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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 permits the loan provider to seize the residential or commercial property, getting rid of the homeowner and offering the home, as specified in the mortgage contract.

When a foreclosure occurs, the following actions take place:

1. Notice of Election and Demand is tape-recorded within 10 company days of getting a packet from the lender's attorney.
2. Sale date is set in between 110 through 125 calendar days after the NED was taped (non-ag).
3. Combined Notice is sent by mail within 20 calendar days after the NED was recorded.
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 regional 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 treatment, in the form of a cashier's check, need to be paid by twelve noon the day before the sale.
7. The court order licensing the sale and the signed and itemized bid must be gotten by twelve noon two (2) company 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 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 5 (5) service days.
11. A Notification of Intent to Redeem must be filed 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 efficient 1/1/2010,

In order to start the foreclosure process, the following is submitted to the Public Trustee's workplace along with a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or qualified copy of the taped deed of trust.

1. Original promissory note or bond if initial note has been lost. Some certified foreclosing lenders might 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 original promissory note and Certification of Qualified Holder, signed by attorneys representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, which consists of names and addresses of parties to get Combined Notice of the sale, rights to treat and rights to redeem.
4. Additional documents required under foreclosure statutes.
5. Payment of needed costs.
   
   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 general public Trustee tape-records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This must be done within 10 organization days after getting the files from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations listed on the mailing list or modified subscriber list. The mailing list or lists need to consist of all celebrations whose interests appear in an instrument tape-recorded subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notifications are sent to the addresses revealed on the taped instrument. If there is no address, then by statute it is not necessary 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 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 shall make a decision immediately upon the opening of the foreclosure.
6. This office shall accept as evidence:
   
   a. Certified copy of recorded subdivision plat b. Written statement 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 filed
   
   3. Our determination is binding
7. Statements used in identifying farming 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 attorney 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 quantity is the quantity needed to bring a foreclosed loan current. The Public Trustee's foreclosure files only contain remedy figures when an Intent to Cure has actually been submitted and the figures have actually been gotten from the foreclosing lawyer.
   
   The only celebrations legally enabled to submit an Intent to Cure include, however are not restricted to: residential or commercial property owners, individuals responsible, grantor of evidence of financial obligation and junior lien holders pursuant 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) might be submitted by e-mail, fax, mail or in person at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we received the file). There is no charge to file and does not obligate the filer. Cure funds need to be gotten in the general public Trustees office by midday on the day before the sale, and need to remain in the type of cash or proven bank cashier's check.
   
   Please do not expect to receive details of the amount due immediately after filing the type. The general public Trustee's Office must ask for that information from the lender or loan provider's attorney. Upon invoice of the figures from the lender or lender's lawyer, the cure quantity will be offered to you as asked for. The figures may benefit only a restricted time so if you do not cure by the legitimate figure due date stated in the statement, you will require to request an upgraded remedy declaration 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 details is provided only as an educational tool and is not intended to serve as legal guidance.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing in advance:
   
   It is your obligation to do research study 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 very first lien - it might be a second or 3rd 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 check the "condition of title" or the "chain of title" to the residential or commercial property, you may wish to hire somebody to do the research study for you.
   
   You can get 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 set up to go to sale that week (Thursday). The loan provider's composed bid is required to be supplied, in writing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public information and you may browse our foreclosure search, sale information, quote, to see the opening quote quantity. Bids got from the loan providers might be amended at the time of sale so long as the lending institution's representative is personally present at sale and re-executes the modified written bid.
   
   Be recommended: 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 begins Thursday early 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 should show up at the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This details will be utilized for the Certificate of Purchase, please make sure it is precise and understandable.
   
   Those thinking about bidding should 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 somebody other than yourself or another entity that you do not own or control, you need to have actually composed permission, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gone into on behalf of that other individual or entity at the time the quote is made.
   
   Bidding at the sale proceeds in increments of $5.00 - if the lending institution has actually submitted a bid for $150,000.00, for example, you must bid at least $150,005.00 in order to be the successful 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 need to be made in the form of a verifiable bank cashier's check. Checks need to 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 actually stopped and funds have actually been supplied.
   
   Pursuant to laws in result on January 1, 2008 for cases began after that date, the successful bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be provided with a Receipt from the Public Trustee after the sale is completed. A Certificate of Purchase will be provided in the name and address of the effective bidder as revealed on your Bidder Information Form and recorded (within 5 business days) by the Public Trustee's workplace and maintained in our office 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 company days after the sale to submit an intent to redeem. The most senior lien might redeem 15 to 19 days after the sale, but no later on than twelve noon the final day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a 5 day redemption duration.
   
   If you are gotten in touch with for redemption figures, interest is computed at the rate specified on the note and extra expenditures are limited to those enabled by statute. Please be prepared to supply receipts for costs incurred. Redemption figures should be received within 13 company days after the sale. The declaration must define all amounts required to redeem including the amount of daily interest and the interest rate. The statement might be modified up till 2 service days before the start of the next relevant redemption duration. Your statement of redemption must adhere to 38-38-302 C.R.S.
   
   . If redemption takes place, 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 allowable costs as defined by Colorado Revised Statutes (invoices need to be provided) as provided in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon composed request and payment of the required fees, the general public Trustee's office will provide a Confirmation Deed to communicate title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is submitted and no redemption is made by anyone, you should request, in writing, that our workplace problem your Confirmation Deed, no quicker than 15 organization days after the sale. You should 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 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 acquired for more than the total owed to the loan provider and to all other lien holders, please contact the general public Trustee's workplace after the sale due to the fact that you may have funds due to you.
   
   The Public Trustee's office does not offer legal suggestions and we do refrain from doing any eviction proceedings. Once the Confirmation Deed is provided by this workplace 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 CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.