What is a Foreclosure?

Foreclosure takes place when a house owner is no longer able to make mortgage payments as needed. This allows the loan provider to seize the residential or commercial property, removing the homeowner and offering the home, as specified in the mortgage contract.

When a foreclosure occurs, the following steps happen:

1. Notice of Election and Demand is tape-recorded within 10 company days of getting a package from the lender's lawyer.
2. Sale date is set in 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 sent by mail with 45-60 calendar days prior to initially scheduled 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 should be gotten at least 15 calendar days prior to the first scheduled sale date. A cure, in the type of a cashier's check, should be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and itemized quote should be gotten by twelve noon 2 (2) organization days prior to sale day.
8. The Pre-sale List is made 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 recorded within five (5) organization 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 allow for owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws reliable 1/1/2010,

In order to start the foreclosure procedure, the following is sent to the general public Trustee's workplace together with a recommendation of the case and a Certificate of the Current Owner of the financial obligation:
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1. Original or licensed copy of the taped deed of trust.

1. Original promissory note or bond if original note has actually been lost. Some qualified foreclosing loan providers 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.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of parties to receive Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional documents needed under foreclosure statutes.
5. Payment of needed charges.
   
   The above documents are submitted to the Public Trustee by a Colorado-licensed lawyer representing the loan provider of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This must be done within 10 business days after receiving the files from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the mailing list or modified subscriber list. The subscriber list or lists need to consist of all celebrations whose interests appear in an instrument recorded subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notifications 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 agricultural 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 needed the Clear Creek County Public Trustee will make a determination immediately upon the opening of the foreclosure.
6. This office will accept as evidence:
   
   a. Certified copy of taped neighborhood plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements need to be dated no more than 6 months before the NED was submitted
   
   3. Our decision is binding
7. Statements used in figuring out farming status no longer need to be taped
8. Cost for identifying status may be included as a portion 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 cure quantity is the quantity essential to bring a foreclosed loan current. The Public Trustee's foreclosure files just contain treatment figures when an Intent to Cure has actually been filed and the figures have been received from the foreclosing attorney.
   
   The only celebrations lawfully allowed to submit an Intent to Cure include, but are not restricted to: residential or commercial property owners, individuals responsible, grantor of evidence of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure need to be filed a minimum of fifteen days prior to the date of the arranged Public Trustee sale.
   
   The Intent to Cure Form (PDF) may be filed by email, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or e-mail to confirm that we received the document). There is no charge to submit and does not obligate the filer. Cure funds must be received in the general public Trustees office by noon on the day before the sale, and need to remain in the form of cash or proven bank cashier's check.
   
   Please do not expect to get details of the quantity due immediately after submitting the form. The general public Trustee's Office must ask for that info from the loan provider or loan provider's attorney. Upon receipt of the figures from the loan provider or lender's lawyer, the remedy amount will be offered to you as requested. The figures may benefit just a restricted time so if you do not treat by the valid figure deadline stated in the statement, you will require to ask for an updated cure statement through the Public Trustee's Office.
   
   To find out more about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above information is offered only as an educational tool and is not meant to work as legal advice.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing ahead of time:
   
   It is your responsibility to do research study 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 very first lien - it could 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 assessments 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 may want to work with someone to do the research for you.
   
   You can obtain 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 workplace by around 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lender's composed bid is required to be provided, in composing, 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 browse our foreclosure search, sale info, quote, to see the opening quote amount. Bids got from the lending institutions may be changed at the time of sale so long as the loan provider's agent is personally present at sale and re-executes the modified composed quote.
   
   Be recommended: The lender 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.
   
   Sign in on sale day:
   
   The Clear Creek County Public Trustee holds foreclosure sales on Thursday's quickly 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 ought to get here at the workplace about 15 to 20 minutes early to finish 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 accurate and clear.
   
   Those thinking about bidding must 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 need to have written permission, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered 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 loan provider has actually submitted a bid for $150,000.00, for example, you need to bid a minimum of $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 effective quote amounts need to be made in the form of a proven bank cashier's check. Checks must be payable only to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The general public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has stopped and funds have been offered.
   
   Pursuant to laws in effect on January 1, 2008 for cases began after that date, the effective bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be offered with a Receipt from the Public Trustee after the sale is . A Certificate of Purchase will be provided in the name and address of the successful bidder as revealed 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 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 submit an intent to redeem. The most senior lien might redeem 15 to 19 organization days after the sale, but no later on than noon the final day. If numerous lien holders submit an intent to redeem, each additional lien holder will get a 5 day redemption period.
   
   If you are called for redemption figures, interest is determined at the rate defined on the note and extra expenditures are restricted to those allowed by statute. Please be prepared to supply receipts for expenditures sustained. Redemption figures should be received within 13 business days after the sale. The statement needs to specify all amounts needed to redeem including the quantity of daily interest and the rates of interest. The declaration might be modified up until 2 business days before the start of the next suitable redemption duration. Your statement of redemption should comply with 38-38-302 C.R.S.
   
   . If redemption occurs, the Certificate of Purchase holder is paid the bid amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowed expenses as defined by Colorado Revised Statutes (invoices must be supplied) 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 fees, the Public Trustee's office will release 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 anybody, you should ask for, in writing, that our office problem your Confirmation Deed, no faster than 15 service days after the sale. You must pay a $30.00 charge, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed shall be provided 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 total owed to the lending institution and to all other lien holders, please contact the general public Trustee's office after the sale since you may have funds due to you.
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   The Public Trustee's office does not supply legal guidance and we do not do any eviction procedures. Once the Confirmation Deed is issued 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 ATTORNEY GENERAL OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.