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What is a Foreclosure?

Foreclosure happens when a homeowner is no longer able to make mortgage payments as needed. This permits the lending institution to take the residential or commercial property, eliminating the house owner and selling the home, as specified in the mortgage agreement.

When a foreclosure happens, the following steps occur:

1. Notice of Election and Demand is taped within 10 organization days of getting a packet from the loan provider's attorney.
2. Sale date is set 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 mailed with 45-60 calendar days prior to first scheduled 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 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, must be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and made a list of quote should be received by noon two (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 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 tape-recorded within five (5) organization 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 more recent do not permit 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 sent to the Public Trustee's workplace along with a recommendation of the case and a Certificate of the Current Owner of the debt:

1. Original or certified copy of the taped deed of trust. 2. Original promissory note or bond if initial note has actually been lost. Some certified foreclosing lending institutions might send particular documentation 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 lawyers representing holder. 3. Notice of Election and Demand for Foreclosure. 4. Mailing List, which includes names and addresses of celebrations to get Combined Notice of the sale, rights to treat and rights to redeem. 5. Additional files needed under foreclosure statutes. 6. Payment of needed fees.

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 must be done within 10 company 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 subscriber list or changed mailing list. The mailing list or lists need to 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 out 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 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 essential the Clear Creek County Public Trustee will make a determination immediately upon the opening of the foreclosure. 2. This office will accept as proof:

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

3. Our decision is binding 4. Statements used in identifying agricultural status no longer need to be tape-recorded 5. Cost for figuring out status may be consisted of as a portion of the charges and expenses charged by the attorney 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 cure amount is the quantity necessary to bring a foreclosed loan current. The general public Trustee's foreclosure files just consist of remedy figures when an Intent to Cure has actually been submitted and the figures have been received from the foreclosing lawyer.

The only parties lawfully permitted to submit an Intent to Cure include, however are not restricted to: residential or commercial property owners, individuals accountable, grantor of evidence of financial obligation 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 scheduled Public Trustee sale.

The Intent to Cure Form (PDF) might be submitted by email, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or e-mail to validate that we got the document). There is no cost to submit and does not obligate the filer. Cure funds must be gotten in the Public Trustees workplace by noon on the day before the sale, and should be in the type of cash or proven bank cashier's check.

Please do not anticipate to get of the amount due right away after filing the kind. The Public Trustee's Office need to request that details from the loan provider or lending institution's attorney. Upon invoice of the figures from the lending institution or lender's attorney, the cure amount will be provided to you as requested. The figures might be great for just a limited time so if you do not cure by the valid figure deadline stated in the statement, you will require to ask for an updated remedy declaration through the general public Trustee's Office.

For more information about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.

The above details is offered only as an informative tool and is not intended to act as legal suggestions.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your responsibility to do research 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 first lien - it could 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 evaluations have actually 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 want to employ someone 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 posted in our office by approximately 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 required to be supplied, in composing, 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 may search our foreclosure search, sale information, bid, to see the opening bid quantity. Bids received from the lenders might be modified at the time of sale so long as the lending institution's representative is personally present at sale and re-executes the changed composed quote.

Be encouraged: The lender or its lawyer, or the Public Trustee, might pull or continue a residential or commercial property from the sale list at any time up until the sale starts Thursday morning.

Sign 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 need to come to the workplace about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, etc. This details will be used for the Certificate of Purchase, please be sure it is precise 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 somebody besides yourself or another entity that you do not own or control, you require to have actually written 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 bid is made.

Bidding at the sale continues in increments of $5.00 - if the lender has sent a bid for $150,000.00, for instance, you should bid a minimum of $150,005.00 in order to be the successful bidder.

You will also be required to have enough funds with you to bid on the residential or commercial property. Payment of effective quote amounts should be made in the type of a proven bank cashier's check. Checks must be payable only to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The Public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has ceased and funds have been supplied.

Pursuant to laws in impact on January 1, 2008 for cases started after that date, the effective bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be supplied with an Invoice from the general public Trustee after the sale is completed. A Certificate of Purchase will be provided in the name and address of the successful bidder as revealed on your Bidder Information Form and recorded (within 5 service days) by the Public Trustee's office and retained in our office records.

As the beneficiary named 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 simply proofs your financial investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 service days after the sale to submit an intent to redeem. The most senior lien might redeem 15 to 19 organization days after the sale, but no later than noon the last day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a five day redemption duration.

If you are called for redemption figures, interest is determined at the rate defined on the note and extra expenditures are restricted to those enabled by statute. Please be prepared to supply receipts for expenditures sustained. Redemption figures should be gotten within 13 organization days after the sale. The declaration should define all sums needed to redeem including the amount of per diem interest and the rate of interest. The declaration might be amended up till 2 service days before the start of the next applicable redemption duration. Your statement of redemption must comply with 38-38-302 C.R.S.

. If redemption occurs, 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 permitted expenses as defined by Colorado Revised Statutes (invoices must be provided) as supplied in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed demand and payment of the needed fees, the general public Trustee's office will issue 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 need to request, in composing, that our office problem your Confirmation Deed, no earlier than 15 organization days after the sale. You need to 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 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 total owed to the lender 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 advice and we do not do any eviction proceedings. Once the Confirmation Deed is provided by this workplace and tape-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 PROBLEM 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.