What is a Foreclosure?

Foreclosure occurs when a house owner is no longer able to make mortgage payments as required. This permits the loan provider to seize the residential or commercial property, removing the house owner and offering the home, as stated in the mortgage agreement.
nickprofeta.com
When a foreclosure occurs, the following actions take place:
freerealestatelicensecrashcourse.com
1. Notice of Election and Demand is taped within 10 company days of receiving a packet from the lender's attorney.
2. Sale date is set in 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 arranged 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 must be gotten at least 15 calendar days prior to the very first scheduled sale date. A treatment, in the form of a cashier's check, must be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and detailed bid needs to be received by midday 2 (2) business days prior to sale day.
8. The Pre-sale List is provided 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 Notice of Intent to Redeem must be submitted by a junior lienholder within eight (8) service days after the sale. Foreclosures began in 2008 and newer do not permit owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws efficient 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 referral 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.

1. Original promissory note or bond if original note has been lost. Some certified foreclosing lenders might send certain 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 initial promissory note and Certification of Qualified Holder, signed by attorneys representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of celebrations to receive Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional files required under foreclosure statutes.
5. Payment of required charges.
   
   The above files are sent to the general public Trustee by a Colorado-licensed attorney representing the loan provider of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure procedures. This must be done within 10 business days after receiving the documents from the lender's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations listed on the mailing list or modified subscriber list. The mailing list or lists need to include all celebrations whose interests appear in an instrument taped 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 taped instrument. If there is no address, then by statute it is not necessary 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 an initial 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 shall make a decision right away upon the opening of the foreclosure.
6. This office will accept as evidence:
   
   a. Certified copy of recorded neighborhood plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements should be dated no greater than 6 months before the NED was filed
   
   3. Our determination is binding
7. Statements utilized in identifying agricultural status no longer require to be tape-recorded
8. Cost for figuring out status may be included as a portion of the fees 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 remedy amount is the amount necessary to bring a foreclosed loan current. The Public Trustee's foreclosure files only 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 legally allowed to submit an Intent to Cure include, however are not restricted to: residential or commercial property owners, persons 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 submitted 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 in person 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 fee to file and does not obligate the filer. Cure funds should 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 verifiable bank cashier's check.
   
   Please do not expect to get info of the amount due immediately after submitting the type. The Public Trustee's Office need to request that information from the lender or lender's attorney. Upon invoice of the figures from the lending institution or lending institution's attorney, the cure quantity will be provided to you as requested. The figures might benefit only a limited time so if you do not cure by the legitimate figure deadline set forth in the statement, you will need to ask for an updated treatment statement 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 just as an informative tool and is not planned to function as legal suggestions.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing in advance:
   
   It is your obligation to do research before concerning 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 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 been paid or if there are any other liens versus 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 wish to work with someone to do the research study for you.
   
   You can obtain the foreclosure case number for the residential or commercial property by looking it up at our website, Foreclosure Search.
   
   On Tuesday, 2 days before sale, we will have published in our workplace by approximately 2:00 p.m. listing of residential or commercial properties scheduled 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 info, quote, to see the opening bid amount. Bids got from the lending institutions may be changed at the time of sale so long as the lending institution's representative is personally present at sale and re-executes the changed written bid.
   
   Be advised: The lender or its lawyer, or the general public Trustee, may pull or continue a residential or commercial property from the sale list at any time up till the sale begins Thursday early morning.
   
   Sign in on sale day:
   
   The Clear Creek County Public Trustee holds foreclosure sales on Thursday's immediately 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 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 used for the Certificate of Purchase, please make certain it is precise and understandable.
   
   Those interested in bidding should 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 aside from yourself or another entity that you do not own or control, you require to have actually written authorization, a letter of company 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 bid is made.
   
   Bidding at the sale continues in increments of $5.00 - if the lender has actually submitted a bid for $150,000.00, for example, you must bid at least $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 effective quote amounts must be made in the kind of a verifiable bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can not accept third party checks. The general public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually stopped and funds have actually been supplied.
   
   Pursuant to laws in result on January 1, 2008 for cases started 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 completed. A Certificate of Purchase will be released in the name and address of the effective bidder as shown on your Bidder Information Form and tape-recorded (within 5 business days) by the Public Trustee's workplace and kept in our office records.
   
   As the grantee 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 proofs 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 might redeem 15 to 19 company days after the sale, but no later than noon the final day. If multiple lien holders submit an intent to redeem, each extra lien holder will get a five day redemption duration.
   
   If you are gotten in touch with for redemption figures, interest is computed at the rate specified on the note and additional costs are limited to those permitted by statute. Please be prepared to offer invoices for costs sustained. Redemption figures must be gotten within 13 organization days after the sale. The statement needs to define all amounts required to redeem including the quantity of per diem interest and the rate of interest. The declaration might be modified up till 2 organization days before the start of the next suitable redemption duration. Your statement of redemption should abide by 38-38-302 C.R.S.
   
   . If redemption occurs, the Certificate of Purchase holder is paid the bid quantity, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowable expenses as specified by Colorado Revised Statutes (invoices should be supplied) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon composed request and payment of the needed charges, the Public Trustee's office will provide 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 should ask for, in writing, that our office issue your Confirmation Deed, no faster than 15 business days after the sale. You should pay a $30.00 cost, plus recording costs, for issuance of the tape-recorded Deed. The Confirmation Deed will be issued by the Public Trustee and taped 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 purchased for more than the overall owed to the lender and to all other lien holders, please contact the Public Trustee's workplace after the sale since you might have funds due to you.
   
   The general public Trustee's office does not supply legal suggestions and we do refrain from doing any eviction procedures. Once the Confirmation Deed is issued by this workplace and tape-recorded, 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 COMPLAINT WITH THE COLORADO ATTORNEY GENERAL OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.