What is a Foreclosure?

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

When a foreclosure happens, the following actions occur:

1. Notice of Election and Demand is tape-recorded within 10 organization days of receiving a packet from the lending institution's attorney.
2. Sale date is set 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 initially set up sale date.
5. Combined Notice published in regional paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure should be gotten a minimum of 15 calendar days prior to the very first scheduled sale date. A remedy, in the kind of a cashier's check, should be paid by twelve noon the day before the sale.
7. The court order authorizing the sale and the signed and itemized quote should be gotten by midday two (2) organization 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 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 Notification of Intent to Redeem need to be filed by a junior lienholder within eight (8) business days after the sale. Foreclosures began in 2008 and more recent do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws efficient 1/1/2010,

In order to begin the foreclosure process, 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 debt:

1. Original or certified copy of the recorded deed of trust.

1. Original promissory note or bond if initial note has actually been lost. Some qualified foreclosing lenders might submit certain 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 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 receive Combined Notice of the sale, rights to treat and rights to redeem.
4. Additional files needed under foreclosure statutes.
5. Payment of required costs.
   
   The above documents are submitted to the Public Trustee by a Colorado-licensed lawyer 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 proceedings. This need to be done within ten organization days after receiving the documents from the lender's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties noted on the newsletter or amended subscriber list. The newsletter 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 notifications are sent to the addresses shown on the tape-recorded 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 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 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 will make a decision immediately upon the opening of the foreclosure.
6. This office shall accept as evidence:
   
   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 more than 6 months before the NED was submitted
   
   3. Our decision is binding
7. Statements used in identifying agricultural status no longer require to be recorded
8. Cost for identifying status may be included as a portion of the charges and costs 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 remedy amount is the amount essential to bring a foreclosed loan current. The Public Trustee's foreclosure files only contain treatment 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 file an Intent to Cure consist of, however are not restricted to: residential or commercial property owners, persons liable, grantor of proof of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure need to be submitted 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 in individual at the Office of the Clear Creek County Public Trustee (please call or e-mail to verify that we received the file). There is no cost to file and does not obligate the filer. Cure funds should be received in the Public Trustees office by midday on the day before the sale, and should be in the form of cash or proven bank cashier's check.
   
   Please do not anticipate to receive details of the quantity due immediately after submitting the kind. The general public Trustee's Office need to ask for that information from the loan provider or lending institution's lawyer. Upon receipt of the figures from the lender or lending institution's attorney, the treatment amount will be provided to you as asked for. The figures might benefit only a limited time so if you do not treat by the legitimate figure deadline stated in the declaration, you will need to request an updated treatment 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 supplied just as an educational tool and is not planned to function as legal recommendations.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing in advance:
   
   It is your responsibility to do research 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 could be a 2nd 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 assessments 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 want to work with someone 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 site, Foreclosure Search.
   
   On Tuesday, 2 days before sale, we will have published in our workplace by roughly 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lender's composed bid is needed to be offered, in writing, to the general public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public information and you might search our foreclosure search, sale information, bid, to see the opening bid quantity. Bids got from the lending institutions may be modified at the time of sale so long as the loan provider's agent is personally present at sale and re-executes the amended composed bid.
   
   Be advised: The lending institution or its lawyer, 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 morning.
   
   Sign 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 need to arrive at the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This info will be used for the Certificate of Purchase, please make sure it is precise and legible.
   
   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 someone aside from yourself or another entity that you do not own or control, you need to have written permission, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered on behalf of that other individual or entity at the time the quote is made.
   
   Bidding at the sale proceeds in increments of $5.00 - if the lender has sent 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 likewise be needed to have adequate funds with you to bid on the residential or commercial property. Payment of successful bid quantities should be made in the type 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 sell the residential or commercial property to the successful bidder after bidding has ceased and funds have been provided.
   
   Pursuant to laws in effect on January 1, 2008 for cases began 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 general public Trustee after the sale is finished. A Certificate of Purchase will be released in the name and address of the effective bidder as shown on your Bidder Information Form and tape-recorded (within 5 company days) by the Public Trustee's workplace and kept 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 merely evidences your financial 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, however no later on than noon the last day. If numerous lien holders file an intent to redeem, each additional lien holder will receive 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 expenses are limited to those permitted by statute. Please be prepared to provide receipts for costs sustained. Redemption figures need to be gotten within 13 organization days after the sale. The declaration needs to define all sums required to redeem including the amount of per diem interest and the rates of interest. The declaration may be amended up till 2 business days before the start of the next relevant redemption period. Your declaration of redemption must comply with 38-38-302 C.R.S.
   
   . If redemption happens, 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 allowed costs as defined by Colorado Revised Statutes (receipts must be provided) as provided in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon written request and payment of the needed fees, the general public Trustee's office will release a Verification Deed to convey title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you should request, in writing, that our office concern your Confirmation Deed, no sooner than 15 service days after the sale. You need to pay a $30.00 cost, plus recording expenses, for issuance of the recorded Deed. The Confirmation Deed will be provided 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 total owed to the loan provider and to all other lien holders, please contact the general public Trustee's workplace after the sale since you may have funds due to you.
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   The general public Trustee's workplace does not offer legal guidance and we do not do any eviction proceedings. Once the Confirmation Deed is issued by this office and taped, the general 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 GRIEVANCE WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.
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