What is a Foreclosure?

Foreclosure takes place when a homeowner is no longer able to make mortgage payments as needed. This allows the lender to seize the residential or commercial property, eliminating the homeowner and selling the home, as stipulated in the mortgage contract.

When a foreclosure takes location, the following steps take place:

1. Notice of Election and Demand is tape-recorded within 10 business days of getting a package from the lender's attorney.
2. Sale date is set in between 110 through 125 calendar days after the NED was taped (non-ag).
3. Combined Notice is mailed within 20 calendar days after the NED was recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to initially arranged sale date.
5. Combined Notice released in regional paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure need to be received a minimum of 15 calendar days prior to the first scheduled sale date. A remedy, in the kind 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 bid should be received by twelve 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) service days.
11. A Notice of Intent to Redeem should be filed by a junior lienholder within 8 (8) organization days after the sale. Foreclosures started in 2008 and more recent do not permit for owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws efficient 1/1/2010,

In order to begin the foreclosure procedure, 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 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 lending institutions may send certain documentation 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.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, which includes names and addresses of parties 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 general public Trustee by a Colorado-licensed attorney representing the loan provider of the loan in default. The general public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This need to be done within ten organization days after getting the documents from the lending institution's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations noted on the newsletter or changed newsletter. The newsletter or lists must include all parties whose interests appear in an instrument tape-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 recorded instrument. If there is no address, then by statute it is not essential 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 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 required the Clear Creek County Public Trustee will make a decision right away upon the opening of the foreclosure.
6. This workplace will accept as proof:
   
   a. Certified copy of taped subdivision plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements need to be dated no more than 6 months before the NED was filed
   
   3. Our decision is binding
7. Statements used in identifying farming status no longer require to be taped
8. Cost for figuring out status might 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 expense of postage and copies.
   
   How to Cure a Foreclosure:
   
   A treatment quantity is the quantity essential to bring a foreclosed loan current. The general public Trustee's foreclosure files just include cure figures when an Intent to Cure has been filed and the figures have actually been gotten from the foreclosing attorney.
   
   The only parties legally enabled to file an Intent to Cure include, but are not limited to: residential or commercial property owners, individuals 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 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 e-mail, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or email to validate that we got the document). There is no fee to file and does not obligate the filer. Cure funds should be received in the Public Trustees workplace by noon on the day before the sale, and should be in the type of cash or verifiable bank cashier's check.
   
   Please do not expect to get details of the quantity due immediately after filing the type. The general public Trustee's Office should ask for that details from the lending institution or loan provider's attorney. Upon invoice of the figures from the loan provider or lender's lawyer, the remedy quantity will be offered to you as requested. The figures may be excellent for only a minimal time so if you do not cure by the legitimate figure due date set forth in the statement, you will need to ask for an upgraded treatment statement through the general public Trustee's Office.
   
   For more information about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above details is provided just as an informational tool and is not intended to function as legal suggestions.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing beforehand:
   
   It is your duty to do research study 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 3rd lien. The 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 against 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 may 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, 2 days before sale, we will have posted in our workplace by roughly 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lending institution's composed quote is required to be supplied, in composing, 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 details, quote, to see the opening bid amount. Bids got from the loan providers might be modified at the time of sale so long as the lending institution's agent is personally present at sale and re-executes the modified 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 & 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 must show up at the workplace about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This details will be utilized for the Certificate of Purchase, please be sure it is precise and clear.
   
   Those thinking about bidding needs to personally attend 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 require to have actually composed permission, a letter of firm 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 quote is made.
   
   Bidding at the sale continues in increments of $5.00 - if the loan provider has submitted a quote 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 needed to have adequate funds with you to bid on the residential or commercial property. Payment of effective quote quantities must be made in the form of a verifiable bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can decline 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 provided.
   
   Pursuant to laws in effect on January 1, 2008 for cases started after that date, the successful bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be provided with an Invoice from the general public Trustee after the sale is finished. A Certificate of Purchase will be provided in the name and address of the successful bidder as shown on your Bidder Information Form and taped (within 5 business 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 immediate right of access to the residential or commercial property. A Certificate of Purchase does not transfer title to you, it simply evidences your 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 organization days after the sale, however no later than midday the last day. If multiple lien holders submit an intent to redeem, each extra lien holder will get a five day redemption duration.
   
   If you are called for redemption figures, interest is computed at the rate specified on the note and extra expenses are limited to those permitted by statute. Please be prepared to supply receipts for expenditures incurred. Redemption figures must be received within 13 business days after the sale. The statement should define all amounts needed to redeem including the quantity of per diem interest and the interest rate. The declaration may be changed up till 2 business days before the start of the next applicable redemption duration. Your declaration of redemption should adhere to 38-38-302 C.R.S.
   
   . If redemption takes place, the Certificate of Purchase holder is paid the bid 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 need to be provided) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon written request and payment of the required charges, the general public Trustee's workplace will release a Verification 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 must ask for, in writing, that our office concern your Confirmation Deed, no earlier than 15 organization days after the sale. You must pay a $30.00 charge, plus recording costs, for issuance of the 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 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 acquired for more than the overall owed to the lending institution and to all other lien holders, please contact the Public Trustee's office after the sale since you may have funds due to you.
   
   The general public Trustee's workplace does not provide legal suggestions and we do not do any eviction procedures. Once the Confirmation Deed is released by this workplace and tape-recorded, 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 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.