What is a Foreclosure?

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 take the residential or commercial property, removing the house owner and offering the home, as specified in the mortgage agreement.

When a foreclosure occurs, the following actions occur:

1. Notice of Election and Demand is taped within 10 business days of getting a package from the lender'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 mailed within 20 calendar days after the NED was tape-recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to initially scheduled sale date.
5. Combined Notice released in regional paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure need to be received a minimum of 15 calendar days prior to the very first scheduled sale date. A treatment, in the kind of a cashier's check, need to be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and detailed bid must be gotten by noon 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 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 tape-recorded within five (5) service days.
11. A Notification of Intent to Redeem must be submitted by a junior lienholder within eight (8) organization days after the sale. Foreclosures started in 2008 and newer do not permit owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws reliable 1/1/2010,

In order to begin the foreclosure process, the following is submitted 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 certified copy of the tape-recorded deed of trust.

Original promissory note or bond if original note has been lost. Some qualified foreclosing loan providers may submit particular documents 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 attorneys representing holder.
Notice of Election and Demand for Foreclosure.
Mailing List, that includes names and addresses of celebrations to receive Combined Notice of the sale, rights to cure and rights to redeem.
Additional documents required under foreclosure statutes.
Payment of needed fees.

The above documents are submitted 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 begins the foreclosure proceedings. This need to be done within 10 organization days after receiving the documents from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the mailing list or amended mailing list. The newsletter or lists should consist of all parties whose interests appear in an instrument tape-recorded subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notices are sent to the addresses shown on the taped instrument. If there is no address, then by statute it is not necessary to send out 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 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)
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1. If necessary the Clear Creek County Public Trustee will make a determination immediately upon the opening of the foreclosure.
This office shall accept as evidence:

a. Certified copy of recorded neighborhood plat b. Written declaration from city or town clerk c. Written statement from county assessor d. Statements need to be dated no greater than 6 months before the NED was filed

3. Our decision is binding
Statements used in determining agricultural status no longer require to be tape-recorded
Cost for figuring out status may be consisted of as a part of the charges 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 cure amount is the quantity necessary to bring a foreclosed loan current. The general public Trustee's foreclosure files only consist of remedy figures when an Intent to Cure has actually been submitted and the figures have actually been gotten from the foreclosing attorney.

The only parties legally enabled to submit an Intent to Cure include, but are not restricted to: residential or commercial property owners, individuals accountable, grantor of evidence of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must be filed at least fifteen days prior to the date of the set up Public Trustee sale.

The Intent to Cure Form (PDF) might be submitted by email, fax, mail or in person 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 must be gotten in the general public Trustees workplace by midday 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 information of the amount due instantly after filing the form. The general public Trustee's Office need to ask for that info from the lender or lending institution's lawyer. Upon invoice of the figures from the loan provider or lender's lawyer, the cure quantity will be provided to you as requested. The figures might benefit just a minimal time so if you do not cure by the valid figure due date stated in the declaration, you will need to ask for an updated treatment declaration through the general public Trustee's Office.

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

The above information is provided just as an educational tool and is not planned to function as legal advice.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:
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It is your responsibility to do research before pertaining 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 2nd or 3rd 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 versus 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 hire someone to do the research study for you.

You can obtain the foreclosure case number for the residential or commercial property by looking it up at our website, Foreclosure Search.

On Tuesday, two days before sale, we will have published in our workplace by around 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The loan provider's written 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 bids are public information and you might search our foreclosure search, sale info, bid, to see the opening quote amount. Bids got from the lenders might be changed at the time of sale so long as the lender's agent is personally present at sale and re-executes the modified written bid.

Be recommended: The lending institution or its attorney, or the Public Trustee, might pull or continue a residential or commercial property from the sale list at any time up till the sale starts Thursday early morning.

Check in on sale day:

The Clear Creek County Public Trustee holds foreclosure sales on Thursday's promptly 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 get here at the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This information will be used for the Certificate of Purchase, please make sure it is precise and readable.

Those interested in bidding needs to 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 other than yourself or another entity that you do not own or control, you require to have actually written permission, 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 bid 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 needed to have adequate funds with you to bid on the residential or commercial property. Payment of successful bid quantities must be made in the type of a verifiable bank cashier's check. Checks should be payable only to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The Public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has actually stopped and funds have been offered.

Pursuant to laws in effect 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 issued in the name and address of the successful bidder as revealed on your Bidder Information Form and taped (within 5 business days) by the Public Trustee's workplace and retained in our workplace records.

As the grantee 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 transfer title to you, it merely proofs 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 may redeem 15 to 19 company days after the sale, but no later than midday the final day. If numerous lien holders file an intent to redeem, each holder will get a 5 day redemption duration.

If you are called for redemption figures, interest is calculated at the rate defined on the note and additional costs are restricted to those allowed by statute. Please be prepared to provide receipts for costs incurred. Redemption figures should be received within 13 service days after the sale. The declaration should specify all amounts needed to redeem including the quantity of per diem interest and the rates of interest. The statement might be modified up till 2 business days before the start of the next applicable 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 quote amount, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other allowable expenses as defined by Colorado Revised Statutes (receipts must be provided) as provided in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon composed demand and payment of the required costs, the Public Trustee's workplace will release a Verification Deed to convey title to the last redeeming party.

If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you should ask for, in writing, that our office problem your Confirmation Deed, no sooner than 15 organization days after the sale. You should pay a $30.00 fee, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed shall be released by the Public Trustee and tape-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 acquired for more than the overall owed to the lending institution and to all other lien holders, please contact the general public Trustee's office after the sale since you might have funds due to you.

The general public Trustee's workplace does not offer legal suggestions and we do refrain from doing any expulsion procedures. Once the Confirmation Deed is provided by this office and tape-recorded, 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 OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.