What is a Foreclosure?

Foreclosure happens when a homeowner is no longer able to make mortgage payments as required. This allows the lending institution to take the residential or commercial property, removing the homeowner and offering the home, as stated in the mortgage contract.
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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 lender's attorney.
2. Sale date is set 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 mailed 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 should be gotten a minimum of 15 calendar days prior to the very first scheduled sale date. A cure, in the kind of a cashier's check, need to be paid by twelve noon the day before the sale.
7. The court order authorizing the sale and the signed and itemized quote must be gotten by midday two (2) service days prior to sale day.
8. The Pre-sale List is made readily available 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 Notice of Intent to Redeem should be filed by a junior lienholder within 8 (8) organization 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 reliable 1/1/2010,

In order to begin the foreclosure procedure, the following is submitted to the general public Trustee's office along with a referral of the case and a Certificate of the Current Owner of the debt:

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

1. Original promissory note or bond if original note has actually been lost. Some certified foreclosing lenders might submit particular 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 original promissory note and Certification of Qualified Holder, signed by attorneys representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, which includes names and addresses of parties to get Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional documents required under foreclosure statutes.
5. Payment of needed charges.
   
   The above files are submitted to the Public Trustee by a Colorado-licensed attorney representing the loan provider of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and begins the foreclosure procedures. This must be done within ten service days after getting the files from the loan provider's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties noted on the newsletter or changed newsletter. The subscriber list or lists must consist of all parties 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 shown on the recorded instrument. If there is no address, then by statute it is not required to send 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 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 shall make a decision instantly upon the opening of the foreclosure.
6. This workplace will accept as proof:
   
   a. Certified copy of taped neighborhood plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements must be dated no greater than 6 months before the NED was filed
   
   3. Our decision is binding
7. Statements used in figuring out agricultural status no longer need to be tape-recorded
8. Cost for determining status may be consisted of as a part of the fees and costs 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 amount is the quantity necessary to bring a foreclosed loan current. The general public Trustee's foreclosure files just contain cure figures when an Intent to Cure has been filed and the figures have actually been received from the foreclosing attorney.
   
   The only celebrations lawfully allowed to file an Intent to Cure include, however are not restricted to: residential or commercial property owners, persons responsible, grantor of proof of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must 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 filed by e-mail, 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 cost to file and does not obligate the filer. Cure funds should be received in the Public Trustees workplace by twelve noon on the day before the sale, and should remain in the form of cash or proven bank cashier's check.
   
   Please do not anticipate to get info of the quantity due right away after filing the kind. The Public Trustee's Office should request that details from the lender or lender's lawyer. Upon invoice of the figures from the lending institution or lender's attorney, the treatment amount will be offered to you as asked for. The figures may be good for just a minimal time so if you do not cure by the legitimate figure due date stated in the statement, you will need to request an upgraded treatment declaration through the Public Trustee's Office.
   
   To discover more about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above information is provided only as an informative tool and is not planned to function as legal recommendations.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing ahead of time:
   
   It is your responsibility to do research before pertaining 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 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 assessments 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 hire 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 website, 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 quote is needed to be offered, in composing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public information and you might search our foreclosure search, sale info, bid, to see the opening bid quantity. Bids got from the loan providers may be amended at the time of sale so long as the lender's agent is personally present at sale and re-executes the modified composed quote.
   
   Be recommended: The lender 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 early 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 mean to bid on a residential or commercial property, you must reach the office about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, etc. This details will be utilized for the Certificate of Purchase, please make certain it is accurate and legible.
   
   Those interested in bidding needs to 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 besides yourself or another entity that you do not own or control, you need to have actually written permission, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gone into 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 lending institution has submitted a quote for $150,000.00, for example, you need to bid a minimum of $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 quote amounts should be made in the type of a proven bank cashier's check. Checks need to be payable only to the "Clear Creek County Public Trustee". We can not accept 3rd celebration checks. The Public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually stopped and funds have been offered.
   
   Pursuant to laws in result 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 offered with an Invoice from the general public Trustee after the sale is completed. A Certificate of Purchase will be issued in the name and address of the effective bidder as revealed on your Bidder Information Form and recorded (within 5 organization days) by the Public Trustee's office and kept 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 business days after the sale to submit an intent to redeem. The most senior lien may redeem 15 to 19 business days after the sale, however no behind midday the last day. If several lien holders submit 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 calculated at the rate defined on the note and additional expenditures are restricted to those enabled by statute. Please be prepared to supply invoices for expenditures sustained. Redemption figures must be received within 13 organization days after the sale. The statement needs to define all amounts required to redeem including the amount of per diem interest and the rate of interest. The declaration may be changed up till 2 service days before the start of the next relevant redemption period. Your declaration of redemption must adhere to 38-38-302 C.R.S.
   
   . If redemption occurs, 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 specified by Colorado Revised Statutes (receipts should be supplied) as in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed request and payment of the needed fees, the general public Trustee's office will release a Confirmation Deed to convey title to the last redeeming party.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you must ask for, in composing, that our office issue your Confirmation Deed, no sooner than 15 company days after the sale. You must pay a $30.00 fee, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed shall be provided by the Public Trustee and taped 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 bought for more than the overall owed to the loan provider 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 suggestions and we do refrain from doing any eviction procedures. Once the Confirmation Deed is provided by this office and taped, the 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 COMPLAINT WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.