What is a Foreclosure?

Foreclosure takes place when a property owner is no longer able to make mortgage payments as needed. This permits the lender to seize the residential or commercial property, removing the homeowner and offering the home, as stated in the mortgage agreement.

When a foreclosure happens, the following actions occur:

1. Notice of Election and Demand is recorded within 10 business days of getting a package from the loan provider's lawyer.
2. Sale date is set in between 110 through 125 calendar days after the NED was tape-recorded (non-ag).
3. Combined Notice is mailed within 20 calendar days after the NED was recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially 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 at least 15 calendar days prior to the very first scheduled sale date. A cure, in the form of a cashier's check, must be paid by noon the day before the sale.
7. The court order authorizing the sale and the signed and made a list of quote must be gotten by noon 2 (2) business 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 recorded within five (5) organization days.
11. A Notification of Intent to Redeem must be submitted by a junior lienholder within 8 (8) company 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 submitted to the general public Trustee's workplace in addition to a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or licensed copy of the tape-recorded deed of trust.

1. Original promissory note or bond if initial note has been lost. Some qualified foreclosing lenders might submit particular documentation 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, which consists of names and addresses of parties to get Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional files needed under foreclosure statutes.
5. Payment of needed 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 Public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure procedures. This should be done within 10 company days after receiving the documents from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations listed on the newsletter or amended newsletter. The subscriber list or lists need to include all parties whose interests appear in an instrument tape-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 required 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 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 needed the Clear Creek County Public Trustee shall make a decision right away upon the opening of the foreclosure.
6. This office will accept as evidence:
   
   a. Certified copy of tape-recorded neighborhood plat b. Written statement from city or town clerk c. Written declaration from county assessor d. Statements must be dated no greater than 6 months before the NED was submitted
   
   3. Our determination is binding
7. Statements utilized in figuring out farming status no longer need to be tape-recorded
8. Cost for figuring out status might be included as a portion of the costs and costs 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 remedy amount is the quantity essential to bring a foreclosed loan current. The general public Trustee's foreclosure files just include treatment figures when an Intent to Cure has actually been submitted and the figures have been gotten from the foreclosing lawyer.
   
   The only celebrations legally permitted to file an Intent to Cure include, but are not limited to: residential or commercial property owners, persons liable, grantor of evidence of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must 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 e-mail to validate that we received the document). There is no fee to file and does not obligate the filer. Cure funds should be gotten in the Public Trustees office by twelve noon on the day before the sale, and must be in the form of money or proven bank cashier's check.
   
   Please do not anticipate to receive details of the quantity due instantly after submitting the kind. The Public Trustee's Office must ask for that details from the lending institution or lender's lawyer. Upon receipt of the figures from the lender or lending institution's lawyer, the treatment amount will be supplied to you as asked for. The figures may benefit only a limited time so if you do not cure by the legitimate figure deadline set forth in the statement, you will require to request an updated treatment statement 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 details is supplied only as an educational tool and is not meant to act as legal advice.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing in advance:
   
   It is your obligation to do research 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 very first lien - it might 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 actually been paid or if there are any other liens versus 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 may wish 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, two days before sale, we will have posted in our office by around 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The loan provider's composed bid is needed to be supplied, in writing, to the general public Trustee prior to the posting 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 quote quantity. Bids got from the lending institutions might be changed at the time of sale so long as the lender's representative is personally present at sale and re-executes the modified written bid.
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   Be advised: The loan provider 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 till the sale begins Thursday early morning.
   
   Check in on sale day:
   
   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 plan to bid on a residential or commercial property, you need to come to the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This information will be utilized for the Certificate of Purchase, please make certain it is precise and clear.
   
   Those thinking about 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 aside from yourself or another entity that you do not own or control, you require to have actually composed authorization, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered on behalf of that other person or entity at the time the quote is made.
   
   Bidding at the sale proceeds in of $5.00 - if the lending institution has submitted a bid for $150,000.00, for example, you should bid at least $150,005.00 in order to be the effective bidder.
   
   You will also be needed to have enough funds with you to bid on the residential or commercial property. Payment of successful quote amounts need to be made in the type of a proven bank cashier's check. Checks need to be payable only to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The general public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has ceased and funds have been offered.
   
   Pursuant to laws in effect on January 1, 2008 for cases started 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 finished. A Certificate of Purchase will be released in the name and address of the successful bidder as shown on your Bidder Information Form and tape-recorded (within 5 service days) by the Public Trustee's office and maintained 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 transfer title to you, it merely proofs your investment made at the time of sale.
   
   The Redemption Process:
   
   A junior lien holder has 8 business days after the sale to submit an intent to redeem. The most senior lien might redeem 15 to 19 organization days after the sale, however no later on than twelve noon the final day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a 5 day redemption period.
   
   If you are called for redemption figures, interest is computed at the rate defined on the note and extra costs are restricted to those permitted by statute. Please be prepared to provide invoices for expenditures sustained. Redemption figures should be gotten within 13 business days after the sale. The declaration must define all sums required to redeem including the amount of daily interest and the rates of interest. The statement may be modified up until 2 organization days before the start of the next relevant redemption duration. Your statement of redemption should adhere to 38-38-302 C.R.S.
   
   . If redemption happens, the Certificate of Purchase holder is paid the bid amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other permitted costs as defined by Colorado Revised Statutes (invoices need to be provided) as provided in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon written demand and payment of the needed 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 submitted and no redemption is made by anyone, you must ask for, in writing, that our office issue your Confirmation Deed, no faster than 15 organization days after the sale. You must pay a $30.00 charge, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed shall be released by the Public Trustee and taped 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 loan provider and to all other lien holders, please contact the Public Trustee's workplace after the sale because you may have funds due to you.
   
   The Public Trustee's office does not offer legal suggestions and we do refrain from doing any expulsion proceedings. 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 COMPLAINT 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.