What is a Foreclosure?

Foreclosure takes place when a homeowner is no longer able to make mortgage payments as required. This enables the loan provider to take the residential or commercial property, removing the property owner and offering the home, as stipulated in the mortgage contract.

When a foreclosure happens, the following steps occur:

1. Notice of Election and Demand is tape-recorded within 10 company days of getting a packet from the loan provider's lawyer.
2. Sale date is set 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 taped.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially arranged sale date.
5. Combined Notice published in regional paper 45-60 calendar days prior to the first scheduled sale date.
6. Notice of Intent to Cure should be gotten at least 15 calendar days prior to the first scheduled sale date. A remedy, in the form of a cashier's check, need to be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and itemized quote should be gotten by noon 2 (2) business 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 taped within 5 (5) organization days.
11. A Notice of Intent to Redeem must be submitted by a junior lienholder within 8 (8) service days after the sale. Foreclosures began in 2008 and newer do not enable 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 general public Trustee's workplace in addition to a referral of the case and a Certificate of the Current Owner of the debt:

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

1. Original promissory note or bond if original note has actually been lost. Some certified foreclosing loan providers may submit specific 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 attorneys representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, which consists of names and addresses of celebrations to get Combined Notice of the sale, rights to treat and rights to redeem.
4. Additional documents needed under foreclosure statutes.
5. 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 Public Trustee tape-records the Notice of Election and Demand (NED) and begins the foreclosure procedures. This should be done within 10 company days after receiving the files from the lending institution's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the mailing list or amended subscriber list. The newsletter or lists should consist of 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 out to the addresses revealed on the tape-recorded 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 needs 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 determination instantly upon the opening of the foreclosure.
6. This workplace shall accept as evidence:
   
   a. Certified copy of recorded neighborhood plat b. Written declaration 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 determining farming status no longer require to be recorded
8. Cost for determining status might be included as a portion of the costs and costs 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 quantity required to bring a foreclosed loan current. The general public Trustee's foreclosure files only contain treatment figures when an Intent to Cure has actually been submitted and the figures have actually been received from the foreclosing attorney.
   
   The only celebrations legally allowed to file an Intent to Cure consist of, however are not restricted to: residential or commercial property owners, persons accountable, grantor of evidence 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 scheduled 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 confirm that we received the file). There is no charge to file and does not obligate the filer. Cure funds must be received in the general office by twelve noon on the day before the sale, and must be in the form of cash or proven bank cashier's check.
   
   Please do not expect to get info of the amount due right away after filing the kind. The general public Trustee's Office should ask for that info from the lender or lending institution's attorney. Upon receipt of the figures from the lending institution or loan provider's lawyer, the treatment amount will be offered to you as requested. The figures might be good for only a minimal time so if you do not treat by the legitimate figure due date stated in the statement, you will require to request an upgraded cure statement through the Public Trustee's Office.
   
   For more information about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is supplied just as an informational tool and is not meant to work as legal recommendations.
   
   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 Public Trustee can not and does not guaranty that the deed of trust being foreclosed is a first lien - it might be a second or 3rd lien. The General Public Trustee does not know 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 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 someone to do the research for you.
   
   You can get 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 written quote is required to be provided, in composing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public details and you might browse our foreclosure search, sale info, quote, to see the opening quote quantity. Bids got from the loan providers may be modified at the time of sale so long as the lender's representative is personally present at sale and re-executes the changed 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 begins 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 mean 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, and so on. This details will be utilized for the Certificate of Purchase, please make sure it is precise and readable.
   
   Those thinking about bidding must personally attend 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 someone besides 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 proceeds in increments of $5.00 - if the lending institution has actually sent a bid for $150,000.00, for instance, you should bid a minimum of $150,005.00 in order to be the effective bidder.
   
   You will also be required to have adequate funds with you to bid on the residential or commercial property. Payment of effective quote amounts need to be made in the kind of a proven bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The general public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has ceased and funds have actually been supplied.
   
   Pursuant to laws in effect 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 provided with a Receipt from the general public Trustee after the sale is completed. A Certificate of Purchase will be provided in the name and address of the effective bidder as revealed on your Bidder Information Form and tape-recorded (within 5 business days) by the Public Trustee's office and retained in our office records.
   
   As the beneficiary 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 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 company days after the sale to file an intent to redeem. The most senior lien might redeem 15 to 19 business days after the sale, however no behind midday the last day. If several lien holders submit an intent to redeem, each extra lien holder will receive a five day redemption duration.
   
   If you are contacted for redemption figures, interest is computed at the rate specified on the note and extra costs are restricted to those enabled by statute. Please be prepared to provide invoices for expenditures incurred. Redemption figures should be gotten within 13 organization days after the sale. The declaration needs to define all amounts needed to redeem consisting of the quantity of per diem interest and the rates of interest. The statement may be modified up till 2 service days before the start of the next applicable redemption duration. Your statement of redemption must comply with 38-38-302 C.R.S.
   
   . If redemption happens, the Certificate of Purchase holder is paid the quote amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowable costs as specified by Colorado Revised Statutes (receipts need to be provided) as provided 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 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 must request, in writing, that our office issue your Confirmation Deed, no faster than 15 service days after the sale. You must pay a $30.00 fee, plus recording costs, for issuance of the tape-recorded Deed. The Confirmation Deed will be released by the Public Trustee and recorded 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 foreclosure auction sale and is purchased for more than the overall owed to the loan provider and to all other lien holders, please contact the Public Trustee's office after the sale due to the fact that you might have funds due to you.
   
   The general public Trustee's office does not offer legal guidance and we do not do any expulsion procedures. Once the Confirmation Deed is released by this workplace and recorded, the Public Trustee's file is closed.
   
   IF THE BORROWER BELIEVES THAT A LENDING INSTITUTION 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 OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.
   reference.com