What is a Foreclosure?

Foreclosure takes place when a house owner is no longer able to make mortgage payments as needed. This enables the lending institution to take the residential or commercial property, getting rid of the homeowner and offering the home, as stipulated in the mortgage agreement.

When a foreclosure happens, the following steps happen:

1. Notice of Election and Demand is taped within 10 organization days of receiving a package from the loan provider'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 sent by mail 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 published in regional paper 45-60 calendar days prior to the first scheduled sale date.

6. Notice of Intent to Cure should be received at least 15 calendar days prior to the first scheduled sale date. A treatment, in the type of a cashier's check, should be paid by noon the day before the sale.

7. The court order licensing the sale and the signed and itemized quote should be received by twelve noon two (2) business 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 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 5 (5) organization days.

11. A Notification of Intent to Redeem should be submitted by a junior lienholder within eight (8) service days after the sale. Foreclosures began in 2008 and more recent do not enable for owner redemptions.


How to Start a Foreclosure in Clear Creek County:

Pursuant to laws effective 1/1/2010,

In order to start the foreclosure process, the following is submitted to the general public Trustee's office in addition to a referral of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or licensed copy of the tape-recorded deed of trust.
2. Original promissory note or bond if original note has actually been lost. Some certified foreclosing lending institutions may send particular documents 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 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 parties to get Combined Notice of the sale, rights to cure and rights to redeem.
5. Additional files required under foreclosure statutes.
6. Payment of needed charges.

The above files are sent to the general public Trustee by a Colorado-licensed attorney representing the lender of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This should be done within ten company days after receiving the files from the lender's lawyer.
A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations listed on the subscriber list or amended newsletter. The newsletter or lists need to consist of all parties 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 to the addresses shown on the taped instrument. If there is no address, then by statute it is not required to send out the notification 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 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 necessary the Clear Creek County Public Trustee will make a determination instantly upon the opening of the foreclosure.
2. This office 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 more than 6 months before the NED was submitted

3. Our determination is binding
4. Statements used in determining agricultural status no longer require to be tape-recorded
5. Cost for figuring out status might be consisted of 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 amount is the amount needed to bring a foreclosed loan current. The Public Trustee's foreclosure files only contain treatment figures when an Intent to Cure has been filed and the figures have actually been gotten from the foreclosing lawyer.

The only parties lawfully permitted to file an Intent to Cure include, however are not restricted to: residential or commercial property owners, individuals responsible, grantor of evidence of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must be submitted at least fifteen days prior to the date of the set up Public Trustee sale.

The Intent to Cure Form (PDF) might be submitted by email, fax, mail or in person at the Office of the Clear Creek County Public Trustee (please call or e-mail to validate that we received the document). There is no cost to file and does not obligate the filer. Cure funds need to be received in the Public Trustees workplace by midday on the day before the sale, and need to be in the type of money or proven bank cashier's check.

Please do not expect to get information of the quantity due instantly after submitting the form. The general public Trustee's Office need to request that details from the loan provider or loan provider's lawyer. Upon receipt of the figures from the lender or loan provider's attorney, the remedy amount will be supplied to you as asked for. The figures might benefit only a restricted time so if you do not treat by the legitimate figure due date set forth in the declaration, you will need to ask for an upgraded remedy declaration through the Public Trustee's Office.

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

The above details is supplied only as an educational tool and is not planned to work as legal suggestions.

How to Bid at a Foreclosure Sale:

Preparing in advance:

It is your obligation to do research study 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 first lien - it might be a 2nd or third lien. The General 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 against 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 may wish to hire 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, two days before sale, we will have posted 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 loan provider's composed quote is needed to be supplied, in composing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public information and you may search our foreclosure search, sale information, quote, to see the opening bid amount. Bids received from the lenders may be modified at the time of sale so long as the lender's representative is personally present at sale and re-executes the modified composed quote.

Be recommended: The lending institution or its lawyer, or the general public Trustee, might pull or continue a residential or commercial property from the sale list at any time up until the sale starts Thursday early 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 must reach the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This details will be used for the Certificate of Purchase, please make sure it is accurate and readable.

Those thinking about bidding must 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 someone besides yourself or another entity that you do not own or control, you require to have composed authorization, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your bid 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 sent a bid for $150,000.00, for instance, you need to bid a minimum of $150,005.00 in order to be the effective bidder.

You will also be required to have adequate funds with you to bid on the residential or commercial property. Payment of effective bid quantities must be made in the kind of a proven bank cashier's check. Checks need to be payable just 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 stopped and funds have been supplied.

Pursuant to laws in effect 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 released in the name and address of the effective bidder as revealed on your Bidder Information Form and tape-recorded (within 5 business days) by the Public Trustee's workplace and maintained in our workplace records.

As the beneficiary called 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 move title to you, it simply evidences your financial investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 company days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 business days after the sale, but no later than noon the final day. If multiple lien holders file an intent to redeem, each extra lien holder will receive a 5 day redemption period.

If you are called for redemption figures, interest is calculated at the rate specified on the note and extra expenses are restricted to those allowed by statute. Please be prepared to provide receipts for expenditures sustained. Redemption figures must be received within 13 organization days after the sale. The declaration must define all amounts needed to redeem consisting of the amount of daily interest and the rate of interest. The statement might be amended up till 2 company 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 quantity, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other allowed costs as specified by Colorado Revised Statutes (receipts need to be supplied) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon written request and payment of the required costs, the Public Trustee's workplace will provide a Verification Deed to communicate title to the last redeeming celebration.

If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you should request, in writing, that our office concern your Confirmation Deed, no quicker than 15 business days after the sale. You must pay a $30.00 cost, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed will be issued by the Public Trustee and 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 loan provider and to all other lien holders, please contact the Public Trustee's office after the sale because you might have funds due to you.

The general public Trustee's workplace does not supply legal advice and we do refrain from doing any eviction procedures. Once the Confirmation Deed is issued by this workplace and tape-recorded, 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 GRIEVANCE 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.