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What is a Foreclosure?

Foreclosure occurs when a homeowner is no longer able to make mortgage payments as needed. This enables the lending institution to take the residential or commercial property, getting rid of the house owner and offering the home, as specified in the mortgage contract.

When a foreclosure occurs, the following actions occur:

1. Notice of Election and Demand is taped within 10 organization days of receiving a package from the lender's lawyer.
2. Sale date is set between 110 through 125 calendar days after the NED was recorded (non-ag).
3. Combined Notice is mailed within 20 calendar days after the NED was recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially scheduled 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 need to be received at least 15 calendar days prior to the first scheduled sale date. A treatment, in the type 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 detailed quote must be gotten by noon 2 (2) service 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 tape-recorded within five (5) company days.
11. A Notice of Intent to Redeem must be filed by a junior lienholder within eight (8) organization days after the sale. Foreclosures began 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 start the foreclosure process, the following is submitted to the general public Trustee's office 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 recorded deed of trust. 2. Original promissory note or bond if initial note has actually been lost. Some certified foreclosing lending institutions 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 initial promissory note and Certification of Qualified Holder, signed by attorneys representing holder. 3. Notice of Election and Demand for Foreclosure. 4. Mailing List, which consists of names and addresses of celebrations to get Combined Notice of the sale, rights to cure and rights to redeem. 5. Additional files needed under foreclosure statutes. 6. Payment of required charges.

The above documents are sent to the Public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The general public Trustee tapes the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This need to be done within ten organization days after receiving the documents from the lender's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations noted on the newsletter or amended subscriber list. The subscriber list or lists should consist of all celebrations whose interests appear in an instrument 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 recorded instrument. If there is no address, then by statute it is not necessary 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 farming 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 will make a decision immediately upon the opening of the foreclosure. 2. This workplace will accept as proof:

a. Certified copy of recorded neighborhood plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements should be dated no more than 6 months before the NED was filed

3. Our determination is binding 4. Statements used in determining agricultural status no longer require to be recorded 5. Cost for identifying status might be included as a part of the costs and costs charged by the lawyer Please do not include copies of statutes for mailing. This is covered in the expense of postage and copies.

How to Cure a Foreclosure:

A treatment quantity is the amount essential to bring a foreclosed loan current. The general public Trustee's foreclosure files just contain remedy figures when an Intent to Cure has been filed and the figures have been received from the foreclosing attorney.

The only celebrations legally enabled to submit an Intent to Cure consist of, however are not restricted to: residential or commercial property owners, individuals responsible, grantor of proof 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 scheduled 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 email to confirm that we got the file). There is no cost to file and does not obligate the filer. Cure funds must be received in the Public Trustees workplace by midday on the day before the sale, and must be in the form of money or verifiable bank cashier's check.

Please do not expect to receive info of the amount due instantly after filing the type. The Public Trustee's Office must ask for that information from the lender or lender's attorney. Upon receipt of the figures from the lender or lender's attorney, the remedy quantity will be supplied to you as requested. The figures may benefit only a limited time so if you do not treat by the valid figure deadline stated in the statement, you will need to request an upgraded cure declaration through the general public Trustee's Office.

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

The above information is offered only as an informative tool and is not planned to serve as legal guidance.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your obligation to do research before coming to 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 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 actually been paid or if there are any other liens versus 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 want to hire somebody to do the research for you.

You can acquire 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 office by roughly 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 provided, in composing, to the 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 information, bid, to see the opening quote amount. Bids received from the loan providers may be changed at the time of sale so long as the lending institution's representative is personally present at sale and re-executes the modified composed quote.

Be encouraged: The lending institution 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 starts Thursday morning.

Check in on sale day:

The Clear Creek County Public Trustee holds foreclosure sales on 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 should reach the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This info will be utilized for the Certificate of Purchase, please make certain it is precise and readable.

Those interested in bidding must personally attend the sale. We do not take over-bids by phone, fax or e-mail. If you are appearing at the sale to bid on behalf of someone aside from yourself or another entity that you do not own or control, you require to have written authorization, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered on behalf of that other person or entity at the time the bid is made.

Bidding at the sale continues in increments of $5.00 - if the lending institution has actually sent a quote 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 sufficient funds with you to bid on the residential or commercial property. Payment of successful bid quantities must be made in the kind of a verifiable bank cashier's check. Checks must be payable only to the "Clear Creek County Public Trustee". We can not accept third 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 impact 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 offered with a Receipt from the Public Trustee after the sale is completed. A Certificate of Purchase will be issued in the name and address of the effective bidder as shown on your Bidder Information Form and tape-recorded (within 5 business days) by the Public Trustee's workplace and kept 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 move title to you, it simply evidences 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 may redeem 15 to 19 service 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 receive a 5 day redemption duration.

If you are contacted for redemption figures, interest is determined at the rate defined on the note and additional expenses are restricted to those enabled by statute. Please be prepared to supply receipts for expenses sustained. Redemption figures must be gotten within 13 company days after the sale. The declaration should specify all amounts required to redeem including the quantity of per diem interest and the interest rate. The statement might be amended up till 2 business days before the start of the next applicable redemption duration. Your statement of redemption must abide by 38-38-302 C.R.S.

. If redemption happens, 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 permitted expenses as defined by Colorado Revised Statutes (receipts must be supplied) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon written demand and payment of the needed charges, the general public Trustee's workplace will release 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 anybody, you should ask for, in composing, that our office issue your Confirmation Deed, no sooner than 15 company days after the sale. You should pay a $30.00 charge, plus recording expenses, for issuance of the tape-recorded Deed. The Confirmation Deed shall be released by the Public Trustee and tape-recorded with the Clerk & Recorder's office. 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 overall owed to the lender 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 general public Trustee's office does not offer legal guidance and we do not do any eviction proceedings. Once the Confirmation Deed is issued by this office and recorded, 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 CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.
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