What is a Foreclosure?
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Foreclosure happens when a homeowner is no longer able to make mortgage payments as required. This allows the loan provider to take the residential or commercial property, getting rid of the property owner and selling the home, as specified in the mortgage contract.
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When a foreclosure occurs, the following actions take place:

1. Notice of Election and Demand is taped within 10 organization days of receiving a package from the loan provider's attorney.
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 recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first arranged 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 should be received at least 15 calendar days prior to the very first scheduled sale date. A treatment, in the kind of a cashier's check, should be paid by noon the day before the sale.
7. The court order authorizing the sale and the signed and itemized bid needs to be received by twelve noon 2 (2) business 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 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 Notice of Intent to Redeem should be filed by a junior lienholder within 8 (8) company 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 efficient 1/1/2010,

In order to start the foreclosure procedure, the following is sent to the general public Trustee's workplace in addition to 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 original note has actually been lost. Some qualified foreclosing loan providers may submit particular documentation 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 attorneys representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of celebrations to get Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional documents required under foreclosure statutes.
5. Payment of needed fees.
   
   The above files are sent to the 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 begins the foreclosure procedures. This need to be done within 10 company days after getting the documents from the lender's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations listed on the subscriber list or amended mailing list. The newsletter or lists need to include all parties 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 shown on the taped instrument. If there is no address, then by statute it is not required to send out the notice 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 an initial 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 right away upon the opening of the foreclosure.
6. This workplace shall accept as proof:
   
   a. Certified copy of tape-recorded 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 used in identifying farming status no longer need to be taped
8. Cost for identifying status may 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 expense of postage and copies.
   
   How to Cure a Foreclosure:
   
   A remedy quantity is the quantity needed to bring a foreclosed loan current. The Public Trustee's foreclosure files only consist of cure figures when an Intent to Cure has been submitted and the figures have been gotten from the foreclosing lawyer.
   
   The only celebrations legally allowed to submit an Intent to Cure include, however are not restricted 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 a minimum of fifteen days prior to the date of the scheduled Public Trustee sale.
   
   The Intent to Cure Form (PDF) might be submitted 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 file). There is no charge to submit and does not obligate the filer. Cure funds should be gotten in the general public Trustees workplace by noon on the day before the sale, and must remain in the kind of cash or verifiable bank check.
   
   Please do not expect to get details of the amount due right away after submitting the kind. The Public Trustee's Office must request that info from the lender or lending institution's lawyer. Upon receipt of the figures from the lender or lending institution's lawyer, the cure amount will be offered to you as requested. The figures may be great for just a restricted time so if you do not treat by the valid figure deadline set forth in the declaration, you will require to ask for an updated cure declaration through the general public Trustee's Office.
   
   To learn more about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is offered just as an educational tool and is not intended to act as legal advice.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing in advance:
   
   It is your duty 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 could be a second or third lien. The Public Trustee does not know the condition of the residential or commercial property, or if the residential or commercial property taxes or evaluations have actually been paid or if there are any other liens against the residential or commercial property. If you do not understand how to examine the "condition of title" or the "chain of title" to the residential or commercial property, you might wish to hire someone to do the research study 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, two days before sale, we will have published in our workplace by around 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The loan provider's written bid is needed to be supplied, in composing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public details and you might browse our foreclosure search, sale info, quote, to see the opening bid quantity. Bids got from the loan providers might be modified at the time of sale so long as the lender's representative is personally present at sale and re-executes the modified composed bid.
   
   Be encouraged: The lending institution 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 begins Thursday early morning.
   
   Check in on sale day:
   
   The Clear Creek County Public Trustee holds foreclosure sales on Thursday's without delay 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 need to come to 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 used for the Certificate of Purchase, please make sure it is accurate and legible.
   
   Those interested in bidding needs to 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 written permission, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gotten in 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 lender has sent a bid for $150,000.00, for example, you must bid a minimum of $150,005.00 in order to be the successful bidder.
   
   You will likewise be required to have sufficient funds with you to bid on the residential or commercial property. Payment of successful bid quantities should be made in the kind of a proven bank cashier's check. Checks should be payable only to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The Public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has actually stopped and funds have been offered.
   
   Pursuant to laws in effect 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 offered with a Receipt 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 tape-recorded (within 5 organization days) by the Public Trustee's workplace and retained in our workplace 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 transfer title to you, it merely proofs your investment made at the time of sale.
   
   The Redemption Process:
   
   A junior lien holder has 8 service days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 business days after the sale, however no later than noon the final day. If numerous lien holders file an intent to redeem, each additional lien holder will get a 5 day redemption period.
   
   If you are gotten in touch with for redemption figures, interest is calculated at the rate specified on the note and extra costs are limited to those permitted by statute. Please be prepared to supply receipts for expenses sustained. Redemption figures should be gotten within 13 service days after the sale. The declaration must specify all sums required to redeem consisting of the quantity of per diem interest and the interest rate. The statement may be changed up till 2 service days before the start of the next applicable redemption period. Your statement of redemption should abide by 38-38-302 C.R.S.
   
   . If redemption takes place, the Certificate of Purchase holder is paid the quote amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowable expenses as defined by Colorado Revised Statutes (receipts must be provided) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon written demand and payment of the needed costs, the Public Trustee's workplace will provide a Verification Deed to communicate title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you must request, in composing, that our office concern your Confirmation Deed, no faster than 15 service days after the sale. You must pay a $30.00 cost, plus recording costs, for issuance of the taped Deed. The Confirmation Deed will be released by the Public Trustee and tape-recorded with the Clerk & Recorder's office. If you are the beneficiary 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 overall owed to the lender and to all other lien holders, please contact the Public Trustee's office after the sale since you may have funds due to you.
   
   The Public Trustee's workplace does not provide legal recommendations and we do not do any expulsion procedures. Once the Confirmation Deed is provided by this workplace and recorded, the 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 COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.