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What is a Foreclosure?

Foreclosure takes place when a homeowner is no longer able to make mortgage payments as required. This enables the lending institution to take the residential or commercial property, eliminating the house owner and offering the home, as stated in the mortgage contract.

When a foreclosure takes location, the following steps take place:

1. Notice of Election and Demand is tape-recorded within 10 business days of getting a packet from the loan provider's attorney.
2. Sale date is set between 110 through 125 calendar days after the NED was recorded (non-ag).
3. Combined Notice is sent by mail within 20 calendar days after the NED was tape-recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially arranged 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 at least 15 calendar days prior to the first scheduled sale date. A treatment, in the form of a cashier's check, should be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and made a list of bid should be gotten by midday two (2) business 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 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 taped within five (5) company days.
11. A Notice 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 more recent do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws efficient 1/1/2010,

In order to begin the foreclosure process, the following is submitted to the general public Trustee's workplace together with 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. 2. Original promissory note or bond if initial note has been lost. Some certified foreclosing lenders might send particular documents 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 initial promissory note and Certification of Qualified Holder, signed by lawyers representing holder. 3. Notice of Election and Demand for Foreclosure. 4. Mailing List, that includes names and addresses of parties to get Combined Notice of the sale, rights to cure and rights to redeem. 5. Additional documents needed under foreclosure statutes. 6. Payment of needed fees.

The above documents are sent to the general public Trustee by a Colorado-licensed attorney representing the lender of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This need to be done within ten organization days after getting the documents from the lending institution's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations noted on the mailing list or amended mailing list. The mailing list or lists need to consist of all celebrations whose interests appear in an instrument taped 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 needed to send out 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 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. 2. This office will accept as evidence:

a. Certified copy of tape-recorded neighborhood plat b. Written statement 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 filed

3. Our decision is binding 4. Statements utilized in figuring out farming status no longer require to be tape-recorded 5. Cost for figuring out status might be included as a portion of the costs and expenses charged by the lawyer Please do not consist of copies of statutes for mailing. This is covered in the cost of postage and copies.

How to Cure a Foreclosure:

A cure amount is the amount necessary to bring a foreclosed loan current. The Public Trustee's foreclosure files only include remedy figures when an Intent to Cure has been submitted and the figures have actually been gotten from the foreclosing lawyer.

The only celebrations lawfully enabled to submit an Intent to Cure include, however are not limited to: residential or commercial property owners, persons accountable, grantor of proof of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must be submitted at least fifteen days prior to the date of the scheduled 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 e-mail to confirm that we received the document). There is no cost to submit and does not obligate the filer. Cure funds must be gotten in the Public Trustees workplace by noon on the day before the sale, and should remain in the form of money or proven bank cashier's check.

Please do not expect to get details of the quantity due immediately after submitting the type. The general public Trustee's Office need to request that information from the loan provider or lender's lawyer. Upon receipt of the figures from the loan provider or lending institution's attorney, the cure amount will be offered to you as asked for. The figures might benefit only a limited time so if you do not treat by the legitimate figure deadline set forth in the statement, you will require to ask for an updated treatment statement through the Public Trustee's Office.

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

The above information is provided only as an informative tool and is not planned to function as legal suggestions.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your obligation to do research 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 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 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 may want to hire 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 site, Foreclosure Search.

On Tuesday, 2 days before sale, we will have published in our office by approximately 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The loan provider's written quote is needed to be offered, in composing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public info and you might search our foreclosure search, sale information, quote, to see the opening quote amount. Bids got from the lenders may be modified at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the amended written quote.

Be encouraged: The loan provider 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 begins Thursday early 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 ought to get here 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 make certain it is precise and understandable.

Those thinking about bidding must personally go to 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 other than yourself or another entity that you do not own or control, you require to have composed authorization, 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 individual or entity at the time the bid is made.

Bidding at the sale proceeds in increments of $5.00 - if the lender has submitted a bid for $150,000.00, for example, you should bid a minimum of $150,005.00 in order to be the effective bidder.

You will likewise be needed to have enough funds with you to bid on the residential or commercial property. Payment of effective bid amounts must be made in the kind of a verifiable bank cashier's check. Checks should be payable just 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 successful bidder after bidding has stopped and funds have been supplied.

Pursuant to laws in impact on January 1, 2008 for cases started 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 finished. A Certificate of Purchase will be issued in the name and address of the effective bidder as revealed on your Bidder Information Form and recorded (within 5 company days) by the Public Trustee's office and maintained in our office records.

As the grantee called 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 simply 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 may redeem 15 to 19 business days after the sale, but no later than midday the last day. If numerous lien holders file an intent to redeem, each additional lien holder will receive a five day redemption period.

If you are gotten in touch with for redemption figures, interest is determined at the rate specified on the note and additional costs are to those permitted by statute. Please be prepared to provide receipts for costs incurred. Redemption figures must be received within 13 service days after the sale. The declaration should specify all amounts needed to redeem consisting of the amount of per diem interest and the interest rate. The statement might be modified up until 2 company days before the start of the next applicable redemption period. Your statement of redemption should adhere to 38-38-302 C.R.S.

. If redemption takes place, the Certificate of Purchase holder is paid the quote quantity, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other allowable costs as defined by Colorado Revised Statutes (receipts need to be supplied) as provided in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed request and payment of the required fees, the Public Trustee's workplace will provide 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 anyone, you should request, in writing, that our office concern your Confirmation Deed, no faster than 15 organization days after the sale. You must pay a $30.00 charge, 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 workplace. 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 lender and to all other lien holders, please contact the Public Trustee's workplace after the sale due to the fact that you might have funds due to you.

The Public Trustee's workplace does not supply legal advice and we do not do any expulsion proceedings. Once the Confirmation Deed is issued 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 PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.