What is a Foreclosure?

Foreclosure takes place when a homeowner is no longer able to make mortgage payments as required. This permits the lending institution to seize the residential or commercial property, getting rid of the homeowner and selling the home, as specified in the mortgage contract.
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When a foreclosure happens, the following actions happen:

1. Notice of Election and Demand is taped within 10 business days of getting a package from the lending institution's lawyer.
2. Sale date is set in 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 taped.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first 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 must be received at least 15 calendar days prior to the very first scheduled sale date. A cure, in the kind of a cashier's check, must be paid by twelve noon the day before the sale.
7. The court order authorizing the sale and the signed and itemized bid must be received by 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 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) company days.
11. A Notification of Intent to Redeem need to be filed by a junior lienholder within eight (8) business days after the sale. Foreclosures began in 2008 and more recent 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 start the foreclosure process, the following is sent to the Public Trustee's workplace together with a recommendation of the case and a Certificate of the Current Owner of the debt:

1. Original or certified copy of the tape-recorded deed of trust.

1. Original promissory note or bond if original note has been lost. Some certified 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 lawyers representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of celebrations 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 charges.
   
   The above files are sent to the Public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This should be done within ten organization days after getting the documents from the lending institution's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties noted on the mailing list or changed subscriber list. The newsletter or lists must 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 notices are sent to the addresses revealed on the tape-recorded instrument. If there is no address, then by statute it is not essential 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 required the Clear Creek County Public Trustee will make a decision immediately upon the opening of the foreclosure.
6. This workplace will accept as evidence:
   
   a. Certified copy of tape-recorded subdivision plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements should 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 require to be taped
8. Cost for figuring out status might be included as a part of the charges 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 treatment amount is the amount needed to bring a foreclosed loan current. The Public Trustee's foreclosure files only contain cure figures when an Intent to Cure has actually been filed and the figures have been gotten from the foreclosing lawyer.
   
   The only parties legally enabled to submit an Intent to Cure consist of, but are not limited to: residential or commercial property owners, persons liable, grantor of proof of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must be filed a minimum of fifteen days prior to the date of the arranged Public Trustee sale.
   
   The Intent to Cure Form (PDF) might be filed by e-mail, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or email to validate that we got the file). There is no fee to submit and does not obligate the filer. Cure funds need to be gotten in the general public Trustees office by twelve noon on the day before the sale, and need to remain in the type of money or proven bank cashier's check.
   
   Please do not expect to receive details of the quantity due instantly after filing the kind. The general public Trustee's Office must ask for that details from the lender or loan provider's lawyer. Upon invoice of the figures from the lender or loan provider's attorney, the cure quantity will be supplied to you as requested. The figures might benefit only a minimal time so if you do not treat by the legitimate figure deadline set forth in the declaration, you will require to request an updated remedy declaration through the Public Trustee's Office.
   
   For more information about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above details is offered just as an informational tool and is not planned to act as legal guidance.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing ahead of time:
   
   It is your duty 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 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 actually been paid or if there are any other liens against the residential or commercial property. If you do not know how to examine 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 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 published in our workplace by approximately 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The loan provider's written bid 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 bids are public info and you may browse our foreclosure search, sale details, bid, to see the opening quote quantity. Bids got from the loan providers may be modified at the time of sale so long as the lender's agent is personally present at sale and re-executes the amended composed bid.
   
   Be advised: 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 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 plan to bid on a residential or commercial property, you should reach the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This information will be utilized for the Certificate of Purchase, please be sure it is accurate and legible.
   
   Those interested in bidding needs to personally attend 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 besides yourself or another entity that you do not own or control, you need 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 person or entity at the time the quote is made.
   
   Bidding at the sale proceeds in increments of $5.00 - if the lender has actually a bid for $150,000.00, for example, you must bid at least $150,005.00 in order to be the effective bidder.
   
   You will likewise be required to have enough funds with you to bid on the residential or commercial property. Payment of successful bid quantities must be made in the type of a verifiable bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can decline third party checks. The general public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has actually ceased and funds have actually been provided.
   
   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 released 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 maintained in our office records.
   
   As the beneficiary 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 move title to you, it merely 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 submit an intent to redeem. The most senior lien may redeem 15 to 19 business days after the sale, but no behind twelve noon the last day. If multiple lien holders submit an intent to redeem, each additional lien holder will receive a 5 day redemption duration.
   
   If you are gotten in touch with for redemption figures, interest is calculated at the rate specified on the note and extra costs are restricted to those allowed by statute. Please be prepared to provide invoices for expenses incurred. Redemption figures need to be received within 13 business days after the sale. The statement should specify all amounts required to redeem including the amount of daily interest and the rates of interest. The declaration might be modified up till 2 service days before the start of the next appropriate redemption duration. Your declaration 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 allowable expenses as specified by Colorado Revised Statutes (receipts should be provided) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon composed demand and payment of the needed fees, the general public Trustee's office will issue a Verification Deed to convey title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you must request, in composing, that our workplace issue your Confirmation Deed, no sooner than 15 business days after the sale. You must pay a $30.00 charge, plus recording expenses, for issuance of the recorded Deed. The Confirmation Deed will be released 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 loan provider and to all other lien holders, please contact the Public Trustee's workplace after the sale because you may have funds due to you.
   
   The Public Trustee's office does not provide legal advice and we do refrain from doing any expulsion procedures. Once the Confirmation Deed is released by this workplace and taped, the general 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 GRIEVANCE 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.