What is a Foreclosure?

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

When a foreclosure takes place, the following actions occur:

1. Notice of Election and Demand is tape-recorded within 10 organization days of receiving a package from the loan provider's lawyer.
2. Sale date is set in between 110 through 125 calendar days after the NED was taped (non-ag).
3. Combined Notice is mailed within 20 calendar days after the NED was recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first 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 should be received a minimum of 15 calendar days prior to the first scheduled sale date. A remedy, in the type of a cashier's check, should be paid by twelve 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) business 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 tape-recorded within 5 (5) service days.
11. A Notification of Intent to Redeem must be filed by a junior lienholder within 8 (8) service 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 effective 1/1/2010,

In order to begin the foreclosure process, the following is sent to the Public Trustee's workplace in addition to a recommendation of the case and a Certificate of the Current Owner of the debt:

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

1. Original promissory note or bond if original note has been lost. Some certified foreclosing loan providers may send specific 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 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 required fees.
   
   The above documents are submitted to the Public Trustee by a Colorado-licensed lawyer representing the lending institution of the loan in default. The Public Trustee tape-records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This should be done within ten organization days after receiving the files from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties noted on the subscriber list or amended mailing list. The mailing list or lists need to consist of 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 shown on the taped instrument. If there is no address, then by statute it is not essential to send the notice in care of the county seat. The 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 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 needed the Clear Creek County Public Trustee will make a decision right away upon the opening of the foreclosure.
6. This office will accept as evidence:
   
   a. Certified copy of taped neighborhood plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements need to be dated no greater than 6 months before the NED was submitted
   
   3. Our determination is binding
7. Statements used in figuring out farming status no longer need to be tape-recorded
8. Cost for identifying status may 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 amount is the amount required to bring a foreclosed loan current. The general public Trustee's foreclosure files only consist of remedy figures when an Intent to Cure has been filed and the figures have actually been received from the foreclosing lawyer.
   
   The only parties legally permitted to file an Intent to Cure include, however are not limited to: residential or commercial property owners, persons responsible, grantor of proof of 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 arranged Public Trustee sale.
   
   The Intent to Cure Form (PDF) might be submitted by email, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or e-mail to validate that we got the file). There is no cost to file and does not obligate the filer. Cure funds need to be received in the general public Trustees workplace by noon on the day before the sale, and need to remain in the type of cash or verifiable bank cashier's check.
   
   Please do not anticipate to receive information of the quantity due right away after submitting the kind. The Public Trustee's Office should request that information from the lending institution or loan provider's lawyer. Upon receipt of the figures from the lending institution or lending institution's lawyer, the cure quantity will be offered to you as requested. The figures may benefit only a limited time so if you do not cure by the valid figure due date stated in the declaration, you will need to request an updated remedy declaration through the Public Trustee's Office.
   
   To learn more about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above details is provided 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 responsibility to do research before coming to 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 General 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 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 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, 2 days before sale, we will have published 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 loan provider's composed bid is required to be supplied, in writing, to the general public Trustee prior to the publishing 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 bid quantity. Bids got from the lending institutions might be changed at the time of sale so long as the lending institution's representative is personally present at sale and re-executes the amended written bid.
   
   Be recommended: The lending institution or its attorney, 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 early 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 intend to bid on a residential or commercial property, you must come to 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 be sure it is accurate and readable.
   
   Those thinking about bidding should 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 someone 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 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 example, you need to bid a minimum of $150,005.00 in order to be the effective bidder.
   
   You will likewise be required to have enough funds with you to bid on the residential or commercial property. Payment of successful quote quantities should be made in the kind 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 actually stopped and funds have actually been offered.
   
   Pursuant to laws in effect 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 a Receipt from the general public Trustee after the sale is finished. A Certificate of Purchase will be issued in the name and address of the effective bidder as shown on your Bidder Information Form and tape-recorded (within 5 company days) by the Public Trustee's office and kept in our office records.
   
   As the beneficiary 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 move title to you, it simply proofs your 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 company days after the sale, but no behind twelve noon the final day. If several lien holders file an intent to redeem, each additional lien holder will receive 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 offer invoices for costs sustained. Redemption figures must be gotten within 13 organization days after the sale. The declaration must define all sums required to redeem consisting of the amount of per diem interest and the interest rate. The statement may be amended up till 2 business days before the start of the next appropriate redemption duration. Your declaration of redemption should comply with 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 (receipts need to be provided) as supplied in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon written demand and payment of the required costs, the general public Trustee's workplace will release a Verification 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 need to ask for, in writing, that our workplace concern your Confirmation Deed, no faster than 15 business days after the sale. You need to pay a $30.00 cost, plus recording expenses, for issuance of the tape-recorded Deed. The Confirmation Deed will be provided by the Public Trustee and tape-recorded 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:
   
   If your residential or commercial property goes to foreclosure auction sale and is bought for more than the overall owed to the loan provider and to all other lien holders, please contact the Public Trustee's office after the sale since you may have funds due to you.
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   The general public Trustee's workplace does not offer legal guidance and we do not do any expulsion procedures. Once the Confirmation Deed is issued by this office and recorded, the Public Trustee's file is closed.
   
   IF THE BORROWER BELIEVES THAT A LENDER 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.
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