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What is a Foreclosure?

Foreclosure occurs when a property owner is no longer able to make mortgage payments as required. This allows the lender to take the residential or commercial property, getting rid of the homeowner and offering the home, as stated in the mortgage agreement.
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When a foreclosure occurs, the following steps occur:

1. Notice of Election and Demand is recorded within 10 company days of getting a packet from the lender's attorney.
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 taped.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first arranged sale date.
5. Combined Notice released in regional paper 45-60 calendar days prior to the first scheduled sale date.
6. Notice of Intent to Cure must be gotten at least 15 calendar days prior to the very 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 authorizing the sale and the signed and detailed quote should be received by noon 2 (2) business days prior to sale day.
8. The Pre-sale List is offered 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 five (5) service days.
11. A Notification of Intent to Redeem need to be filed by a junior lienholder within eight (8) organization days after the sale. Foreclosures began in 2008 and more recent do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

to laws efficient 1/1/2010,

In order to start the foreclosure procedure, the following is sent to the general public Trustee's office along with a referral of the case and a Certificate of the Current Owner of the debt:

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

1. Original promissory note or bond if initial note has actually been lost. Some qualified foreclosing lenders might send particular documentation 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.
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 cure and rights to redeem.
4. Additional files needed under foreclosure statutes.
5. Payment of needed costs.
   
   The above documents are sent to the Public Trustee by a Colorado-licensed attorney 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 should be done within 10 company days after getting the files from the lender's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations noted on the subscriber list or changed mailing list. The newsletter or lists must include all parties whose interests appear in an instrument 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 tape-recorded instrument. If there is no address, then by statute it is not essential to send out 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 required the Clear Creek County Public Trustee will make a determination right away upon the opening of the foreclosure.
6. This office shall accept as proof:
   
   a. Certified copy of recorded 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 decision is binding
7. Statements utilized in identifying farming status no longer require to be tape-recorded
8. Cost for determining status may be included 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 treatment amount is the amount necessary to bring a foreclosed loan current. The general public Trustee's foreclosure files only include treatment figures when an Intent to Cure has been submitted and the figures have actually been received from the foreclosing attorney.
   
   The only celebrations legally enabled to file an Intent to Cure consist of, however are not restricted 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 should be filed a minimum of fifteen days prior to the date of the arranged Public Trustee sale.
   
   The Intent to Cure Form (PDF) might be filed by e-mail, fax, mail or in individual at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we received the document). There is no charge to submit and does not obligate the filer. Cure funds should be gotten in the general public Trustees workplace by midday on the day before the sale, and need to be in the type of money or proven bank cashier's check.
   
   Please do not anticipate to get info of the amount due immediately after submitting the type. The Public Trustee's Office should ask for that info from the loan provider or lender's lawyer. Upon invoice of the figures from the lender or lender's attorney, the treatment amount will be provided to you as requested. The figures may benefit only a limited time so if you do not cure by the legitimate figure deadline stated in the statement, you will need to request an updated treatment statement through the general public Trustee's Office.
   
   For more information about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above information is offered only as an informational tool and is not planned to work as legal suggestions.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing ahead of time:
   
   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 first lien - it could 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 check the "condition of title" or the "chain of title" to the residential or commercial property, you might 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 site, Foreclosure Search.
   
   On Tuesday, 2 days before sale, we will have published in our office by approximately 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lender's composed quote is required to be supplied, in composing, to the general public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public details and you might browse our foreclosure search, sale info, quote, to see the opening bid amount. Bids got from the loan providers may be amended at the time of sale so long as the lending institution's agent is personally present at sale and re-executes the amended written bid.
   
   Be encouraged: The lending institution or its lawyer, 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 early morning.
   
   Sign 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 need to reach the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This info will be utilized for the Certificate of Purchase, please make sure it is accurate and readable.
   
   Those thinking about bidding needs to 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 besides yourself or another entity that you do not own or control, you require to have actually composed permission, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your quote 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 actually sent a bid for $150,000.00, for example, you should bid a minimum of $150,005.00 in order to be the effective bidder.
   
   You will also be required to have enough funds with you to bid on the residential or commercial property. Payment of successful quote amounts must be made in the form of a proven bank cashier's check. Checks need to be payable just to the "Clear Creek County Public Trustee". We can decline 3rd celebration checks. The Public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has ceased and funds have been offered.
   
   Pursuant to laws in impact 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 provided with an Invoice from the 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 tape-recorded (within 5 service days) by the Public Trustee's office and kept in our workplace records.
   
   As the grantee named 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 service days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 company days after the sale, but no behind midday the final day. If numerous lien holders submit an intent to redeem, each extra lien holder will receive a five day redemption duration.
   
   If you are gotten in touch with for redemption figures, interest is calculated at the rate defined on the note and additional expenditures are restricted to those allowed by statute. Please be prepared to supply receipts for expenditures sustained. Redemption figures must be received within 13 service days after the sale. The statement must specify all sums required to redeem consisting of the amount of daily interest and the rate of interest. The declaration might be changed up till 2 organization days before the start of the next applicable redemption duration. Your statement of redemption need to adhere to 38-38-302 C.R.S.
   
   . If redemption occurs, 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 allowed costs as specified by Colorado Revised Statutes (invoices need to be provided) 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 costs, the general public Trustee's office will release a Confirmation Deed to convey title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is submitted and no redemption is made by anyone, you should ask for, in composing, that our office problem your Confirmation Deed, no sooner than 15 business days after the sale. You must pay a $30.00 charge, 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 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 Public Trustee's office after the sale since you may have funds due to you.
   
   The general public Trustee's office does not supply legal advice and we do not do any expulsion procedures. Once the Confirmation Deed is issued by this office and taped, the general 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 GRIEVANCE 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.