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What is a Foreclosure?

Foreclosure happens when a property owner is no longer able to make mortgage payments as needed. This enables the lending institution to take the residential or commercial property, removing the homeowner and offering the home, as stated in the mortgage contract.

When a foreclosure occurs, the following steps occur:

1. Notice of Election and Demand is tape-recorded within 10 company days of receiving a packet from the loan provider's lawyer.
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 published in local paper 45-60 calendar days prior to the first scheduled sale date.
6. Notice of Intent to Cure must be received a minimum of 15 calendar days prior to the very first scheduled sale date. A remedy, in the kind of a cashier's check, need to be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and itemized bid needs to be received by noon 2 (2) business days prior to sale day.
8. The Pre-sale List is provided 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 five (5) service days.
11. A Notice of Intent to Redeem must be submitted by a junior lienholder within 8 (8) company days after the sale. Foreclosures began in 2008 and newer do not permit 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 submitted to the Public Trustee's office along with 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. 2. Original promissory note or bond if initial note has actually been lost. Some qualified foreclosing lending institutions might send specific paperwork 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 lawyers representing holder. 3. Notice of Election and Demand for Foreclosure. 4. Mailing List, that includes names and addresses of celebrations to get Combined Notice of the sale, rights to treat and rights to redeem. 5. Additional documents needed under foreclosure statutes. 6. Payment of required fees.

The above documents are sent to the general public Trustee by a Colorado-licensed attorney representing the lender 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 company days after receiving the documents from the lending institution's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties noted on the mailing list or amended mailing list. The mailing list or lists need to consist of all celebrations whose interests appear in an instrument taped subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notifications are sent out to the addresses shown on the tape-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 agricultural residential or commercial properties. Clear Creek County requires 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 shall make a decision right away 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 need to be dated no greater than 6 months before the NED was filed

3. Our decision is binding 4. Statements utilized in figuring out farming status no longer require to be taped 5. Cost for figuring out status might be included as a part of the fees 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 cure quantity is the quantity essential to bring a foreclosed loan current. The Public Trustee's foreclosure files just contain treatment figures when an Intent to Cure has been submitted and the figures have been gotten from the foreclosing lawyer.

The only parties lawfully permitted 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 e-mail, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we received the document). There is no cost to file and does not obligate the filer. Cure funds need to be gotten in the Public Trustees workplace by twelve noon on the day before the sale, and should remain in the kind of money or proven bank cashier's check.

Please do not expect to get info of the quantity due right away after submitting the form. The Public Trustee's Office should ask for that details from the lender or lender's lawyer. Upon receipt of the figures from the lending institution or loan provider's attorney, the cure quantity will be provided to you as asked for. The figures might benefit only a restricted time so if you do not cure by the legitimate figure deadline set forth in the declaration, you will require to ask for an updated treatment declaration through the general public Trustee's Office.

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

The above information is provided just as an informational tool and is not planned to serve as legal advice.

How to Bid at a Foreclosure Sale:

Preparing beforehand:

It is your responsibility 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 first lien - it could be a 2nd or 3rd lien. The General Public Trustee does not know 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 know how to inspect 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 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 published in our workplace by approximately 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The loan provider's composed 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 information and you may search our foreclosure search, sale information, bid, to see the opening quote amount. Bids got from the loan providers might be amended at the time of sale so long as the loan provider's agent is personally present at sale and re-executes the modified written bid.

Be encouraged: 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 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 plan to bid on a residential or commercial property, you ought to reach the workplace about 15 to 20 minutes early to finish 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 accurate and understandable.

Those thinking about bidding must personally go to 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 somebody other than yourself or another entity that you do not own or control, you need to have 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 bid is made.

Bidding at the sale proceeds in increments of $5.00 - if the loan provider has submitted a bid for $150,000.00, for instance, you must bid a minimum of $150,005.00 in order to be the successful bidder.

You will also be needed to have sufficient funds with you to bid on the residential or commercial property. Payment of effective bid amounts should be made in the form of a proven bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can decline 3rd celebration checks. The Public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has actually ceased 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 offered with a Receipt from the general 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 tape-recorded (within 5 service days) by the office and maintained in our workplace records.

As the grantee 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 organization days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 service days after the sale, but no later than noon the final day. If multiple lien holders file an intent to redeem, each additional lien holder will get a five day redemption duration.

If you are gotten in touch with for redemption figures, interest is determined at the rate specified on the note and extra costs are restricted to those allowed by statute. Please be prepared to provide receipts for expenditures incurred. Redemption figures should be gotten within 13 business days after the sale. The statement needs to specify all amounts required to redeem including the quantity of daily interest and the rate of interest. The statement might be amended up till 2 company days before the start of the next suitable redemption period. Your declaration of redemption should abide by 38-38-302 C.R.S.

. If redemption occurs, the Certificate of Purchase holder is paid the quote quantity, 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 need to be supplied) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon composed request and payment of the needed fees, the Public Trustee's workplace will provide a Verification Deed to convey title to the last redeeming party.

If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you must request, in composing, that our office issue your Confirmation Deed, no faster than 15 company days after the sale. You must pay a $30.00 cost, plus recording costs, for issuance of the tape-recorded Deed. The Confirmation Deed will be released by the Public Trustee and tape-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 purchased for more than the overall owed to the loan provider and to all other lien holders, please contact the general public Trustee's office after the sale because you may have funds due to you.

The general public Trustee's office does not supply legal advice and we do not do any eviction procedures. Once the Confirmation Deed is released by this office and taped, the 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 COMPLAINT 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.