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What is a Foreclosure?

Foreclosure takes place when a property owner is no longer able to make mortgage payments as required. This allows the lending institution to seize the residential or commercial property, getting rid of the property owner and offering the home, as specified in the mortgage contract.

When a foreclosure occurs, the following actions occur:

1. Notice of Election and Demand is recorded within 10 organization days of getting a package from the loan provider's lawyer.
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 initially scheduled sale date.
5. Combined Notice released in regional paper 45-60 calendar days prior to the first scheduled sale date.
6. Notice of Intent to Cure need to be received at least 15 calendar days prior to the first scheduled sale date. A cure, in the kind of a check, need to be paid by twelve noon the day before the sale.
7. The court order authorizing the sale and the signed and made a list of bid should be gotten by noon 2 (2) company 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 conducted 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) organization days.
11. A Notice of Intent to Redeem must be filed by a junior lienholder within 8 (8) business days after the sale. Foreclosures began in 2008 and newer do not enable for owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws reliable 1/1/2010,

In order to start 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 financial obligation:

1. Original or certified copy of the tape-recorded deed of trust. 2. Original promissory note or bond if original note has actually been lost. Some certified foreclosing loan providers might submit specific 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 attorneys 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 cure and rights to redeem. 5. Additional files required under foreclosure statutes. 6. Payment of required fees.

The above files are submitted to the Public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The Public Trustee records the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This must be done within ten service days after receiving the documents from the lending institution's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the mailing list or modified newsletter. The subscriber list or lists should consist of 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 notices are sent 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 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 farming 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 necessary the Clear Creek County Public Trustee will make a determination immediately upon the opening of the foreclosure. 2. This office will accept as evidence:

a. Certified copy of recorded neighborhood 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 4. Statements used in determining farming status no longer require to be tape-recorded 5. Cost for determining status may be consisted of as a portion of the charges and costs charged by the lawyer 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 amount required to bring a foreclosed loan current. The Public Trustee's foreclosure files only contain treatment figures when an Intent to Cure has been submitted and the figures have been gotten from the foreclosing lawyer.

The only celebrations legally permitted to file an Intent to Cure include, but are not limited to: residential or commercial property owners, individuals responsible, grantor of evidence of financial obligation 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 email, 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 file). There is no cost to file and does not obligate the filer. Cure funds need to be gotten in the general public Trustees office by midday on the day before the sale, and need to remain in the type of money or proven bank cashier's check.

Please do not anticipate to get information of the quantity due immediately after filing the kind. The general public Trustee's Office should ask for that details from the loan provider or lending institution's attorney. Upon invoice of the figures from the lender or loan provider's attorney, the cure quantity will be supplied to you as requested. The figures might be great for only a restricted time so if you do not cure by the legitimate figure deadline set forth in the statement, you will need to request an updated remedy declaration through the general public Trustee's Office.

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

The above info is provided only as an educational tool and is not meant to function as legal recommendations.

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 2nd or third 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 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 examine 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 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, two days before sale, we will have published in our office by around 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lender's written bid is required to be provided, in composing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public information and you might search our foreclosure search, sale information, bid, to see the opening bid quantity. Bids received from the lending institutions may be amended at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the modified written quote.

Be advised: The loan provider or its attorney, or the general public Trustee, might pull or continue a residential or commercial property from the sale list at any time up till 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 intend to bid on a residential or commercial property, you should show up at the office 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 readable.

Those thinking about bidding needs to personally participate in 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 aside from yourself or another entity that you do not own or control, you need to have actually written authorization, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gone into on 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 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 bid quantities must be made in the form of a verifiable bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The general public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has stopped and funds have actually been offered.

Pursuant to laws in impact 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 provided with an Invoice from the Public Trustee after the sale is finished. A Certificate of Purchase will be released in the name and address of the successful bidder as revealed on your Bidder Information Form and recorded (within 5 organization days) by the Public Trustee's office and maintained 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 organization days after the sale to submit an intent to redeem. The most senior lien may redeem 15 to 19 organization days after the sale, however no later than twelve noon the last day. If numerous lien holders submit an intent to redeem, each additional lien holder will get a five day redemption period.

If you are contacted for redemption figures, interest is computed at the rate specified on the note and additional expenditures are restricted to those permitted by statute. Please be prepared to supply receipts for expenses incurred. Redemption figures must be received within 13 company days after the sale. The declaration should define all sums needed to redeem including the quantity of per diem interest and the rates of interest. The declaration may be modified up until 2 business days before the start of the next suitable redemption duration. Your statement of redemption should comply with 38-38-302 C.R.S.

. If redemption takes place, 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 allowable expenses as defined by Colorado Revised Statutes (invoices need to be provided) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon written request and payment of the required costs, 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 filed and no redemption is made by anybody, you must ask for, in writing, that our workplace concern your Confirmation Deed, no quicker than 15 service days after the sale. You need to pay a $30.00 fee, plus recording costs, for issuance of the taped Deed. The Confirmation Deed shall 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 acquired for more than the overall owed to the loan provider and to all other lien holders, please contact the Public Trustee's workplace after the sale because you might have funds due to you.

The Public Trustee's workplace does not supply legal recommendations and we do refrain from doing any eviction procedures. Once the Confirmation Deed is issued by this workplace and taped, 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 COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.