What is a Foreclosure?

Foreclosure takes place when a house owner is no longer able to make mortgage payments as required. This enables the lending institution to seize the residential or commercial property, getting rid of the property 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 package from the loan provider's attorney.
2. Sale date is set in between 110 through 125 calendar days after the NED was tape-recorded (non-ag).
3. Combined Notice is mailed 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 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 first scheduled sale date. A treatment, in the kind of a cashier's check, should be paid by twelve noon the day before the sale.
7. The court order authorizing the sale and the signed and detailed quote needs to be gotten by noon 2 (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 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 recorded within 5 (5) company days.
11. A Notification of Intent to Redeem must be submitted by a junior lienholder within eight (8) service 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 efficient 1/1/2010,

In order to start the foreclosure procedure, the following is submitted to the Public Trustee's workplace together with 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 been lost. Some certified foreclosing lenders might submit certain 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 includes names and addresses of celebrations to receive Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional documents required under foreclosure statutes.
5. Payment of needed costs.
   
   The above files are sent to the general public Trustee by a Colorado-licensed lawyer representing the lending institution of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This need to be done within ten business days after getting the documents from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations noted on the subscriber list or amended newsletter. The mailing list or lists need to 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 recorded instrument. If there is no address, then by statute it is not required to send out 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 agricultural 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 shall make a determination right away upon the opening of the foreclosure.
6. This workplace will accept as proof:
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   a. Certified copy of taped neighborhood plat b. Written statement from city or town clerk c. Written statement from county assessor d. Statements should be dated no more than 6 months before the NED was submitted
   
   3. Our determination is binding
7. Statements used in figuring out agricultural status no longer require to be recorded
8. Cost for determining status may be included as a of the fees 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 quantity is the quantity needed 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 parties legally permitted to file an Intent to Cure include, however are not limited to: residential or commercial property owners, individuals responsible, grantor of evidence of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should be submitted a minimum of fifteen days prior to the date of the set up Public Trustee sale.
   
   The Intent to Cure Form (PDF) might be filed by email, 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 document). There is no charge to submit and does not obligate the filer. Cure funds should be received in the general public Trustees workplace by twelve noon on the day before the sale, and should remain in the kind of cash or verifiable bank cashier's check.
   
   Please do not anticipate to get details of the amount due right away after filing the kind. The Public Trustee's Office must ask for that details from the lender or loan provider's lawyer. Upon receipt of the figures from the lender or loan provider's lawyer, the treatment quantity will be offered to you as asked for. The figures might benefit just a restricted time so if you do not treat by the valid figure deadline stated in the statement, you will require to request an upgraded treatment statement through the Public Trustee's Office.
   
   To discover more about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is provided just as an educational tool and is not intended to work as legal advice.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing beforehand:
   
   It is your obligation 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 very 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 assessments have been paid or if there are any other liens versus the residential or commercial property. If you do not understand how to examine the "condition of title" or the "chain of title" to the residential or commercial property, you may want to employ somebody to do the research for you.
   
   You can obtain the foreclosure case number for the residential or commercial property by looking it up at our website, Foreclosure Search.
   
   On Tuesday, 2 days before sale, we will have posted 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 loan provider's written quote is needed to be offered, 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 information and you may search our foreclosure search, sale information, bid, to see the opening bid amount. Bids got from the lenders may be changed at the time of sale so long as the loan provider's agent is personally present at sale and re-executes the changed composed quote.
   
   Be encouraged: The loan provider or its lawyer, or the general public Trustee, might pull or continue a residential or commercial property from the sale list at any time up until the sale begins Thursday early 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 must get to the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This information will be utilized for the Certificate of Purchase, please make sure it is precise and readable.
   
   Those thinking about bidding should personally participate in 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 need to have written permission, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered upon behalf of that other individual or entity at the time the quote is made.
   
   Bidding at the sale proceeds in increments of $5.00 - if the loan provider 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 successful bidder.
   
   You will also be required to have adequate funds with you to bid on the residential or commercial property. Payment of effective bid amounts need to 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 sell the residential or commercial property to the effective bidder after bidding has ceased and funds have been supplied.
   
   Pursuant to laws in impact on January 1, 2008 for cases started after that date, the successful 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 provided in the name and address of the successful bidder as revealed on your Bidder Information Form and tape-recorded (within 5 service 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 instant right of access to the residential or commercial property. A Certificate of Purchase does not move title to you, it merely proofs your investment made at the time of sale.
   
   The Redemption Process:
   
   A junior lien holder has 8 company days after the sale to file an intent to redeem. The most senior lien might redeem 15 to 19 service days after the sale, however no behind midday the final day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a five day redemption duration.
   
   If you are called for redemption figures, interest is determined at the rate defined on the note and additional expenditures are restricted to those allowed by statute. Please be prepared to supply receipts for expenditures incurred. Redemption figures should be gotten within 13 service days after the sale. The declaration should define all sums needed to redeem consisting of the amount of daily interest and the rate of interest. The statement may be modified up till 2 organization days before the start of the next applicable 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 bid amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowable expenses as defined by Colorado Revised Statutes (invoices should be provided) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon written demand and payment of the needed charges, the general public Trustee's office will issue a Confirmation Deed to communicate title to the last redeeming party.
   
   If no Notice of Intent to Redeem is submitted and no redemption is made by anyone, you must ask for, in writing, that our office problem your Confirmation Deed, no earlier than 15 business days after the sale. You must pay a $30.00 cost, plus recording costs, for issuance of the taped Deed. The Confirmation Deed shall be provided 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 acquired for more than the overall owed to the lending institution 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 workplace does not provide legal suggestions and we do refrain from doing any eviction procedures. Once the Confirmation Deed is issued 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 ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.