What is a Foreclosure?

Foreclosure takes place when a homeowner is no longer able to make mortgage payments as required. This allows the lending institution to take the residential or commercial property, getting rid of the house owner and selling the home, as stipulated in the mortgage contract.

When a foreclosure happens, the following steps take place:

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 recorded (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 published 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 treatment, in the type of a cashier's check, should be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and itemized quote should be gotten by midday two (2) company days prior to sale day.
8. The Pre-sale List is made available 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 five (5) service days.
11. A Notification of Intent to Redeem must be filed by a junior lienholder within 8 (8) company days after the sale. Foreclosures started in 2008 and newer do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws reliable 1/1/2010,

In order to begin the foreclosure procedure, the following is submitted to the general workplace along with a referral of the case and a Certificate of the Current Owner of the debt:

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

1. Original promissory note or bond if original note has been lost. Some certified foreclosing lending institutions may submit particular documents in lieu of the note if they fall under the guidelines 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.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, which includes names and addresses of celebrations to receive Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional files required under foreclosure statutes.
5. Payment of needed costs.
   
   The above files are submitted to the general public Trustee by a Colorado-licensed lawyer representing the lending institution of the loan in default. The Public Trustee records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This need to be done within ten company days after receiving the files from the lender's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties noted on the mailing list or changed mailing list. The mailing list or lists should include all celebrations 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 to the addresses shown on the taped instrument. If there is no address, then by statute it is not required to send out the notice 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 necessary the Clear Creek County Public Trustee shall make a determination right away upon the opening of the foreclosure.
6. This office will accept as proof:
   
   a. Certified copy of recorded subdivision plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements should be dated no more than 6 months before the NED was filed
   
   3. Our decision is binding
7. Statements used in determining farming status no longer need to be recorded
8. Cost for determining status may be consisted of as a part of the charges 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 remedy amount is the quantity required to bring a foreclosed loan current. The general public Trustee's foreclosure files only include remedy figures when an Intent to Cure has been submitted and the figures have been received from the foreclosing lawyer.
   
   The only parties legally enabled to submit an Intent to Cure include, however are not limited to: residential or commercial property owners, individuals accountable, grantor of evidence of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure need to be submitted at least fifteen days prior to the date of the set up Public Trustee sale.
   
   The Intent to Cure Form (PDF) might be filed by email, fax, mail or in person at the Office of the Clear Creek County Public Trustee (please call or e-mail to verify that we received 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 midday on the day before the sale, and must remain in the kind of cash or verifiable bank cashier's check.
   
   Please do not expect to get information of the quantity due immediately after submitting the type. The Public Trustee's Office need to ask for that information from the lending institution or lending institution's lawyer. Upon invoice of the figures from the lender or lender's attorney, the remedy quantity will be offered to you as asked for. The figures may be good for only a minimal time so if you do not cure by the valid figure deadline stated in the declaration, you will require to ask for an updated remedy statement through the general public Trustee's Office.
   
   To find out more about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above information is provided just as an informational tool and is not intended to act as legal suggestions.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing ahead of time:
   
   It is your responsibility to do research before concerning 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 might be a second or third 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 against 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 may want to hire somebody to do the research study for you.
   
   You can get the foreclosure case number for the residential or commercial property by looking it up at our website, Foreclosure Search.
   
   On Tuesday, 2 days before sale, we will have posted 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 written bid is needed to be provided, in composing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public information and you may search our foreclosure search, sale information, bid, to see the opening quote amount. Bids received from the loan providers may be amended at the time of sale so long as the lending institution's agent is personally present at sale and re-executes the modified written quote.
   
   Be encouraged: 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 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 arrive at the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This details will be utilized for the Certificate of Purchase, please make certain it is precise and legible.
   
   Those interested in bidding needs to personally go to 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 aside from yourself or another entity that you do not own or control, you need to have actually composed permission, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered upon behalf of that other person or entity at the time the quote is made.
   
   Bidding at the sale proceeds in increments of $5.00 - if the loan provider has actually sent a quote for $150,000.00, for instance, you should 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 successful bid quantities need to be made in the form of a proven bank cashier's check. Checks need to be payable only to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The Public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has stopped and funds have been offered.
   
   Pursuant to laws in effect 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 provided with a Receipt from the 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 organization days) by the Public Trustee's workplace and maintained in our office records.
   
   As the grantee named 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 merely evidences your financial investment made at the time of sale.
   
   The Redemption Process:
   
   A junior lien holder has 8 service days after the sale to submit an intent to redeem. The most senior lien might redeem 15 to 19 business days after the sale, but no later than noon the final day. If several lien holders submit 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 specified on the note and extra expenses are limited to those allowed by statute. Please be prepared to supply invoices for expenditures incurred. Redemption figures need to be gotten within 13 organization days after the sale. The statement must specify all sums required to redeem including the quantity of per diem interest and the rates of interest. The statement might be changed up until 2 company days before the start of the next suitable redemption period. Your declaration of redemption need to comply with 38-38-302 C.R.S.
   
   . If redemption happens, 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 allowable costs as specified by Colorado Revised Statutes (invoices should be provided) as offered in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon written request and payment of the required costs, the general 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 filed and no redemption is made by anybody, you must request, in writing, that our office issue your Confirmation Deed, no sooner than 15 organization 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 taped with the Clerk & Recorder's office. If you are the grantee 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 lending institution and to all other lien holders, please contact the Public Trustee's office after the sale because you may have funds due to you.
   eu.org
   The general public Trustee's workplace does not offer legal guidance and we do refrain from doing any eviction procedures. Once the Confirmation Deed is issued by this workplace and taped, the 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 COMPLAINT 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.