What is a Foreclosure?

Foreclosure happens when a house owner is no longer able to make mortgage payments as needed. This permits the lender to take the residential or commercial property, removing the homeowner and selling the home, as stated in the mortgage contract.

When a foreclosure occurs, the following actions take place:

1. Notice of Election and Demand is recorded within 10 service days of receiving 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 days after the NED was recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially scheduled 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 at least 15 calendar days prior to the very 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 itemized quote should be received by midday 2 (2) business 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 5 (5) business days.
11. A Notification of Intent to Redeem need to be filed by a junior lienholder within 8 (8) organization days after the sale. Foreclosures began in 2008 and more recent do not permit 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 procedure, the following is submitted to the general public Trustee's office together with a recommendation of the case and a Certificate of the Current Owner of the debt:

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

1. Original promissory note or bond if original note has been lost. Some qualified foreclosing loan providers may send specific paperwork 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.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of celebrations to get Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional documents needed under foreclosure statutes.
5. Payment of required fees.
   
   The above files are sent to the general public Trustee by a Colorado-licensed attorney 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 procedures. This need to be done within ten organization days after receiving the documents from the lending institution's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the newsletter or changed mailing list. The newsletter or lists should consist of all celebrations 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 shown on the recorded instrument. If there is no address, then by statute it is not necessary to send the notification 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 needs a preliminary deposit of $650 for all foreclosures
   
   How to Determine Agricultural Status C.R.S. 38-38-108( 2( a)( I)
   
   1. If required the Clear Creek County Public Trustee shall 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 declaration from city or town clerk c. Written statement from county assessor d. Statements must be dated no greater than 6 months before the NED was filed
   
   3. Our decision is binding
7. Statements utilized in figuring out agricultural status no longer need to be taped
8. Cost for determining status might be consisted of as a part of the fees 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 amount is the quantity necessary to bring a foreclosed loan current. The Public Trustee's foreclosure files just contain treatment figures when an Intent to Cure has actually been submitted and the figures have actually been received from the foreclosing attorney.
   
   The only celebrations lawfully enabled to file an Intent to Cure include, however are not limited to: residential or commercial property owners, individuals 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 set up Public Trustee sale.
   
   The Intent to Cure Form (PDF) may be submitted by email, fax, mail or in person at the Office of the Clear Creek County Public Trustee (please call or email to verify that we received the document). There is no charge to submit and does not obligate the filer. Cure funds need to be gotten in the Public Trustees workplace by twelve noon on the day before the sale, and need to be in the form of cash or verifiable bank cashier's check.
   
   Please do not expect to get details of the amount due instantly after filing the form. The Public Trustee's Office need to ask for that info from the lending institution or loan provider's lawyer. Upon receipt of the figures from the lending institution or lender's lawyer, the remedy amount will be supplied to you as requested. The figures may benefit only a restricted time so if you do not treat by the valid figure due date stated in the declaration, you will require to ask for an updated remedy statement through the general public Trustee's Office.
   
   To get more information about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is provided just as an informational tool and is not intended to function as legal guidance.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing beforehand:
   
   It is your duty to do research study 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 General 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 examine the "condition of title" or the "chain of title" to the residential or commercial property, you might wish to work with somebody to do the research study for you.
   
   You can obtain 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 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 composing, 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 might search our foreclosure search, sale info, bid, to see the opening quote quantity. 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 changed written bid.
   
   Be advised: 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 morning.
   
   Check in on sale day:
   
   The Clear Creek County Public Trustee holds foreclosure sales on Thursday's immediately 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 information will be used for the Certificate of Purchase, please make sure 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 somebody other than yourself or another entity that you do not own or control, you require to have actually composed authorization, 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 individual or entity at the time the quote is made.
   
   Bidding at the sale continues in increments of $5.00 - if the lending institution has actually submitted a bid for $150,000.00, for instance, you must bid a minimum of $150,005.00 in order to be the successful bidder.
   
   You will likewise be required to have enough funds with you to bid on the residential or commercial property. Payment of successful bid amounts must be made in the type of a verifiable bank cashier's check. Checks need to be payable just to the "Clear Creek County Public Trustee". We can decline third celebration 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 provided.
   
   Pursuant to laws in impact 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 provided with an Invoice from the general public Trustee after the sale is finished. 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 business days) by the Public Trustee's workplace and kept 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 simply evidences 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 organization days after the sale, however no behind midday the last day. If multiple lien holders file an intent to redeem, each additional lien holder will receive a five day redemption period.
   
   If you are gotten in touch with for redemption figures, interest is determined at the rate defined on the note and additional costs are restricted to those allowed by statute. Please be prepared to offer receipts for expenditures sustained. Redemption figures should be received within 13 business days after the sale. The statement should specify all amounts required to redeem including the quantity of per diem interest and the rates of interest. The statement might be amended up till 2 company days before the start of the next appropriate redemption period. Your statement of redemption must adhere to 38-38-302 C.R.S.
   
   . If redemption happens, 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 allowable costs as specified by Colorado Revised Statutes (invoices should be provided) as provided in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon written request and payment of the required costs, the general public Trustee's workplace will release a Verification Deed to communicate title to the last redeeming party.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you need to ask for, in writing, that our workplace concern your Confirmation Deed, no quicker than 15 business days after the sale. You need to pay a $30.00 cost, plus recording costs, for issuance of the tape-recorded Deed. The Confirmation Deed shall be provided 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 purchased for more than the total owed to the lending institution and to all other lien holders, please contact the general public Trustee's office after the sale due to the fact that you may have funds due to you.
   hud.gov
   The Public Trustee's office does not supply legal recommendations and we do refrain from doing any eviction proceedings. Once the Confirmation Deed is provided 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 CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.
   bhg.com