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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.
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