What is a Foreclosure?

What is a Foreclosure?

Foreclosure happens when a property owner is no longer able to make mortgage payments as required. This enables the lending institution to take the residential or commercial property, getting rid of the homeowner and selling the home, as stipulated in the mortgage contract.

When a foreclosure occurs, the following actions take place:

1. Notice of Election and Demand is recorded within 10 service days of receiving a packet from the loan provider's attorney.
2. Sale date is set in 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 arranged sale date.
5. Combined Notice released in regional paper 45-60 calendar days prior to the first scheduled sale date.
6. Notice of Intent to Cure should be gotten at least 15 calendar days prior to the first scheduled sale date. A remedy, in the form of a cashier's check, need to be paid by midday the day before the sale.
7. The court order authorizing the sale and the signed and made a list of quote must be received 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 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 taped within 5 (5) service days.
11. A Notification of Intent to Redeem must be filed by a junior lienholder within eight (8) service days after the sale. Foreclosures started in 2008 and newer 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 begin the foreclosure procedure, the following is submitted to the 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 certified copy of the taped deed of trust.

Original promissory note or bond if initial note has been lost. Some certified foreclosing loan providers might submit certain 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.
Notice of Election and Demand for Foreclosure.
Mailing List, that includes names and addresses of celebrations to receive Combined Notice of the sale, rights to cure and rights to redeem.
Additional documents needed under foreclosure statutes.
Payment of required costs.

The above documents are sent to the 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 need to be done within ten service days after getting the documents from the lending institution's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the newsletter or modified mailing list. The newsletter or lists need to include 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 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 general 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 an initial 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 shall make a determination immediately upon the opening of the foreclosure.
This office shall accept as proof:

a. Certified copy of recorded subdivision plat b. Written declaration from city or town clerk c. Written statement from county assessor d. Statements need to be dated no greater than 6 months before the NED was filed

3. Our decision is binding
Statements utilized in determining farming status no longer need to be taped
Cost for determining status may be consisted of as a part of the fees and costs charged by the lawyer Please do not include copies of statutes for mailing. This is covered in the cost of postage and copies.

How to Cure a Foreclosure:

A remedy quantity is the amount required 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 received from the foreclosing lawyer.

The only celebrations legally allowed to submit an Intent to Cure include, however are not limited to: residential or commercial property owners, individuals liable, grantor of evidence of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should be filed a minimum of fifteen days prior to the date of the set up Public Trustee sale.

The Intent to Cure Form (PDF) might be filed by email, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or e-mail to verify that we got the file). There is no fee to file and does not obligate the filer. Cure funds should be gotten in the general public Trustees office by twelve noon on the day before the sale, and should be in the type of money or verifiable bank cashier's check.

Please do not expect to get details of the amount due immediately after submitting the kind. The general public Trustee's Office must request that information from the loan provider or lender's lawyer. Upon receipt of the figures from the lending institution or loan provider's lawyer, the treatment quantity will be supplied to you as asked for. The figures may benefit just a limited time so if you do not cure by the legitimate figure deadline set forth in the statement, you will require to ask for an upgraded treatment statement through the general public Trustee's Office.
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To read more about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.

The above info is offered just as an informative tool and is not meant to work as legal advice.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your responsibility 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 first lien - it might 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 evaluations 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 might wish to work with 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 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 loan provider's written 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 quotes are public details and you might search our foreclosure search, sale information, quote, to see the opening quote amount. Bids got from the lenders might be changed at the time of sale so long as the lender's agent is personally present at sale and re-executes the changed composed bid.

Be recommended: The loan provider or its attorney, or the general public Trustee, may pull or continue a residential or commercial property from the sale list at any time up till the sale begins Thursday 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 need to arrive at the office about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This details will be utilized for the Certificate of Purchase, please make sure it is accurate and understandable.

Those interested in bidding must personally participate in 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 aside from yourself or another entity that you do not own or control, you need to have actually written authorization, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered upon 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 lending institution has submitted a quote for $150,000.00, for instance, you must bid at least $150,005.00 in order to be the effective bidder.

You will also be required to have sufficient funds with you to bid on the residential or commercial property. Payment of successful bid quantities need to be made in the form of a proven bank cashier's check. Checks need to be payable just to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The Public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has stopped and funds have actually been provided.

Pursuant to laws in impact on January 1, 2008 for cases began after that date, the effective bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be provided with a Receipt from the Public Trustee after the sale is finished. A Certificate of Purchase will be provided in the name and address of the effective bidder as shown on your Bidder Information Form and taped (within 5 company days) by the Public Trustee's workplace and kept in our workplace records.

As the beneficiary named 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 simply 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 might redeem 15 to 19 service days after the sale, but no behind midday the last day. If numerous lien holders submit an intent to redeem, each additional lien holder will get a five day redemption period.

If you are gotten in touch with for redemption figures, interest is determined at the rate defined on the note and additional expenditures are limited to those allowed by statute. Please be prepared to provide invoices for expenses incurred. Redemption figures must be received within 13 business days after the sale. The statement should specify all sums needed to redeem consisting of the quantity of per diem interest and the rates of interest. The statement may be amended up till 2 company days before the start of the next appropriate redemption period. Your statement of redemption need to comply with 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 allowed expenses as specified by Colorado Revised Statutes (receipts need to be provided) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon written demand and payment of the required costs, the Public Trustee's office 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 anyone, you need to request, in writing, that our office problem your Confirmation Deed, no sooner than 15 days after the sale. You need to pay a $30.00 charge, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed will be provided 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 bought for more than the overall owed to the lending institution 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.
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The Public Trustee's workplace does not offer legal guidance and we do not do any expulsion procedures. Once the Confirmation Deed is issued by this workplace and tape-recorded, the general 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 PROBLEM WITH THE COLORADO ATTORNEY GENERAL OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.