What is a Foreclosure?

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What is a Foreclosure?

Foreclosure occurs when a homeowner is no longer able to make mortgage payments as required. This allows the lender to take the residential or commercial property, eliminating the house owner and selling the home, as stated in the mortgage agreement.

When a foreclosure happens, the following steps happen:

1. Notice of Election and Demand is taped within 10 service days of receiving a packet from the loan provider's lawyer.
2. Sale date is set 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 taped.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first scheduled 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 must be received at least 15 calendar days prior to the very first scheduled sale date. A remedy, in the type of a cashier's check, must 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 needs to be gotten by twelve noon two (2) company 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 carried out 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) business days.
11. A Notice of Intent to Redeem must be filed by a junior lienholder within 8 (8) business days after the sale. Foreclosures started in 2008 and more recent do not permit owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws efficient 1/1/2010,

In order to start the foreclosure process, the following is submitted to the Public Trustee's office together with a recommendation of the case and a Certificate of the Current Owner of the debt:

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

Original promissory note or bond if original note has been lost. Some qualified foreclosing lenders might submit specific documents 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.
Notice of Election and Demand for Foreclosure.
Mailing List, which of 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 charges.

The above files are submitted to the general public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The general public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This need to be done within ten company days after getting the documents from the lender's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties noted on the subscriber list or amended subscriber list. The subscriber list or lists should consist of 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 notices are sent out to the addresses revealed on the recorded instrument. If there is no address, then by statute it is not necessary 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 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 determination instantly upon the opening of the foreclosure.
This office shall accept as proof:

a. Certified copy of taped subdivision plat b. Written statement 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
Statements used in determining farming status no longer need to be taped
Cost for identifying status might be consisted of as a portion 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 remedy quantity is the quantity required to bring a foreclosed loan current. The general public Trustee's foreclosure files only contain cure figures when an Intent to Cure has actually been filed and the figures have actually been gotten from the foreclosing lawyer.

The only parties lawfully allowed to submit an Intent to Cure consist of, however are not limited to: residential or commercial property owners, individuals responsible, grantor of proof of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must be filed a minimum of fifteen days prior to the date of the arranged Public Trustee sale.

The Intent to Cure Form (PDF) may be submitted by email, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or e-mail to verify that we got the file). There is no charge to file and does not obligate the filer. Cure funds need to 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 verifiable bank cashier's check.

Please do not expect to receive info of the quantity due instantly after submitting the kind. The Public Trustee's Office should request that information from the lending institution or lender's attorney. Upon invoice of the figures from the lending institution or loan provider's lawyer, the cure amount will be offered to you as requested. The figures may benefit only a restricted time so if you do not cure by the legitimate figure deadline set forth in the declaration, you will need to ask for an upgraded treatment declaration through the Public Trustee's Office.

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

The above info is provided just as an educational tool and is not meant to serve as legal guidance.

How to Bid at a Foreclosure Sale:

Preparing in advance:

It is your duty to do research study before coming to 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 actually been paid or if there are any other liens against the residential or commercial property. If you do not understand how to check the "condition of title" or the "chain of title" to the residential or commercial property, you may wish to hire somebody to do the research for you.

You can obtain 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 posted in our workplace by around 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The loan provider's written quote is needed to be provided, in writing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public info and you may search our foreclosure search, sale details, bid, to see the opening bid amount. Bids got from the lending institutions may be amended 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 advised: The lender or its attorney, or the 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.

Check in on sale day:

The Clear Creek County Public Trustee holds foreclosure sales on Thursday's immediately 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 must reach the office about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, etc. This info will be utilized for the Certificate of Purchase, please be sure it is accurate and understandable.

Those thinking about bidding should personally participate in the sale. We do not take over-bids by phone, fax or e-mail. If you are appearing at the sale to bid on behalf of someone other than yourself or another entity that you do not own or control, you need to have 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 proceeds in increments of $5.00 - if the lending institution has submitted a quote for $150,000.00, for instance, you should bid at least $150,005.00 in order to be the successful bidder.

You will also be needed to have enough funds with you to bid on the residential or commercial property. Payment of effective bid quantities must be made in the form of a verifiable bank cashier's check. Checks need to be payable just 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 actually been offered.

Pursuant to laws in impact on January 1, 2008 for cases began after that date, the effective bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be supplied with an Invoice from the Public Trustee after the sale is finished. A Certificate of Purchase will be released in the name and address of the effective bidder as shown on your Bidder Information Form and taped (within 5 organization days) by the Public Trustee's workplace and retained 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 simply 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 may redeem 15 to 19 organization days after the sale, however no behind twelve noon the last day. If numerous lien holders submit an intent to redeem, each additional lien holder will receive a five day redemption period.

If you are contacted for redemption figures, interest is determined at the rate defined on the note and additional expenses are restricted to those permitted by statute. Please be prepared to provide invoices for costs sustained. Redemption figures must be gotten within 13 organization days after the sale. The declaration should define all sums needed to redeem consisting of the quantity of daily interest and the interest rate. The statement may be modified up till 2 company days before the start of the next relevant redemption duration. Your statement of redemption must abide by 38-38-302 C.R.S.

. If redemption happens, 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 costs as defined by Colorado Revised Statutes (invoices should be supplied) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon written request and payment of the needed charges, the Public Trustee's office 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 anyone, you need to ask for, in composing, that our office problem your Confirmation Deed, no faster than 15 business days after the sale. You need to pay a $30.00 charge, plus recording costs, for issuance of the taped Deed. The Confirmation Deed will be released by the Public Trustee and 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 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 because you might have funds due to you.

The Public Trustee's workplace does not offer legal advice and we do refrain from doing any eviction proceedings. Once the Confirmation Deed is provided by this workplace 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 COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.
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