What is a Foreclosure?

Foreclosure occurs when a house owner is no longer able to make mortgage payments as needed. This enables the lending institution to seize the residential or commercial property, removing the property owner and offering the home, as stated in the mortgage agreement.

When a foreclosure takes place, the following steps occur:

1. Notice of Election and Demand is tape-recorded within 10 company days of getting a packet from the lending institution's attorney.
2. Sale date is set in 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 mailed with 45-60 calendar days prior to first arranged 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 must be gotten a minimum of 15 calendar days prior to the first scheduled sale date. A remedy, in the form of a cashier's check, need to be paid by noon the day before the sale.
7. The court order authorizing the sale and the signed and detailed quote must be received by midday two (2) company days prior to sale day.
8. The Pre-sale List is made readily available 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) organization days.
11. A Notification of Intent to Redeem need to be submitted by a junior lienholder within eight (8) business days after the sale. Foreclosures began in 2008 and more recent do not permit owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws reliable 1/1/2010,

In order to start the foreclosure procedure, the following is submitted to the Public Trustee's workplace together with a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

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

1. Original promissory note or bond if initial note has been lost. Some certified foreclosing lending institutions may submit certain paperwork 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 attorneys 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 treat and rights to redeem.
4. Additional documents needed under foreclosure statutes.
5. Payment of needed charges.
   
   The above documents are submitted to the general public Trustee by a Colorado-licensed lawyer representing the loan provider of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and begins the foreclosure procedures. This need to be done within 10 company days after getting the files from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties listed on the newsletter or amended newsletter. The newsletter or lists must include all celebrations 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 to the addresses shown on the tape-recorded instrument. If there is no address, then by statute it is not needed 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 needs an initial deposit of $650 for all foreclosures
   
   How to Determine Agricultural Status C.R.S. 38-38-108( 2( a)( I)
   
   1. If essential 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 neighborhood plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements must be dated no more than 6 months before the NED was submitted
   
   3. Our determination is binding
7. Statements used in identifying farming status no longer need to be tape-recorded
8. Cost for determining status might be included as a part of the charges and expenses 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 cure amount is the amount required to bring a foreclosed loan current. The general public Trustee's foreclosure files only include treatment figures when an Intent to Cure has actually been submitted and the figures have been received from the foreclosing lawyer.
   
   The only parties lawfully permitted to submit an Intent to Cure include, but are not restricted 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 should be filed a minimum of fifteen days prior to the date of the scheduled Public Trustee sale.
   
   The Intent to Cure Form (PDF) might be filed by e-mail, fax, mail or in person at the Office of the Clear Creek County Public Trustee (please call or email to validate that we got the file). There is no cost to submit and does not obligate the filer. Cure funds should be gotten in the general public Trustees office by twelve noon on the day before the sale, and need to be in the kind of money or proven bank cashier's check.
   
   Please do not anticipate to receive info of the amount due right away after filing the type. The Public Trustee's Office need to ask for that details from the loan provider or lending institution's attorney. Upon invoice of the figures from the loan provider or lender's attorney, the cure amount will be supplied to you as requested. The figures may benefit only a minimal time so if you do not treat by the legitimate figure deadline set forth in the declaration, you will require to request an updated cure statement through the Public Trustee's Office.
   
   To get more information about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is provided only as an informative tool and is not planned to act as legal guidance.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing ahead of time:
   
   It is your duty 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 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 been paid or if there are any other liens against the residential or commercial property. If you do not understand how to inspect the "condition of title" or the "chain of title" to the residential or commercial property, you may want to employ someone to do the research 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 workplace by approximately 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lender's written bid is required to be offered, in composing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public details and you might search our foreclosure search, sale information, 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 loan provider's representative is personally present at sale and re-executes the amended composed quote.
   
   Be recommended: The lender or its attorney, or the general public Trustee, may 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 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 show up at the workplace about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, etc. This information will be utilized for the Certificate of Purchase, please make sure it is accurate and readable.
   
   Those interested in bidding must 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 require to have written authorization, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered on behalf of that other individual or entity at the time the bid is made.
   
   Bidding at the sale proceeds in increments of $5.00 - if the lending institution has actually submitted a quote for $150,000.00, for example, you must bid a minimum of $150,005.00 in order to be the effective bidder.
   
   You will likewise be required to have sufficient funds with you to bid on the residential or commercial property. Payment of successful bid amounts should be made in the type of a verifiable bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The Public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has stopped and funds have been provided.
   
   Pursuant to laws in result on January 1, 2008 for cases started after that date, the effective bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be offered with an Invoice from the general public Trustee after the sale is completed. A Certificate of Purchase will be provided in the name and address of the effective bidder as shown on your Bidder Information Form and taped (within 5 business days) by the Public Trustee's workplace and kept in our office 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 merely 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 submit an intent to redeem. The most senior lien might redeem 15 to 19 business days after the sale, however no behind noon the last day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a five day redemption duration.
   
   If you are contacted for redemption figures, interest is determined at the rate specified on the note and additional expenses are restricted to those enabled by statute. Please be prepared to provide receipts for expenses incurred. Redemption figures should be received within 13 service days after the sale. The statement should define all sums needed to redeem including the amount of per diem interest and the rate of interest. The statement may be amended up till 2 business days before the start of the next applicable redemption duration. Your statement 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 permitted expenses as specified by Colorado Revised Statutes (receipts need to be supplied) as offered in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon composed request and payment of the needed fees, 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 filed and no redemption is made by anybody, you need to request, in composing, that our workplace problem your Confirmation Deed, no sooner than 15 organization days after the sale. You need to pay a $30.00 fee, plus recording expenses, for issuance of the recorded Deed. The Deed will be released by the Public Trustee and taped with the Clerk & Recorder's workplace. 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 Public Trustee's workplace after the sale because you might have funds due to you.
   foreclosure.com
   The Public Trustee's workplace does not provide legal recommendations and we do not do any expulsion proceedings. Once the Confirmation Deed is issued by this workplace and taped, the general 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 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.
   bankforeclosureslisting.com