What is a Foreclosure?

Foreclosure takes place when a house owner is no longer able to make mortgage payments as required. This allows the loan provider to take the residential or commercial property, getting rid of the homeowner and offering the home, as stipulated in the mortgage agreement.

When a foreclosure happens, the following steps take place:

1. Notice of Election and Demand is recorded within 10 company days of getting a package from the lending institution'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 tape-recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first arranged 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 gotten a minimum of 15 calendar days prior to the very first scheduled sale date. A treatment, in the type of a cashier's check, should be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and itemized quote must be received by twelve noon 2 (2) organization 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 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 five (5) organization days.
11. A Notification of Intent to Redeem should be submitted by a junior lienholder within eight (8) organization days after the sale. Foreclosures began in 2008 and newer do not enable for owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws efficient 1/1/2010,

In order to begin the foreclosure process, the following is sent to the general public Trustee's workplace along with 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 certified foreclosing lending institutions may send specific 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 lawyers representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, which consists of names and addresses of parties to get Combined Notice of the sale, rights to treat and rights to redeem.
4. Additional files needed under foreclosure statutes.
5. Payment of required costs.
   
   The above files are sent to the general 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 procedures. This should be done within ten service days after getting the documents from the lender's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the newsletter or changed newsletter. The mailing list or lists must include all parties 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 taped instrument. If there is no address, then by statute it is not required to send the notice 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 requires 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 will make a determination right away upon the opening of the foreclosure.
6. This office shall accept as proof:
   
   a. Certified copy of taped subdivision 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 decision is binding
7. Statements used in identifying agricultural status no longer need to be taped
8. Cost for determining status might be consisted of as a portion of the charges and expenses 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 treatment quantity is the quantity necessary to bring a foreclosed loan current. The general public Trustee's foreclosure files just include cure figures when an Intent to Cure has been filed and the figures have been received from the foreclosing lawyer.
   
   The only celebrations lawfully allowed to file an Intent to Cure include, but are not restricted to: residential or commercial property owners, persons accountable, 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 arranged Public Trustee sale.
   
   The Intent to Cure Form (PDF) might be filed by email, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we got the document). There is no cost to submit and does not obligate the filer. Cure funds need to be gotten in the Public Trustees workplace by midday on the day before the sale, and need to be in the type of cash or proven bank cashier's check.
   
   Please do not anticipate to receive information of the amount due right away after submitting the form. The Public Trustee's Office must request that details from the lender or lender's lawyer. Upon invoice of the figures from the lender or loan provider's lawyer, the treatment quantity will be provided to you as requested. The figures might benefit just a minimal time so if you do not treat by the legitimate figure due date set forth in the statement, you will require to request an upgraded treatment declaration through the Public Trustee's Office.
   
   To find out more about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above information is supplied just as an informational tool and is not meant to work as legal suggestions.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing ahead of time:
   
   It is your obligation to do research 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 very first lien - it could be a second 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 versus the residential or commercial property. If you do not understand how to check the "condition of title" or the "chain of title" to the residential or commercial property, you may wish to work with someone to do the research for you.
   
   You can get 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 published in our workplace by roughly 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lending institution's composed quote is required to be offered, in writing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public information and you may browse our foreclosure search, sale info, bid, to see the opening quote amount. Bids received from the lending institutions may be modified at the time of sale so long as the lender's agent is personally present at sale and re-executes the modified composed bid.
   
   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 begins Thursday early morning.
   
   Sign 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 mean to bid on a residential or commercial property, you need to show up at 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 used for the Certificate of Purchase, please make sure it is precise and readable.
   
   Those interested in bidding must personally attend 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 besides yourself or another entity that you do not own or control, you require to have composed authorization, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered upon behalf of that other person or entity at the time the bid is made.
   
   Bidding at the sale proceeds in increments of $5.00 - if the lending institution has actually submitted a quote for $150,000.00, for example, you must bid at least $150,005.00 in order to be the successful 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 must be made in the type of a verifiable bank cashier's check. Checks must be payable only to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The general will strike and sell the residential or commercial property to the successful bidder after bidding has stopped and funds have actually been supplied.
   
   Pursuant to laws in result 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 supplied with an Invoice 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 shown on your Bidder Information Form and recorded (within 5 service days) by the Public Trustee's workplace and kept in our office records.
   
   As the beneficiary 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 move title to you, it simply proofs your financial investment made at the time of sale.
   
   The Redemption Process:
   
   A junior lien holder has 8 service days after the sale to submit an intent to redeem. The most senior lien might redeem 15 to 19 company days after the sale, however no behind twelve noon the final day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a five day redemption period.
   
   If you are called for redemption figures, interest is determined at the rate specified on the note and extra expenditures are limited to those allowed by statute. Please be prepared to offer invoices for costs incurred. Redemption figures should be received within 13 service days after the sale. The statement should define all sums required to redeem including the quantity of per diem interest and the interest rate. The statement may be amended up till 2 company days before the start of the next relevant redemption duration. Your declaration of redemption need to abide by 38-38-302 C.R.S.
   
   . If redemption happens, the Certificate of Purchase holder is paid the quote quantity, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowed costs as specified by Colorado Revised Statutes (invoices need to be provided) as offered in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon composed request and payment of the needed costs, the Public Trustee's office will issue 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 anyone, you need to request, in composing, that our workplace concern your Confirmation Deed, no earlier than 15 service days after the sale. You need to pay a $30.00 cost, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed shall be released by the Public Trustee and recorded with the Clerk & Recorder's office. 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 lender and to all other lien holders, please contact the Public Trustee's office after the sale because you may have funds due to you.
   
   The general public Trustee's office does not supply legal advice and we do refrain from doing any expulsion procedures. Once the Confirmation Deed is issued by this office 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 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.
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