What is a Foreclosure?

Foreclosure takes place when a house owner is no longer able to make mortgage payments as required. This permits the loan provider to seize the residential or commercial property, eliminating the homeowner and selling the home, as specified in the mortgage contract.
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When a foreclosure takes location, the following actions occur:

1. Notice of Election and Demand is taped within 10 company days of receiving a package 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 taped.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first set up sale date.
5. Combined Notice released 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 very first scheduled sale date. A cure, in the kind of a cashier's check, should be paid by twelve noon the day before the sale.
7. The court order licensing the sale and the signed and itemized quote must be gotten by twelve noon two (2) company 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 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 tape-recorded within 5 (5) business days.
11. A Notification of Intent to Redeem need to be submitted by a junior lienholder within eight (8) business 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 reliable 1/1/2010,

In order to start the foreclosure process, the following is sent to the general public Trustee's workplace in addition to 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.

1. Original promissory note or bond if initial note has been lost. Some certified foreclosing lending institutions may submit specific 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 lawyers 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 files needed under foreclosure statutes.
5. Payment of needed fees.
   
   The above files are sent to the general public Trustee by a Colorado-licensed attorney representing the lending institution of the loan in default. The Public Trustee tape-records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This should be done within ten business days after getting the documents from the lender's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations listed on the newsletter or changed mailing list. The subscriber list or lists need to include 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 shown on the tape-recorded instrument. If there is no address, then by statute it is not essential to send the notification 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 farming 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 essential the Clear Creek County Public Trustee shall make a decision immediately upon the opening of the foreclosure.
6. This office will accept as evidence:
   
   a. Certified copy of taped subdivision plat b. Written declaration from city or town clerk c. Written statement from county assessor d. Statements must be dated no greater than 6 months before the NED was submitted
   
   3. Our decision is binding
7. Statements utilized in determining agricultural status no longer need to be tape-recorded
8. Cost for identifying status may be consisted of as a part of the fees and expenses charged by the lawyer 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 quantity necessary to bring a foreclosed loan current. The general public Trustee's foreclosure files only consist of remedy figures when an Intent to Cure has actually been filed and the figures have been gotten from the foreclosing attorney.
   
   The only celebrations lawfully permitted to file an Intent to Cure consist of, but are not limited to: residential or commercial property owners, individuals accountable, grantor of evidence of debt and junior lien to C.R.S. 38-38-104( 1 ). An Intent to Cure must be filed at least fifteen days prior to the date of the set up Public Trustee sale.
   
   The Intent to Cure Form (PDF) may be filed by e-mail, fax, mail or personally 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 submit and does not obligate the filer. Cure funds must be received in the general public Trustees office by twelve noon on the day before the sale, and need to remain in the kind of cash or verifiable bank cashier's check.
   
   Please do not anticipate to get info of the amount due instantly after submitting the kind. The Public Trustee's Office must ask for that details from the lending institution or loan provider's attorney. Upon receipt of the figures from the lender or loan provider's lawyer, the cure amount will be supplied to you as requested. The figures might benefit just a minimal time so if you do not treat by the valid figure due date set forth in the declaration, you will need to request an updated treatment declaration through the general public Trustee's Office.
   
   To find out more about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is supplied just as an informative tool and is not intended to act as legal recommendations.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing in advance:
   
   It is your duty to do research before concerning 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 3rd 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 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 may want to employ 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 posted in our office by around 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lending institution's composed quote 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 quotes are public details and you might search our foreclosure search, sale details, quote, to see the opening quote quantity. Bids received from the lenders might be changed at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the amended written bid.
   
   Be recommended: The loan provider or its attorney, or the Public Trustee, might pull or continue a residential or commercial property from the sale list at any time up till the sale starts 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 intend to bid on a residential or commercial property, you ought to get to the workplace about 15 to 20 minutes early to finish 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 accurate and readable.
   
   Those thinking about bidding needs to personally go to 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 aside from yourself or another entity that you do not own or control, you need to have actually written permission, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your bid is being gotten in on 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 lender has actually submitted a bid for $150,000.00, for instance, you must 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 bid amounts should 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 celebration checks. The general public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually ceased and funds have been supplied.
   
   Pursuant to laws in result 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 provided with an Invoice from the Public Trustee after the sale is completed. A Certificate of Purchase will be released in the name and address of the effective bidder as revealed on your Bidder Information Form and tape-recorded (within 5 service days) by the Public Trustee's office and retained in our workplace 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 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 may redeem 15 to 19 company days after the sale, but no behind midday the last day. If numerous lien holders file an intent to redeem, each additional lien holder will get a five day redemption duration.
   
   If you are called for redemption figures, interest is calculated at the rate defined on the note and extra costs are restricted to those enabled by statute. Please be prepared to supply invoices for costs incurred. Redemption figures must be received within 13 organization days after the sale. The declaration must specify all amounts needed to redeem including the quantity of per diem interest and the interest rate. The declaration may be amended up till 2 company days before the start of the next suitable redemption duration. Your statement of redemption need to comply with 38-38-302 C.R.S.
   
   . If redemption happens, the Certificate of Purchase holder is paid the bid amount, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other allowed costs as defined by Colorado Revised Statutes (invoices should be provided) as provided in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon written demand and payment of the needed costs, the Public Trustee's workplace will issue a Verification Deed to communicate title to the last redeeming party.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you must request, in writing, that our office issue your Confirmation Deed, no quicker than 15 organization days after the sale. You need to pay a $30.00 cost, 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 acquired for more than the total owed to the lender 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 office and taped, the general public Trustee's file is closed.
   
   IF THE BORROWER BELIEVES THAT A LENDER 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 COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.
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