What is a Foreclosure?

Foreclosure takes place when a property owner is no longer able to make mortgage payments as required. This allows 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 takes location, the following actions take place:

1. Notice of Election and Demand is taped within 10 company days of getting a packet from the lender's attorney.
2. Sale date is set 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 tape-recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first set up 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 must be received at least 15 calendar days prior to the first scheduled sale date. A cure, in the kind of a cashier's check, need to be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and itemized bid must be received by midday 2 (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 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 taped within five (5) organization days.
11. A Notice of Intent to Redeem should be submitted by a junior lienholder within eight (8) business days after the sale. Foreclosures started in 2008 and more recent do not enable 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 sent to the 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 qualified copy of the recorded deed of trust.

1. Original promissory note or bond if initial note has actually been lost. Some certified foreclosing loan providers might submit particular paperwork 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, that includes names and addresses of celebrations to get Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional files needed under foreclosure statutes.
5. Payment of required charges.
   
   The above files are sent to the general public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The Public Trustee tape-records the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This need to be done within ten service days after receiving 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 mailing list or modified newsletter. The subscriber list or lists should include all celebrations 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 revealed 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 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 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 instantly upon the opening of the foreclosure.
6. This workplace shall accept as proof:
   
   a. Certified copy of tape-recorded neighborhood plat b. Written declaration from city or town clerk c. Written statement from county assessor d. Statements must be dated no more than 6 months before the NED was filed
   
   3. Our decision is binding
7. Statements used in determining agricultural status no longer to be taped
8. Cost for identifying status may be included as a portion of the charges and expenses charged by the lawyer Please do not consist of copies of statutes for mailing. This is covered in the expense of postage and copies.
   
   How to Cure a Foreclosure:
   
   A cure amount is the amount needed to bring a foreclosed loan current. The general public Trustee's foreclosure files only contain treatment figures when an Intent to Cure has actually been filed and the figures have been gotten from the foreclosing attorney.
   
   The only parties lawfully allowed to file an Intent to Cure include, however are not limited to: residential or commercial property owners, individuals responsible, grantor of proof 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 set up 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 e-mail to confirm that we received the document). There is no fee to file and does not obligate the filer. Cure funds should be gotten in the Public Trustees office by twelve noon on the day before the sale, and need to be in the kind of money or verifiable bank cashier's check.
   
   Please do not expect to receive info of the quantity due instantly after submitting the type. The general public Trustee's Office need to ask for that information from the loan provider or lending institution's attorney. Upon receipt of the figures from the lender or lender's lawyer, the remedy amount will be provided to you as requested. The figures may be great for only a limited time so if you do not treat by the legitimate figure deadline set forth in the statement, you will need to request an updated treatment statement through the 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 informational tool and is not intended to act as legal recommendations.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing in advance:
   
   It is your duty to do research before pertaining 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 second 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 inspect the "condition of title" or the "chain of title" to the residential or commercial property, you might want to employ somebody 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 office by around 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lending institution's composed quote is needed to be provided, in writing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public info and you might search our foreclosure search, sale information, bid, to see the opening quote amount. Bids received from the lending institutions may be amended at the time of sale so long as the lender's representative is personally present at sale and re-executes the amended composed quote.
   
   Be advised: The lending institution or its attorney, or the Public Trustee, might 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 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 ought to come to the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This details will be utilized for the Certificate of Purchase, please make sure it is precise and understandable.
   
   Those thinking about bidding needs to personally go to 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 somebody besides yourself or another entity that you do not own or control, you require to have actually written authorization, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gotten in on behalf of that other individual or entity at the time the bid is made.
   
   Bidding at the sale continues in increments of $5.00 - if the lending institution has actually submitted a quote for $150,000.00, for example, you should bid a minimum of $150,005.00 in order to be the effective bidder.
   
   You will likewise be required to have adequate funds with you to bid on the residential or commercial property. Payment of successful bid amounts must be made in the type of a verifiable bank cashier's check. Checks need to be payable just to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The Public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has ceased and funds have been offered.
   
   Pursuant to laws in impact 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 supplied with a Receipt from the general public Trustee after the sale is completed. A Certificate of Purchase will be provided in the name and address of the effective bidder as shown on your Bidder Information Form and recorded (within 5 service days) by the Public Trustee's office and retained in our office 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 transfer 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 submit an intent to redeem. The most senior lien might redeem 15 to 19 organization days after the sale, however no later than midday the last day. If numerous lien holders file an intent to redeem, each additional lien holder will receive a 5 day redemption period.
   
   If you are called for redemption figures, interest is computed at the rate defined on the note and additional costs are restricted to those allowed by statute. Please be prepared to provide receipts for expenses incurred. Redemption figures need to be gotten within 13 service days after the sale. The declaration needs to define all sums required to redeem including the quantity of daily interest and the rates of interest. The statement may be modified up until 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 defined in the Deed of Trust and Note being foreclosed, and any other allowed expenses as defined by Colorado Revised Statutes (receipts need to be provided) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed demand and payment of the required charges, the general public Trustee's workplace will issue a Verification Deed to convey title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is submitted and no redemption is made by anyone, you should ask for, in writing, that our workplace concern your Confirmation Deed, no earlier than 15 company days after the sale. You should pay a $30.00 cost, plus recording costs, for issuance of the tape-recorded Deed. The Confirmation Deed shall be issued 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 purchased 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 due to the fact that you might have funds due to you.
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   The Public Trustee's office does not supply legal suggestions and we do refrain from doing any eviction procedures. Once the Confirmation Deed is provided by this office 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 PROBLEM WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.