What is a Foreclosure?

What is a Foreclosure?

Foreclosure takes place 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 property owner and offering the home, as stated in the mortgage agreement.

When a foreclosure occurs, the following steps happen:

1. Notice of Election and Demand is taped within 10 service days of getting a packet from the lender's lawyer.
2. Sale date is set between 110 through 125 calendar days after the NED was tape-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 set up sale date.
5. Combined Notice released in local paper 45-60 calendar days prior to the 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, should be paid by noon the day before the sale.
7. The court order authorizing the sale and the signed and detailed quote should be received by twelve noon two (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 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 recorded within five (5) service days.
11. A Notice of Intent to Redeem must be submitted by a junior lienholder within eight (8) company days after the sale. Foreclosures began in 2008 and newer do not enable for 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 workplace along with a referral 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.

Original promissory note or bond if initial note has been lost. Some qualified foreclosing lenders may submit particular 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, that includes names and addresses of parties to get Combined Notice of the sale, rights to treat and rights to redeem.
Additional files needed under foreclosure statutes.
Payment of required fees.

The above files are submitted to the general public Trustee by a Colorado-licensed attorney representing the lender of the loan in default. The Public Trustee tape-records the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This should be done within 10 business days after getting the files from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties noted on the subscriber list or changed subscriber list. The subscriber list 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 recorded instrument. If there is no address, then by statute it is not needed 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 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 decision instantly upon the opening of the foreclosure.
This office will accept as proof:

a. Certified copy of tape-recorded subdivision plat b. Written declaration from city or town clerk c. Written statement from county assessor d. Statements need to be dated no more than 6 months before the NED was submitted

3. Our determination is binding
Statements used in determining agricultural status no longer need to be recorded
Cost for determining status may be included as a part of the costs and expenses 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 remedy amount is the amount required to bring a foreclosed loan current. The Public Trustee's foreclosure files just consist of remedy figures when an Intent to Cure has been filed and the figures have been gotten from the foreclosing lawyer.

The only celebrations lawfully enabled to submit an Intent to Cure consist of, but are not limited to: residential or commercial property owners, persons responsible, 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 filed by email, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or email to verify that we received the document). There is no charge to submit and does not obligate the filer. Cure funds must be gotten in the Public Trustees workplace by midday on the day before the sale, and need to be in the type of cash or proven bank cashier's check.

Please do not expect to get info of the quantity due right away after filing the form. The Public Trustee's Office need to request that information from the loan provider or lending institution's lawyer. Upon receipt of the figures from the lending institution or lender's attorney, the treatment 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 stated in the declaration, you will need to request an updated remedy statement through the Public Trustee's Office.

To get more information about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.
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The above info is provided only as an informative tool and is not planned to serve as legal guidance.

How to Bid at a Foreclosure Sale:

Preparing in advance:

It is your duty to do research study before concerning 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 very first lien - it might be a 2nd or third lien. The Public Trustee does not know 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 versus the residential or commercial property. If you do not know how to inspect the "condition of title" or the "chain of title" to the residential or commercial property, you might wish to employ somebody 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, two days before sale, we will have published in our office by roughly 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lender's written quote is required to be offered, in writing, 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 may search our foreclosure search, sale info, quote, to see the opening bid quantity. Bids received from the lenders might be amended at the time of sale so long as the lender's representative is personally present at sale and re-executes the amended composed quote.

Be advised: The lender 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 begins Thursday morning.

Check 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 mean to bid on a residential or commercial property, you need to show up at the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This info will be used for the Certificate of Purchase, please be sure it is precise and clear.

Those thinking about bidding should personally attend 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 somebody other than yourself or another entity that you do not own or control, you need to have actually composed permission, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered upon behalf of that other person or entity at the time the quote is made.

Bidding at the sale proceeds in increments of $5.00 - if the lending institution has sent a quote for $150,000.00, for instance, you must bid at least $150,005.00 in order to be the effective 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 must 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 decline 3rd party checks. The Public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually stopped and funds have been provided.

Pursuant to laws in result on January 1, 2008 for cases started 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 a Receipt from the Public Trustee after the sale is completed. A Certificate of Purchase will be provided in the name and address of the effective bidder as shown on your Bidder Information Form and taped (within 5 company days) by the Public Trustee's office and retained in our workplace records.

As the beneficiary named 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 evidences your financial investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 business days after the sale to submit an intent to redeem. The most senior lien might redeem 15 to 19 organization days after the sale, but no behind noon the final day. If multiple lien holders file an intent to redeem, each extra lien holder will get a 5 day redemption duration.

If you are contacted for redemption figures, interest is calculated at the rate defined on the note and additional costs are restricted to those permitted by statute. Please be prepared to supply receipts for expenditures sustained. Redemption figures need to be gotten within 13 business days after the sale. The declaration needs to define all amounts required to redeem including the amount of per diem interest and the rates of interest. The declaration may be amended up until 2 company days before the start of the next relevant redemption period. Your declaration of redemption must abide by 38-38-302 C.R.S.

. If redemption takes place, 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 allowed costs as specified by Colorado Revised Statutes (receipts should be provided) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon composed demand and payment of the required charges, the Public Trustee's workplace will provide a Verification 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 workplace concern your Confirmation Deed, no sooner than 15 organization days after the sale. You need to pay a $30.00 charge, plus recording costs, for issuance of the tape-recorded Deed. The Confirmation Deed will be issued by the Public Trustee and recorded with the Clerk & Recorder's office. If you are the 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 because you may have funds due to you.

The general public Trustee's workplace does not provide 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 COMPLAINT WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.
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