What is a Foreclosure?

What is a Foreclosure?

Foreclosure happens when a property owner is no longer able to make mortgage payments as required. This enables the lender to take the residential or commercial property, removing the property owner and selling the home, as specified in the mortgage agreement.

When a foreclosure takes place, the following steps happen:

1. Notice of Election and Demand is taped within 10 organization days of getting a packet from the lending institution's lawyer.
2. Sale date is set between 110 through 125 calendar days after the NED was recorded (non-ag).
3. Combined Notice is sent by mail within 20 calendar days after the NED was recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to initially arranged sale date.
5. Combined Notice published in local paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure need to be received at least 15 calendar days prior to the very first scheduled sale date. A treatment, in the kind of a cashier's check, should be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and made a list of bid must be received by midday 2 (2) service 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 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 taped within 5 (5) company days.
11. A Notification of Intent to Redeem need to be submitted by a junior lienholder within eight (8) company days after the sale. Foreclosures started in 2008 and newer do not enable for 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 sent to the general public Trustee's workplace along with a referral 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.

Original promissory note or bond if initial note has been lost. Some certified foreclosing lending institutions may submit specific 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 original promissory note and Certification of Qualified Holder, signed by attorneys representing holder.
Notice of Election and Demand for Foreclosure.
Mailing List, that includes names and addresses of parties to get Combined Notice of the sale, rights to cure and rights to redeem.
Additional files needed under foreclosure statutes.
Payment of required fees.

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 records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This need to be done within 10 business days after receiving the files from the loan provider's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties noted on the subscriber list or changed subscriber list. The subscriber list or lists must consist of 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 notifications are sent out to the addresses shown on the recorded instrument. If there is no address, then by statute it is not required to send 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 agricultural residential or commercial properties. Clear Creek County needs 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.
This office shall accept as evidence:

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 more than 6 months before the NED was filed

3. Our determination is binding
Statements used in figuring out farming status no longer need to be recorded
Cost for determining status might be included as a portion of the fees and costs charged by the lawyer Please do not include copies of statutes for mailing. This is covered in the expense of postage and copies.

How to Cure a Foreclosure:

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

The only parties lawfully permitted to file an Intent to Cure include, however are not limited to: residential or commercial property owners, persons responsible, 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 filed at least fifteen days prior to the date of the scheduled 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 email to confirm that we got the file). There is no fee to file and does not obligate the filer. Cure funds need to be gotten in the Public Trustees workplace by twelve noon on the day before the sale, and should remain in the kind of money or verifiable bank cashier's check.

Please do not anticipate to receive information of the quantity due right away after submitting the form. The Public Trustee's Office need to ask for that information from the loan provider or loan provider's lawyer. Upon invoice of the figures from the loan provider or lender's lawyer, the treatment amount will be offered to you as requested. The figures may be excellent for only a restricted time so if you do not cure by the legitimate figure deadline set forth in the statement, you will need to ask for an upgraded remedy 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 info is provided just as an informational tool and is not intended to serve as legal recommendations.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your obligation to do research study before concerning 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 assessments have actually been paid or if there are any other liens versus the residential or commercial property. If you do not know how to inspect the "condition of title" or the "chain of title" to the residential or commercial property, you may want to work with somebody 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 website, Foreclosure Search.

On Tuesday, 2 days before sale, we will have posted in our workplace by approximately 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lender's composed bid is required to be provided, in composing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public information and you might browse our foreclosure search, sale details, bid, to see the opening quote quantity. Bids received from the lending institutions might 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 advised: The loan provider or its lawyer, or the general public Trustee, might pull or continue a residential or commercial property from the sale list at any time up until the sale starts Thursday 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 Treasurer & Public Trustee's Office, in the Clear Creek County Courthouse, 405 Argentine Street, Georgetown, Colorado. See Map (PDF)

If you mean to bid on a residential or commercial property, you ought to reach the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This details will be used for the Certificate of Purchase, please make sure it is precise and legible.

Those thinking about bidding should personally attend 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 besides yourself or another entity that you do not own or control, you need to have actually written authorization, a letter of firm 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 bid is made.

Bidding at the sale continues in increments of $5.00 - if the loan provider has submitted a quote for $150,000.00, for instance, you need to bid at least $150,005.00 in order to be the successful bidder.

You will also be needed to have adequate funds with you to bid on the residential or commercial property. Payment of effective quote amounts must be made in the form of a proven bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can decline third party checks. The general public Trustee will strike and sell the residential or commercial property to the successful bidder after bidding has stopped and funds have been supplied.

Pursuant to laws in impact on January 1, 2008 for cases started 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 Public Trustee after the sale is completed. A Certificate of Purchase will be issued in the name and address of the effective bidder as shown on your Bidder Information Form and recorded (within 5 company days) by the Public Trustee's office and kept in our office records.

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 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 file an intent to redeem. The most senior lien might redeem 15 to 19 company days after the sale, but no behind noon the final day. If several lien holders file an intent to redeem, each extra lien holder will receive a 5 day redemption period.

If you are gotten in touch with for redemption figures, interest is determined at the rate specified on the note and additional expenses are restricted to those permitted by statute. Please be prepared to supply invoices for expenses sustained. Redemption figures need to be gotten within 13 company days after the sale. The statement needs to define all amounts required to redeem including the amount of per diem interest and the rates of interest. The declaration might be amended up until 2 service days before the start of the next relevant redemption period. Your declaration of redemption should abide by 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 (invoices need to be supplied) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon written request and payment of the required charges, the general public Trustee's office will release 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 anybody, you should request, in writing, that our office concern your Confirmation Deed, no quicker than 15 company days after the sale. You must pay a $30.00 fee, plus recording expenses, for issuance of the recorded Deed. The Confirmation Deed will be issued by the Public Trustee and taped with the Clerk & Recorder's workplace. 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:
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If your residential or commercial property goes to foreclosure auction sale and is purchased for more than the total owed to the lender and to all other lien holders, please contact the Public Trustee's workplace after the sale since you may have funds due to you.

The Public Trustee's workplace does not offer legal recommendations and we do not do any eviction proceedings. Once the Confirmation Deed is provided by this workplace and tape-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.