What is a Foreclosure?
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What is a Foreclosure?

Foreclosure occurs when a house owner is no longer able to make mortgage payments as needed. This allows the lending institution to seize the residential or commercial property, eliminating the property owner and offering the home, as stipulated in the mortgage contract.

When a foreclosure occurs, the following steps take place:

1. Notice of Election and Demand is taped within 10 business days of getting a packet from the lending institution's attorney.
2. Sale date is set 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 taped.
4. Second Combined Notice is mailed 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 first scheduled sale date.
6. Notice of Intent to Cure need to be gotten a minimum of 15 calendar days prior to the very first scheduled sale date. A remedy, in the type of a cashier's check, need to be paid by twelve noon the day before the sale.
7. The court order licensing the sale and the signed and made a list of quote must be gotten by twelve noon 2 (2) service 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) company days.
11. A Notification of Intent to Redeem should be filed by a junior lienholder within eight (8) service days after the sale. Foreclosures began in 2008 and more recent do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws efficient 1/1/2010,

In order to start the foreclosure procedure, the following is sent to the Public Trustee's office 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 taped deed of trust.

  1. Original promissory note or bond if initial note has actually been lost. Some certified foreclosing loan providers may submit certain documentation 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 original promissory note and Certification of Qualified Holder, signed by lawyers representing holder.
  2. Notice of Election and Demand for Foreclosure.
  3. Mailing List, which includes names and addresses of parties to get 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 documents are sent to the general public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The Public Trustee tape-records the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This should be done within 10 business days after getting the files from the lending institution's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations listed on the subscriber list or changed mailing list. The subscriber list or lists must include 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 notifications are sent out to the addresses revealed on the recorded instrument. If there is no address, then by statute it is not required to send 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 an initial 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 instantly upon the opening of the foreclosure.
  6. This office will accept as proof:

    a. Certified copy of tape-recorded subdivision plat b. Written declaration from city or town clerk c. Written statement from county assessor d. Statements should be dated no greater than 6 months before the NED was submitted

    3. Our determination is binding
  7. Statements utilized in identifying farming status no longer need to be taped
  8. Cost for figuring out status may be included as a part of the fees and costs charged by the lawyer Please do not include copies of statutes for mailing. This is covered in the cost of postage and copies.

    How to Cure a Foreclosure:

    A treatment quantity is the quantity needed to bring a foreclosed loan current. The general public Trustee's foreclosure files only include treatment figures when an Intent to Cure has been filed and the figures have been gotten from the foreclosing lawyer.

    The only celebrations legally enabled to file an Intent to Cure consist of, but are not limited to: residential or commercial property owners, individuals responsible, grantor of proof of financial obligation 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 arranged 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 e-mail to validate that we received the document). There is no charge to file and does not obligate the filer. Cure funds need to be received in the Public Trustees office by midday on the day before the sale, and should remain in the form of money or verifiable bank cashier's check.

    Please do not expect to get details of the amount due immediately after filing the kind. The general public Trustee's Office need to ask for that info from the lender or loan provider's attorney. Upon invoice of the figures from the lender or lending institution's lawyer, the treatment quantity will be supplied to you as asked for. The figures may be good for only a restricted time so if you do not treat by the valid figure deadline stated in the statement, you will require to ask for an updated remedy declaration through the Public Trustee's Office.

    To get more information about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.

    The above info is offered just as an informative tool and is not intended to serve as legal advice.

    How to Bid at a Foreclosure Sale:

    Preparing beforehand:

    It is your obligation to do research study 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 could be a second or third lien. The General Public Trustee does not understand the condition of the residential or commercial property, or if the residential or commercial property taxes or evaluations have been paid or if there are any other liens against 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 might wish to work with someone 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 site, Foreclosure Search.

    On Tuesday, 2 days before sale, we will have published in our office by around 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lending institution's written bid is required to be provided, 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 info and you might search our foreclosure search, sale info, bid, to see the opening quote amount. Bids received from the loan providers might 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 bid.

    Be advised: The lender or its lawyer, or the Public Trustee, may pull or continue a residential or commercial property from the sale list at any time up until the sale starts Thursday early 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 should get to the office 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 make certain it is accurate 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 aside from yourself or another entity that you do not own or control, you need to have actually authorization, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered upon 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 sent a quote for $150,000.00, for example, you should bid a minimum of $150,005.00 in order to be the effective bidder.

    You will likewise be needed to have adequate funds with you to bid on the residential or commercial property. Payment of successful quote amounts should be made in the form of a verifiable bank cashier's check. Checks need to be payable only to the "Clear Creek County Public Trustee". We can decline 3rd celebration checks. The general public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has actually stopped and funds have actually been offered.

    Pursuant to laws in result on January 1, 2008 for cases began after that date, the successful bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be supplied with a Receipt from the general public Trustee after the sale is completed. A Certificate of Purchase will be released in the name and address of the effective bidder as revealed on your Bidder Information Form and taped (within 5 service days) by the Public Trustee's workplace and retained in our workplace 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 financial investment made at the time of sale.

    The Redemption Process:

    A junior lien holder has 8 company days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 company days after the sale, however no later than midday the final day. If several lien holders file an intent to redeem, each additional lien holder will get a 5 day redemption period.

    If you are called for redemption figures, interest is determined at the rate defined on the note and extra expenses are restricted to those allowed by statute. Please be prepared to supply invoices for expenses incurred. Redemption figures should be gotten within 13 service days after the sale. The declaration should specify all sums needed to redeem consisting of the amount of per diem interest and the rate of interest. The declaration might be changed up until 2 company days before the start of the next applicable redemption duration. Your statement of redemption should abide by 38-38-302 C.R.S.

    . If redemption occurs, the Certificate of Purchase holder is paid the bid amount, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other permitted expenses as defined by Colorado Revised Statutes (invoices should be provided) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon composed demand and payment of the required charges, the general public Trustee's office will issue 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 anyone, you need to request, in composing, that our workplace concern your Confirmation Deed, no sooner than 15 company days after the sale. You should pay a $30.00 cost, plus recording costs, for issuance of the tape-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 bought for more than the total owed to the lending institution and to all other lien holders, please contact the general public Trustee's workplace after the sale due to the fact that you might have funds due to you.

    The Public Trustee's office does not supply legal guidance and we do not do any eviction proceedings. Once the Confirmation Deed is issued by this office and recorded, the 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 PROBLEM WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.