What is a Foreclosure?

Foreclosure happens when a homeowner is no longer able to make mortgage payments as required. This permits the lending institution to take the residential or commercial property, eliminating the property owner and offering the home, as specified in the mortgage contract.

When a foreclosure happens, the following actions happen:

1. Notice of Election and Demand is tape-recorded within 10 organization 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 taped (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 initially scheduled 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 must be received a minimum of 15 calendar days prior to the first scheduled sale date. A treatment, in the kind of a cashier's check, must be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and made a list of bid needs to be gotten by noon 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 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 taped within five (5) business days.
11. A Notification of Intent to Redeem must be filed by a junior lienholder within 8 (8) service days after the sale. Foreclosures started in 2008 and newer do not permit for 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 Public Trustee's office along with a referral of the case and a Certificate of the Current Owner of the debt:

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

1. Original promissory note or bond if initial note has been lost. Some qualified foreclosing lending institutions might send particular 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 lawyers 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 costs.
   
   The above documents are submitted to the Public Trustee by a Colorado-licensed lawyer representing the lending institution of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This should be done within 10 business 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 subscriber list or modified mailing list. 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 notices are sent out to the addresses revealed on the taped instrument. If there is no address, then by statute it is not necessary 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 needs 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 shall make a decision immediately upon the opening of the foreclosure.
6. This workplace will accept as proof:
   
   a. Certified copy of taped neighborhood plat b. Written statement from city or town clerk c. Written statement from county assessor d. Statements need to be dated no more than 6 months before the NED was submitted
   
   3. Our decision is binding
7. Statements utilized in figuring out agricultural status no longer need to be taped
8. Cost for identifying status may be included as a portion of the costs and expenses charged by the attorney Please do not consist of copies of statutes for mailing. This is covered in the cost of postage and copies.
   
   How to Cure a Foreclosure:
   
   A cure amount is the amount required to bring a foreclosed loan current. The Public Trustee's foreclosure files only contain treatment figures when an Intent to Cure has been submitted and the figures have actually been received from the foreclosing attorney.
   
   The only celebrations legally allowed to submit an Intent to Cure consist of, however are not restricted 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 must be filed 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 personally at the Office of the Clear Creek County Public Trustee (please call or email to validate that we received the file). There is no fee to submit and does not obligate the filer. Cure funds must be received in the general public Trustees office by twelve noon on the day before the sale, and should be in the kind of cash or proven bank cashier's check.
   
   Please do not anticipate to get details of the quantity due immediately after filing the kind. The Public Trustee's Office need to ask for that information from the lender or lending institution's attorney. Upon invoice of the figures from the loan provider or loan provider's lawyer, the cure quantity will be supplied to you as requested. The figures may benefit only a limited time so if you do not treat by the legitimate figure deadline set forth in the statement, you will require to request an updated 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 info is offered only as an informational tool and is not planned to work as legal recommendations.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing beforehand:
   
   It is your responsibility 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 first lien - it could be a 2nd or third lien. The Public Trustee does not know the condition of the residential or commercial property, or if the residential or commercial property taxes or evaluations have actually been paid or if there are any other liens against 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 might want to hire 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 published in our workplace by around 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lending institution's composed bid is required to be supplied, in composing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public info and you may browse our foreclosure search, sale info, bid, to see the opening bid amount. Bids received from the loan providers 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 modified written bid.
   
   Be recommended: The loan provider or its lawyer, or the 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.
   
   Sign in on sale day:
   
   The Clear Creek County Public Trustee holds foreclosure sales on Thursday's quickly 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 should reach the workplace about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This details will be utilized for the Certificate of Purchase, please be sure it is precise and readable.
   
   Those interested in bidding must 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 other than yourself or another entity that you do not own or control, you need to have actually 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 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 a minimum of $150,005.00 in order to be the successful bidder.
   
   You will likewise be needed to have enough funds with you to bid on the residential or commercial property. Payment of amounts need to be made in the form of a verifiable bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can not accept third celebration checks. The Public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually ceased and funds have actually been supplied.
   
   Pursuant to laws in impact on January 1, 2008 for cases began after that date, the effective bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be offered with a Receipt from the general public Trustee after the sale is finished. A Certificate of Purchase will be issued in the name and address of the effective bidder as shown on your Bidder Information Form and taped (within 5 organization days) by the Public Trustee's office and retained in our office records.
   marriott.com
   As the grantee called 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 transfer title to you, it simply proofs your financial investment made at the time of sale.
   
   The Redemption Process:
   
   A junior lien holder has 8 company days after the sale to submit an intent to redeem. The most senior lien may redeem 15 to 19 service days after the sale, but no behind twelve noon the last day. If multiple lien holders file an intent to redeem, each additional lien holder will get a 5 day redemption duration.
   
   If you are contacted for redemption figures, interest is calculated at the rate defined on the note and additional expenditures are restricted to those permitted by statute. Please be prepared to supply invoices for expenses incurred. Redemption figures need to be gotten within 13 organization days after the sale. The declaration must define all sums needed to redeem consisting of the amount of per diem interest and the rate of interest. The statement might be changed up until 2 company days before the start of the next appropriate redemption duration. Your declaration of redemption must comply with 38-38-302 C.R.S.
   
   . If redemption takes place, the Certificate of Purchase holder is paid the bid quantity, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other permitted costs as specified by Colorado Revised Statutes (receipts need to be supplied) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon written demand and payment of the needed fees, the 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 need to request, in composing, that our office concern your Confirmation Deed, no sooner than 15 business days after the sale. You need to pay a $30.00 charge, plus recording costs, for issuance of the tape-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 acquired for more than the total owed to the loan provider and to all other lien holders, please contact the general public Trustee's workplace after the sale due to the fact that you may have funds due to you.
   
   The general public Trustee's office does not supply legal guidance and we do not do any eviction procedures. Once the Confirmation Deed is released by this workplace and taped, 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 COMPLAINT WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.