What is a Foreclosure?

What is a Foreclosure?
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Foreclosure takes place when a homeowner is no longer able to make mortgage payments as required. This permits the loan provider to take the residential or commercial property, removing the property owner and offering the home, as stipulated in the mortgage agreement.
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When a foreclosure happens, the following actions occur:

1. Notice of Election and Demand is taped within 10 company days of getting 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 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 initially scheduled sale date.
5. Combined Notice published in local paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure must be received at least 15 calendar days prior to the first scheduled sale date. A remedy, in the kind of a cashier's check, should be paid by twelve noon the day before the sale.
7. The court order licensing the sale and the signed and detailed bid must be received by midday two (2) company 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 performed 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) service days.
11. A Notice of Intent to Redeem must be filed by a junior lienholder within eight (8) business days after the sale. Foreclosures started in 2008 and more recent do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws effective 1/1/2010,

In order to begin the foreclosure procedure, the following is sent to the general public Trustee's office together with a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or certified copy of the recorded deed of trust.

Original promissory note or bond if initial note has been lost. Some certified foreclosing loan providers might 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 initial promissory note and Certification of Qualified Holder, signed by attorneys representing holder.
Notice of Election and Demand for Foreclosure.
Mailing List, which consists of names and addresses of parties to get Combined Notice of the sale, rights to cure and rights to redeem.
Additional documents needed under foreclosure statutes.
Payment of required fees.

The above files are sent 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 need to be done within ten organization days after getting the documents from the lender's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations listed on the subscriber list or amended newsletter. The subscriber list or lists need to include 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 notifications are sent to the addresses shown on the tape-recorded instrument. If there is no address, then by statute it is not essential 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 a preliminary 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 right away upon the opening of the foreclosure.
This workplace will accept as proof:

a. Certified copy of taped subdivision plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. need to be dated no greater than 6 months before the NED was submitted

3. Our decision is binding
Statements utilized in identifying agricultural status no longer require to be recorded
Cost for identifying status may be included as a part of the costs and expenses charged by the attorney 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 amount essential to bring a foreclosed loan current. The general public Trustee's foreclosure files only consist of treatment figures when an Intent to Cure has actually been submitted and the figures have actually been gotten from the foreclosing lawyer.

The only parties legally permitted to file an Intent to Cure include, however are not restricted to: residential or commercial property owners, persons responsible, grantor of proof of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must be filed at least 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 personally at the Office of the Clear Creek County Public Trustee (please call or email to validate that we got the document). There is no cost to submit and does not obligate the filer. Cure funds must be received in the general 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 expect to get details of the amount due right away after filing the kind. The general public Trustee's Office need to request that information from the lending institution or loan provider's lawyer. Upon receipt of the figures from the lender or loan provider's lawyer, the cure amount will be offered to you as asked for. The figures may benefit just a minimal time so if you do not treat by the valid figure due date set forth in the declaration, you will require to request an upgraded treatment statement through the 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 work as legal suggestions.

How to Bid at a Foreclosure Sale:

Preparing in advance:

It is your obligation to do research before coming 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 second or 3rd lien. The Public Trustee does not know the condition of the residential or commercial property, or if the residential or commercial property taxes or assessments have actually been paid or if there are any other liens versus 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 employ somebody 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, two days before sale, we will have posted 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 loan provider'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 quotes are public details and you may search our foreclosure search, sale information, quote, to see the opening quote quantity. Bids received from the loan providers might be changed at the time of sale so long as the lending institution's representative is personally present at sale and re-executes the modified written quote.

Be encouraged: 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 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 get to the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This info will be utilized for the Certificate of Purchase, please make certain it is precise and understandable.

Those interested in bidding needs to 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 someone besides yourself or another entity that you do not own or control, you require to have written 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 individual or entity at the time the bid is made.

Bidding at the sale continues in increments of $5.00 - if the loan provider has actually submitted a bid for $150,000.00, for example, you must bid at least $150,005.00 in order to be the successful bidder.

You will also be needed to have sufficient funds with you to bid on the residential or commercial property. Payment of effective bid quantities should be made in the kind of a proven 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 public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has stopped and funds have actually been offered.

Pursuant to laws in impact 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 offered 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 taped (within 5 company 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 transfer title to you, it simply evidences your investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 business days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 service days after the sale, but no later than twelve noon the last day. If several lien holders submit an intent to redeem, each extra lien holder will receive a five day redemption period.

If you are contacted for redemption figures, interest is determined at the rate specified on the note and extra costs are restricted to those enabled by statute. Please be prepared to provide invoices for costs sustained. Redemption figures should be gotten within 13 business days after the sale. The declaration should specify all sums needed to redeem including the amount of daily interest and the rates of interest. The declaration may be amended up until 2 service days before the start of the next applicable redemption period. Your statement of redemption must abide by 38-38-302 C.R.S.

. If redemption happens, the Certificate of Purchase holder is paid the quote amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowable costs as specified by Colorado Revised Statutes (invoices should be supplied) as supplied in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon written demand and payment of the required charges, the Public Trustee's office will release a Verification 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 need to ask for, in writing, that our office issue your Confirmation Deed, no sooner than 15 service days after the sale. You need to pay a $30.00 fee, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed shall be released by the Public Trustee and 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 acquired 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 might have funds due to you.

The Public Trustee's office does not offer legal guidance and we do not do any expulsion procedures. Once the Confirmation Deed is released by this office and taped, the 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 PROBLEM WITH THE COLORADO ATTORNEY GENERAL OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.