What is a Foreclosure?

What is a Foreclosure?

Foreclosure occurs when a property owner is no longer able to make mortgage payments as needed. This permits the loan provider to take the residential or commercial property, removing the property owner and offering the home, as stated in the mortgage contract.

When a foreclosure happens, the following actions take place:

1. Notice of Election and Demand is recorded within 10 organization days of receiving a package from the lending institution's lawyer.
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 recorded.
4. Second Combined Notice is mailed 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 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 treatment, in the form 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 itemized bid should be gotten by midday 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 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 5 (5) company days.
11. A Notice of Intent to Redeem need to be filed by a junior lienholder within eight (8) business days after the sale. Foreclosures started in 2008 and newer do not enable for 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 sent to the Public Trustee's office together with a referral of the case and a Certificate of the Current Owner of the financial obligation:

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

Original promissory note or bond if original note has been lost. Some certified foreclosing lenders might send particular 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.
Notice of Election and Demand for Foreclosure.
Mailing List, which includes names and addresses of celebrations to receive Combined Notice of the sale, rights to treat and rights to redeem.
Additional files needed under foreclosure statutes.
Payment of needed fees.

The above files are sent to the Public Trustee by a Colorado-licensed lawyer representing the lending institution of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This need to be done within 10 company days after receiving the documents from the lender's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations listed on the subscriber list or amended newsletter. The newsletter or lists need to 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 notifications are sent out to the addresses shown on the taped instrument. If there is no address, then by statute it is not necessary to send the notification 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 an initial 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 determination immediately upon the opening of the foreclosure.
This workplace shall accept as proof:

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

3. Our determination is binding
Statements used in determining agricultural status no longer require to be tape-recorded
Cost for identifying status may be included as a part of the charges and expenses charged by the lawyer Please do not include copies of statutes for mailing. This is covered in the cost of postage and copies.

How to Cure a Foreclosure:

A treatment quantity is the amount essential to bring a foreclosed loan current. The general public Trustee's foreclosure files just include cure figures when an Intent to Cure has actually been submitted and the figures have been received from the foreclosing attorney.

The only parties legally allowed to file an Intent to Cure consist of, however are not restricted to: residential or commercial property owners, persons accountable, grantor of proof of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure need to be filed 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 face to face at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we received the file). There is no charge to submit 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 should remain in the type 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 Public Trustee's Office should request that details from the loan provider or loan provider's lawyer. Upon receipt of the figures from the lending institution or lender's lawyer, the treatment quantity will be provided to you as requested. The figures might be excellent for just a restricted time so if you do not treat by the valid figure deadline stated in the declaration, you will require to ask for an upgraded remedy statement through the general public Trustee's Office.
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For more information about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.

The above info is offered only as an educational tool and is not planned to function as legal advice.

How to Bid at a Foreclosure Sale:

Preparing in advance:

It is your obligation to do research before pertaining 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 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 assessments 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 may want to hire someone to do the research study 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 posted in our office by roughly 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lending institution's written quote is required to be provided, 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 details and you might search our foreclosure search, sale info, bid, to see the opening quote quantity. Bids received from the lenders might be modified at the time of sale so long as the lender's agent is personally present at sale and re-executes the changed composed quote.

Be recommended: The lending institution or its attorney, or the Public Trustee, may 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 without delay 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 should get to the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This information will be utilized for the Certificate of Purchase, please make sure it is precise and understandable.
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Those thinking about bidding should personally participate in 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 besides yourself or another entity that you do not own or control, you require to have actually written authorization, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered upon 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 lender has submitted a bid 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 required to have enough funds with you to bid on the residential or commercial property. Payment of effective quote quantities must be made in the kind of a verifiable bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can decline 3rd celebration checks. The general public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has actually stopped and funds have been supplied.

Pursuant to laws in impact on January 1, 2008 for cases started after that date, the successful bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be offered 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 successful bidder as shown on your Bidder Information Form and tape-recorded (within 5 company days) by the Public Trustee's office and maintained 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 move title to you, it merely proofs your financial investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 organization days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 service days after the sale, however no behind twelve noon the final day. If several lien holders submit an intent to redeem, each extra lien holder will get a five day redemption period.

If you are gotten in touch with for redemption figures, interest is computed at the rate defined on the note and extra expenditures are restricted to those enabled by statute. Please be prepared to offer invoices for expenditures sustained. Redemption figures must be received within 13 company days after the sale. The statement must define all amounts needed to redeem consisting of the amount of daily interest and the rates of interest. The statement may be changed up until 2 service days before the start of the next relevant redemption duration. Your declaration of redemption need to adhere to 38-38-302 C.R.S.

. If redemption happens, 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 permitted costs as defined by Colorado Revised Statutes (invoices must be provided) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon composed request and payment of the needed costs, the general public Trustee's office will provide a Confirmation Deed to communicate title to the last redeeming party.

If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you need to request, in composing, that our workplace problem your Confirmation Deed, no sooner than 15 organization days after the sale. You must 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 taped with the Clerk & Recorder's office. 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 auction sale and is acquired for more than the overall owed to the loan provider and to all other lien holders, please contact the Public Trustee's workplace after the sale since you might have funds due to you.

The general public Trustee's workplace does not offer legal advice and we do not do any eviction procedures. Once the Confirmation Deed is released by this office and tape-recorded, 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 GRIEVANCE WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.