What is a Foreclosure?

Foreclosure happens when a house owner is no longer able to make mortgage payments as required. This permits the lending institution to seize the residential or commercial property, getting rid of the property owner and offering the home, as stipulated in the mortgage agreement.

When a foreclosure takes location, the following steps occur:

1. Notice of Election and Demand is tape-recorded within 10 service days of receiving a packet from the lender's attorney.

2. Sale date is set 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 sent by mail with 45-60 calendar days prior to first arranged sale date.

5. Combined Notice released in regional paper 45-60 calendar days prior to the very first scheduled sale date.

6. Notice of Intent to Cure must be received a minimum of 15 calendar days prior to the very first scheduled sale date. A cure, in the kind 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 made a list of bid should be gotten by noon 2 (2) organization 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 tape-recorded within five (5) service days.

11. A Notice of Intent to Redeem need to be submitted by a junior lienholder within 8 (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 general public Trustee's workplace along with a referral of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or certified copy of the taped deed of trust.
2. Original promissory note or bond if initial note has been lost. Some certified foreclosing lenders may send specific documents 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.
3. Notice of Election and Demand for Foreclosure.
4. Mailing List, that includes names and addresses of parties to receive Combined Notice of the sale, rights to cure and rights to redeem.
5. Additional documents required under foreclosure statutes.
6. Payment of needed costs.

The above documents are sent to the general public Trustee by a Colorado-licensed attorney representing the lender of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This need to be done within 10 company days after getting the files from the loan provider's lawyer.
A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations noted on the newsletter or modified subscriber list. The mailing list or lists need to include 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 out to the addresses revealed on the taped instrument. If there is no address, then by statute it is not essential to send out 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 an initial 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 immediately upon the opening of the foreclosure.
2. This office 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 should be dated no greater than 6 months before the NED was filed

3. Our determination is binding
4. Statements used in determining farming status no longer need to be recorded
5. Cost for identifying status might be consisted of as a part of the fees 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 quantity is the quantity essential to bring a foreclosed loan current. The Public Trustee's foreclosure files just contain remedy figures when an Intent to Cure has been filed and the figures have been gotten from the foreclosing lawyer.

The only celebrations lawfully enabled to file an Intent to Cure include, however are not limited to: residential or commercial property owners, persons liable, grantor of proof of debt 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 scheduled Public Trustee sale.

The Intent to Cure Form (PDF) might be filed by e-mail, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or e-mail to confirm that we got the file). There is no cost to submit and does not obligate the filer. Cure funds must be received in the Public Trustees office by noon on the day before the sale, and need to be in the type of cash or proven bank cashier's check.

Please do not expect to get details of the quantity due right away after filing the kind. The general public Trustee's Office need to ask for that info from the lender or lender's attorney. Upon invoice of the figures from the lending institution or loan provider's attorney, the cure quantity will be supplied to you as requested. The figures might benefit just a restricted time so if you do not treat by the legitimate figure deadline set forth in the statement, you will need to request an upgraded treatment statement through the general public Trustee's Office.

To read more about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.

The above info is supplied just as an informational tool and is not planned to serve as legal advice.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your obligation to do research study before pertaining 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 could be a 2nd or 3rd lien. The General 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 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 may want to work with someone to do the research study for you.

You can acquire 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 posted in our office by approximately 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lender's composed quote is needed to be provided, in writing, to the general public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public details and you might browse our foreclosure search, sale details, bid, to see the opening bid quantity. Bids got from the lending institutions may be modified at the time of sale so long as the loan provider's agent is personally present at sale and re-executes the amended written quote.

Be recommended: The lender 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 starts Thursday morning.

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 intend to bid on a residential or commercial property, you ought to come to the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This information will be used for the Certificate of Purchase, please make sure it is precise and clear.

Those thinking about bidding needs to 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 aside from yourself or another entity that you do not own or control, you require to have composed permission, a letter of agency 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 instance, you should 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 quote quantities should 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 sell the residential or commercial property to the effective bidder after bidding has actually ceased and funds have been supplied.

Pursuant to laws in effect on January 1, 2008 for cases started 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 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 successful bidder as revealed on your Bidder Information Form and recorded (within 5 organization days) by the Public Trustee's office and retained 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 merely proofs your financial 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 might redeem 15 to 19 service days after the sale, but no later than noon the last day. If multiple lien holders file an intent to redeem, each additional lien holder will get a five day redemption duration.

If you are called for redemption figures, interest is calculated at the rate defined on the note and additional expenses are restricted to those allowed by statute. Please be prepared to provide receipts for expenditures sustained. Redemption figures need to be received within 13 service days after the sale. The statement needs to specify all sums needed to redeem including the quantity of per diem interest and the rates of interest. The declaration may be amended up until 2 company days before the start of the next appropriate redemption duration. Your declaration of redemption should 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 permitted costs as specified by Colorado Revised Statutes (invoices must be supplied) as offered in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon composed demand and payment of the required charges, the general public Trustee's workplace will provide a Verification Deed to convey title to the last redeeming party.

If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you should ask for, in writing, that our workplace issue your Confirmation Deed, no earlier than 15 company days after the sale. You should pay a $30.00 cost, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed will be released by the Public Trustee and tape-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 bought 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 due to the fact that you might have funds due to you.

The Public Trustee's workplace does not offer legal guidance and we do refrain from doing any expulsion proceedings. Once the Confirmation Deed is issued by this office and recorded, the general 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 ATTORNEY GENERAL OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.