What is a Foreclosure?

What is a Foreclosure?
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Foreclosure occurs when a house owner is no longer able to make mortgage payments as required. This enables the loan provider to seize the residential or commercial property, removing the property owner and selling the home, as stated in the mortgage agreement.

When a foreclosure takes location, the following actions occur:

1. Notice of Election and Demand is recorded within 10 business 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 tape-recorded (non-ag).
3. Combined Notice is mailed within 20 calendar days after the NED was tape-recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially scheduled sale date.
5. Combined Notice published 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 a minimum of 15 calendar days prior to the 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 bid must be received by midday two (2) service 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 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 5 (5) business days.
11. A Notification of Intent to Redeem need to be submitted by a junior lienholder within eight (8) organization 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 effective 1/1/2010,

In order to begin the foreclosure procedure, the following is submitted to the general 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 licensed copy of the tape-recorded deed of trust.

Original promissory note or bond if initial note has been lost. Some qualified foreclosing lending institutions may submit certain 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 lawyers representing holder.
Notice of Election and Demand for Foreclosure.
Mailing List, that includes names and addresses of celebrations to get Combined Notice of the sale, rights to cure and rights to redeem.
Additional files needed under foreclosure statutes.
Payment of required costs.

The above files are sent to the Public Trustee by a Colorado-licensed attorney representing the loan provider of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This must be done within 10 company days after receiving the documents from the lending institution's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties noted on the mailing list or changed newsletter. The mailing list or lists must 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 notices are sent to the addresses revealed on the taped 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 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 an initial 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 shall make a determination right away upon the opening of the foreclosure.
This workplace will accept as proof:

a. Certified copy of tape-recorded subdivision plat b. Written statement from city or town clerk c. Written statement from county assessor d. Statements should 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 taped
Cost for figuring out status may be included as a part of the fees 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 quantity is the amount necessary to bring a current. The Public Trustee's foreclosure files only consist of treatment figures when an Intent to Cure has been filed and the figures have been gotten from the foreclosing lawyer.

The only parties legally allowed to submit an Intent to Cure consist of, but are not restricted to: residential or commercial property owners, individuals liable, grantor of evidence of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must be submitted a minimum of fifteen days prior to the date of the set up Public Trustee sale.

The Intent to Cure Form (PDF) may 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 got the file). There is no fee to file and does not obligate the filer. Cure funds should be received in the general public Trustees office by twelve noon on the day before the sale, and must remain in the type of cash or verifiable bank cashier's check.

Please do not anticipate to receive info of the amount due immediately after filing the form. The Public Trustee's Office need to ask for that information 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 supplied to you as requested. The figures might be good for only a minimal time so if you do not cure by the legitimate figure deadline set forth in the declaration, you will need to ask for an upgraded remedy statement through the Public Trustee's Office.

For more information about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.

The above info is provided only as an informational tool and is not meant to serve as legal suggestions.

How to Bid at a Foreclosure Sale:

Preparing beforehand:

It is your responsibility to do research 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 second 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 assessments have actually been paid or if there are any other liens against 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 work with somebody 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 site, Foreclosure Search.

On Tuesday, two days before sale, we will have posted in our office by approximately 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lender's written bid is needed to be provided, in writing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public details and you may search our foreclosure search, sale information, quote, to see the opening bid quantity. Bids got from the lenders may be changed at the time of sale so long as the lender's agent is personally present at sale and re-executes the changed written quote.

Be advised: 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 until the sale starts Thursday 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 mean to bid on a residential or commercial property, you should come to 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 sure it is precise and legible.

Those thinking about bidding should 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 somebody besides yourself or another entity that you do not own or control, you require to have actually written authorization, a letter of company 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 bid is made.

Bidding at the sale proceeds in increments of $5.00 - if the loan provider has submitted a bid for $150,000.00, for instance, you must bid at least $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 bid amounts should be made in the form of a verifiable bank cashier's check. Checks must be payable only to the "Clear Creek County Public Trustee". We can not accept third celebration checks. The Public Trustee will strike and sell the residential or commercial property to the successful bidder after bidding has actually stopped and funds have actually been offered.

Pursuant to laws in result 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 supplied with an Invoice from the general public Trustee after the sale is finished. A Certificate of Purchase will be provided in the name and address of the successful bidder as shown on your Bidder Information Form and recorded (within 5 business days) by the Public Trustee's workplace and retained in our workplace 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 transfer title to you, it merely proofs your 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 may redeem 15 to 19 business days after the sale, but no behind midday the last day. If multiple lien holders file 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 calculated at the rate specified on the note and extra costs are limited to those allowed by statute. Please be prepared to supply invoices for costs sustained. Redemption figures should be gotten within 13 organization days after the sale. The declaration should define all sums needed to redeem consisting of the amount of daily interest and the rate of interest. The declaration might be amended up until 2 service days before the start of the next relevant redemption duration. Your statement of redemption should abide by 38-38-302 C.R.S.

. If redemption happens, the Certificate of Purchase holder is paid the quote amount, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other permitted costs as specified by Colorado Revised Statutes (invoices should be supplied) as offered in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon composed demand and payment of the needed costs, the Public Trustee's office will issue a Confirmation Deed to communicate title to the last redeeming celebration.

If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you should ask for, in writing, that our workplace issue your Confirmation Deed, no sooner than 15 organization days after the sale. You need to pay a $30.00 fee, plus recording costs, for issuance of the taped Deed. The Confirmation Deed shall be provided by the Public Trustee and tape-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 bought 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 since you might have funds due to you.

The Public Trustee's office does not provide legal guidance and we do refrain from doing any expulsion procedures. Once the Confirmation Deed is released by this workplace and tape-recorded, the general 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 COMPLAINT 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.