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What is a Foreclosure?

Foreclosure occurs when a property owner is no longer able to make mortgage payments as needed. This permits the lending institution to take the residential or commercial property, getting rid of the house owner and offering the home, as specified in the mortgage contract.
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When a foreclosure occurs, the following actions happen:

1. Notice of Election and Demand is taped within 10 organization days of receiving a packet from the lender's lawyer.
2. Sale date is set in between 110 through 125 calendar days after the NED was recorded (non-ag).
3. Combined Notice is sent by mail within 20 calendar days after the NED was taped.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first set up sale date.
5. Combined Notice released in local paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure should be received a minimum of 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 midday the day before the sale.
7. The court order licensing the sale and the signed and made a list of bid should be received by noon two (2) company days prior to sale day.
8. The Pre-sale List is made 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 taped within five (5) service days.
11. A Notice of Intent to Redeem need to be filed by a junior lienholder within 8 (8) service days after the sale. Foreclosures started in 2008 and newer 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 sent to the general public Trustee's office in addition to a referral 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 original note has actually been lost. Some certified foreclosing lending institutions might send particular documents 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 attorneys representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, which includes names and addresses of parties to receive Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional documents needed under foreclosure statutes.
5. Payment of needed costs.
   
   The above documents are submitted to the general public Trustee by a Colorado-licensed attorney representing the loan provider of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This must be done within 10 company days after receiving the files 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 subscriber list. The subscriber list or lists need to consist of 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 notices are sent to the addresses revealed on the taped instrument. If there is no address, then by statute it is not essential 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 requires 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 instantly upon the opening of the foreclosure.
6. This workplace shall accept as proof:
   
   a. Certified copy of tape-recorded neighborhood plat b. Written statement from city or town clerk c. Written declaration from county assessor d. Statements need to be dated no more than 6 months before the NED was submitted
   
   3. Our decision is binding
7. Statements utilized in determining agricultural status no longer require to be recorded
8. Cost for identifying status may be included as a portion of the fees and expenses charged by the attorney Please do not include 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 required to bring a foreclosed loan current. The general public Trustee's foreclosure files only contain remedy figures when an Intent to Cure has been submitted and the figures have actually been gotten from the foreclosing attorney.
   
   The only celebrations lawfully enabled to submit an Intent to Cure include, but are not limited to: residential or commercial property owners, individuals responsible, grantor of evidence of debt 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 scheduled Public Trustee sale.
   
   The Intent to Cure Form (PDF) may 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 validate that we got the file). There is no charge to submit and does not obligate the filer. Cure funds should be gotten in the Public Trustees workplace by twelve noon on the day before the sale, and must remain in the kind of money or verifiable bank cashier's check.
   
   Please do not anticipate to get info of the amount due immediately after submitting the type. The general public Trustee's Office need to ask for that details from the lender or lender's lawyer. Upon invoice 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 just a restricted time so if you do not treat by the valid figure due date set forth in the declaration, you will require to ask for an upgraded remedy declaration through the Public Trustee's Office.
   
   To read more about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is supplied just as an informative tool and is not meant to function as legal advice.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing beforehand:
   
   It is your responsibility to do research study before concerning 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 could be a 2nd or 3rd lien. The Public Trustee does not understand the condition of the residential or commercial property, or if the residential or commercial property taxes or assessments have been paid or if there are any other liens versus 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 may wish to hire somebody to do the research for you.
   
   You can acquire the foreclosure case number for the residential or commercial property by looking it up at our website, Foreclosure Search.
   
   On Tuesday, two days before sale, we will have posted in our workplace by around 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 required to be supplied, 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 information and you may browse our foreclosure search, sale info, quote, to see the opening quote amount. Bids received from the loan providers might be amended at the time of sale so long as the lender's representative is personally present at sale and re-executes the amended composed quote.
   
   Be advised: The loan provider or its attorney, or the general public Trustee, might pull or continue a residential or commercial property from the sale list at any time up till the sale begins Thursday early morning.
   
   Sign in on sale day:
   
   The Clear Creek County Public Trustee holds foreclosure sales on Thursday's quickly 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 intend to bid on a residential or commercial property, you must come to the workplace 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 needs to personally go to 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 besides yourself or another entity that you do not own or control, you require to have actually composed permission, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gotten in on behalf of that other person or entity at the time the quote is made.
   
   Bidding at the sale proceeds in increments of $5.00 - if the lender has actually submitted a quote for $150,000.00, for instance, you need to bid at least $150,005.00 in order to be the effective bidder.
   
   You will likewise be required to have sufficient funds with you to bid on the residential or commercial property. Payment of effective bid quantities need to be made in the kind of a proven bank cashier's check. Checks should be payable only 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 actually stopped and funds have actually been provided.
   
   Pursuant to laws in result on January 1, 2008 for cases began after that date, the effective bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be supplied with an Invoice from the general public Trustee after the sale is completed. A Certificate of Purchase will be released in the name and address of the successful bidder as shown on your Bidder Information Form and tape-recorded (within 5 business days) by the Public Trustee's office and maintained in our office records.
   
   As the beneficiary called 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 proofs your investment made at the time of sale.
   
   The Redemption Process:
   
   A junior lien holder has 8 organization days after the sale to submit an intent to redeem. The most senior lien may redeem 15 to 19 company days after the sale, but no later than noon the last day. If numerous lien file an intent to redeem, each extra 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 expenses are restricted to those enabled by statute. Please be prepared to supply receipts for expenses incurred. Redemption figures need to be received within 13 business days after the sale. The statement needs to specify all amounts needed to redeem consisting of the amount of daily interest and the rate 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 adhere to 38-38-302 C.R.S.
   
   . If redemption occurs, 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 allowable costs as defined by Colorado Revised Statutes (receipts must be supplied) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon composed demand and payment of the needed fees, the general public Trustee's workplace will provide a Confirmation Deed to communicate title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is submitted and no redemption is made by anyone, you should ask for, in writing, that our office concern your Confirmation Deed, no earlier than 15 service days after the sale. You need to pay a $30.00 charge, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed will be released by the Public Trustee and recorded with the Clerk & Recorder's workplace. 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 purchased for more than the total owed to the loan provider and to all other lien holders, please contact the Public Trustee's workplace after the sale since you may have funds due to you.
   
   The general public Trustee's workplace does not supply legal suggestions and we do refrain from doing any expulsion procedures. Once the Confirmation Deed is issued by this office and taped, the 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 PROBLEM WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.