15 calendar days prior to the very first scheduled sale date. A remedy, in the kind of a cashier's check, must be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and detailed quote needs to be received by noon 2 (2) company days prior to sale day.
8. The Pre-sale List is made readily available by 2:00 p.m. on Tuesday before Thursday's sale.
9. The sale is conducted 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) business days.
11. A Notice of Intent to Redeem should be filed by a junior lienholder within eight (8) company days after the sale. Foreclosures started in 2008 and more recent do not permit 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 submitted to the Public Trustee's workplace along with a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

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

1. Original promissory note or bond if initial note has actually been lost. Some certified foreclosing lending institutions may send specific paperwork in lieu of the note if they fall under the guidelines 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 lawyers representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, which consists of names and addresses of parties to receive Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional files required under foreclosure statutes.
5. Payment of required fees.
   
   The above files are submitted to the Public Trustee by a Colorado-licensed lawyer representing the lending institution of the loan in default. The general public Trustee tapes the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This must be done within ten business days after getting the documents from the lender's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the mailing list or changed mailing list. The newsletter or lists must consist of all celebrations whose interests appear in an instrument tape-recorded subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notifications are sent to the addresses revealed on the recorded instrument. If there is no address, then by statute it is not needed 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 essential the Clear Creek County Public Trustee shall make a decision instantly upon the opening of the foreclosure.
6. This workplace will accept as proof:
   
   a. Certified copy of taped neighborhood plat b. Written declaration from city or town clerk c. Written statement from county assessor d. Statements must be dated no greater than 6 months before the NED was submitted
   
   3. Our decision is binding
7. Statements used in figuring out agricultural status no longer require to be tape-recorded
8. Cost for determining status might be included as a portion of the charges and costs 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 cure amount is the amount necessary to bring a foreclosed loan current. The general public Trustee's foreclosure files only contain remedy figures when an Intent to Cure has been filed and the figures have actually been gotten from the foreclosing lawyer.
   
   The only parties lawfully permitted to submit an Intent to Cure include, but are not limited to: residential or commercial property owners, persons liable, grantor of evidence of financial obligation and junior lien holders to C.R.S. 38-38-104( 1 ). An Intent to Cure must be filed a minimum of 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 in individual at the Office of the Clear Creek County Public Trustee (please call or email to verify that we got the document). There is no cost to file and does not obligate the filer. Cure funds must be received in the general public Trustees office by midday on the day before the sale, and should remain in the type of cash or proven bank cashier's check.
   
   Please do not expect to receive info of the amount due immediately after filing the form. The Public Trustee's Office must ask for that information from the lender or lending institution's attorney. Upon receipt of the figures from the lender or lender's attorney, the cure quantity will be provided to you as requested. The figures might benefit only a limited time so if you do not treat by the legitimate figure deadline stated in the declaration, you will need to ask for an updated treatment statement through the Public Trustee's Office.
   
   To get more information about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is supplied only as an informational tool and is not planned to act as legal advice.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing beforehand:
   
   It is your obligation to do research before pertaining 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 third lien. The Public Trustee does not know the condition of the residential or commercial property, or if the residential or commercial property taxes or evaluations have actually been paid or if there are any other liens against the residential or commercial property. If you do not know how to inspect the "condition of title" or the "chain of title" to the residential or commercial property, you might wish 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, two days before sale, we will have published in our office by around 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 offered, in writing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public info and you may search our foreclosure search, sale details, quote, to see the opening bid quantity. Bids got from the loan providers may be modified at the time of sale so long as the lender's representative is personally present at sale and re-executes the modified composed quote.
   
   Be encouraged: The lender or its lawyer, or the Public Trustee, may pull or continue a residential or commercial property from the sale list at any time up until the sale starts Thursday morning.
   
   Check in on sale day:
   
   The Clear Creek County Public Trustee holds foreclosure sales on Thursday's without delay 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 come to the office about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This info will be utilized for the Certificate of Purchase, please make sure it is precise and readable.
   
   Those interested in bidding must personally participate in 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 somebody aside from 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 entered upon behalf of that other person or entity at the time the bid is made.
   
   Bidding at the sale continues in increments of $5.00 - if the lender has submitted a bid for $150,000.00, for instance, you should bid a minimum of $150,005.00 in order to be the successful bidder.
   
   You will also be needed to have adequate funds with you to bid on the residential or commercial property. Payment of effective bid amounts should be made in the kind of a verifiable bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can not accept 3rd celebration checks. The Public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually ceased and funds have been supplied.
   
   Pursuant to laws in impact on January 1, 2008 for cases began after that date, the effective bidder will not get an initial 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 finished. A Certificate of Purchase will be provided in the name and address of the effective bidder as revealed on your Bidder Information Form and taped (within 5 business days) by the Public Trustee's office and kept in our office 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 company days after the sale to submit an intent to redeem. The most senior lien might redeem 15 to 19 business days after the sale, but no later than twelve noon the final day. If several lien holders submit an intent to redeem, each extra lien holder will receive a five day redemption duration.
   
   If you are gotten in touch with for redemption figures, interest is computed at the rate defined on the note and additional expenditures are limited to those allowed by statute. Please be prepared to supply invoices for costs incurred. Redemption figures must be gotten within 13 company days after the sale. The declaration should define all amounts needed to redeem including the amount of per diem interest and the interest rate. The statement might be changed up till 2 company days before the start of the next suitable redemption duration. Your declaration of redemption need to adhere to 38-38-302 C.R.S.
   
   . If redemption happens, the Certificate of Purchase holder is paid the bid quantity, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other allowed costs as defined by Colorado Revised Statutes (invoices need to be provided) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed request and payment of the required charges, the general public Trustee's office will provide a Verification Deed to convey title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you must request, in composing, that our office problem your Confirmation Deed, no faster than 15 business days after the sale. You should pay a $30.00 fee, plus recording costs, for issuance of the taped Deed. The Confirmation Deed shall be issued by the Public Trustee and tape-recorded with the Clerk & Recorder's office. If you are the beneficiary 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 total owed to the lender and to all other lien holders, please contact the general public Trustee's office after the sale due to the fact that you might have funds due to you.
   
   The general public Trustee's workplace does not offer legal recommendations and we do not do any expulsion proceedings. Once the Confirmation Deed is provided by this workplace and recorded, the general public Trustee's file is closed.
   
   IF THE BORROWER BELIEVES THAT A LOAN PROVIDER 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 PROBLEM WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.
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