What is a Foreclosure?

Foreclosure happens when a house owner is no longer able to make mortgage payments as required. This allows the lender to seize the residential or commercial property, getting rid of the house owner and offering the home, as stated in the mortgage contract.

When a foreclosure occurs, the following steps occur:

1. Notice of Election and Demand is tape-recorded within 10 company days of getting a packet from the lender's attorney.

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 taped.

4. Second Combined Notice is mailed with 45-60 calendar days prior to first set up sale date.

5. Combined Notice released in local paper 45-60 calendar days prior to the very first scheduled sale date.

6. Notice of Intent to Cure need to be received at least 15 calendar days prior to the first scheduled sale date. A treatment, 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 detailed bid should be received by midday 2 (2) company days prior to sale day.

8. The Pre-sale List is made available 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 taped within five (5) business days.

11. A Notification of Intent to Redeem need to 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 start the foreclosure procedure, the following is sent to the general public Trustee's office in addition to a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or qualified copy of the tape-recorded deed of trust.
2. Original promissory note or bond if original note has been lost. Some certified foreclosing lenders might submit particular paperwork 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.
3. Notice of Election and Demand for Foreclosure.
4. Mailing List, that includes names and addresses of celebrations to get Combined Notice of the sale, rights to treat and rights to redeem.
5. Additional documents required under foreclosure statutes.
6. Payment of required charges.

The above documents are sent to the Public Trustee by a Colorado-licensed lawyer representing the lending institution of the loan in default. The general public Trustee tape-records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This should be done within ten organization days after getting the files from the lending institution's attorney.
A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties noted on the mailing list or modified newsletter. The newsletter or lists need to consist of all celebrations whose interests appear in an instrument tape-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 recorded 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 farming 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 essential the Clear Creek County Public Trustee shall make a decision immediately upon the opening of the foreclosure.
2. This workplace shall accept as evidence:

a. Certified copy of recorded neighborhood plat
b. Written statement 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 determination is binding
4. Statements used in figuring out farming status no longer need to be recorded
5. Cost for figuring out status may be consisted of as a portion of the charges and costs charged by the attorney
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 quantity needed 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 submitted and the figures have actually been received from the foreclosing attorney.

The only parties lawfully permitted 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 should be submitted 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 e-mail, fax, mail or in individual at the Office of the Clear Creek County Public Trustee (please call or email to verify that we received the file). There is no charge to file and does not obligate the filer. Cure funds should be received in the general public Trustees office by noon on the day before the sale, and should remain in the form of money or proven bank cashier's check.

Please do not anticipate to receive info of the quantity due instantly after submitting the form. The general public Trustee's Office must ask for that details from the loan provider or lending institution's attorney. Upon receipt of the figures from the lender or lending institution's lawyer, the treatment amount will be provided to you as asked for. The figures might be great for just a restricted time so if you do not treat by the valid figure due date set forth in the statement, you will require to request an upgraded treatment declaration through the Public Trustee's Office.

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

The above info is supplied only as an educational tool and is not planned to serve as legal suggestions.

How to Bid at a Foreclosure Sale:

Preparing in advance:

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 first lien - it might be a 2nd 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 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 might wish to hire somebody 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 website, Foreclosure Search.

On Tuesday, two days before sale, we will have published in our workplace by roughly 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The loan provider's composed quote is required to be offered, in writing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public information and you may search our foreclosure search, sale information, bid, to see the opening quote amount. Bids received from the lending institutions may be changed at the time of sale so long as the lending institution's agent is personally present at sale and re-executes the changed composed 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 begins Thursday early 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 ought to arrive at the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This info will be used for the Certificate of Purchase, please make certain it is precise and clear.

Those interested in 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 firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gone into on behalf of that other person 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 quote for $150,000.00, for instance, you should bid a minimum of $150,005.00 in order to be the successful bidder.

You will likewise be needed to have adequate funds with you to bid on the residential or commercial property. Payment of effective bid amounts need to be made in the form of a verifiable bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can not accept third celebration checks. The general public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has stopped and funds have been supplied.

Pursuant to laws in impact on January 1, 2008 for cases started 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 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 shown on your Bidder Information Form and taped (within 5 company 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 business days after the sale to file an intent to redeem. The most senior lien might redeem 15 to 19 organization days after the sale, however no behind midday the last day. If numerous lien holders file an intent to redeem, each additional lien holder will get a five day redemption period.

If you are gotten in touch with for redemption figures, interest is calculated at the rate defined on the note and extra costs are restricted to those allowed by statute. Please be prepared to provide invoices for expenses sustained. Redemption figures need to be gotten within 13 company days after the sale. The statement needs to specify all sums required to redeem including the amount of per diem interest and the interest rate. The declaration might be amended up till 2 business days before the start of the next suitable redemption period. Your declaration of redemption need to comply with 38-38-302 C.R.S.

. If redemption occurs, the Certificate of Purchase holder is paid the quote 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 should be provided) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed demand and payment of the needed costs, the Public Trustee's office 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 need to request, in writing, that our workplace problem your Confirmation Deed, no faster than 15 company 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 provided by the Public Trustee and tape-recorded 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 purchased for more than the overall owed to the lender 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 Public Trustee's office does not supply legal suggestions and we do not do any eviction procedures. Once the Confirmation Deed is provided by this workplace and taped, the 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 PROBLEM 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.