What is a Foreclosure?

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What is a Foreclosure?

Foreclosure occurs when a house 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 selling the home, as specified in the mortgage agreement.

When a foreclosure happens, the following actions take place:

1. Notice of Election and Demand is recorded within 10 service days of getting a package from the lending institution'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 recorded.
4. Second Combined Notice is sent by mail 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 very first scheduled sale date.
6. Notice of Intent to Cure must be gotten a minimum of 15 calendar days prior to the very first scheduled sale date. A cure, in the kind 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 made a list of bid needs to be received by twelve 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 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 taped within 5 (5) service days.
11. A Notification of Intent to Redeem should be filed by a junior lienholder within eight (8) business days after the sale. Foreclosures started in 2008 and more recent do not enable 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 process, the following is submitted to the Public Trustee's office along with a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or certified copy of the recorded deed of trust.

Original promissory note or bond if original note has been lost. Some qualified foreclosing lending institutions may submit certain paperwork 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 lawyers representing holder.
Notice of Election and Demand for Foreclosure.
Mailing List, that includes names and addresses of parties to receive Combined Notice of the sale, rights to cure and rights to redeem.
Additional files needed under foreclosure statutes.
Payment of required fees.

The above files are submitted to the general public Trustee by a Colorado-licensed attorney representing the lending institution of the loan in default. The Public Trustee tape-records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This must be done within ten company days after getting the files from the lender's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the subscriber list or changed mailing list. The subscriber list or lists should 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 notifications are sent to the addresses revealed on the taped 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 agricultural 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 essential the Clear Public Trustee shall make a decision right away upon the opening of the foreclosure.
This workplace shall accept as proof:

a. Certified copy of tape-recorded subdivision 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
Statements utilized in figuring out farming status no longer need to be recorded
Cost for figuring out status might be included as a part of the fees and costs charged by the attorney 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 quantity is the amount essential to bring a foreclosed loan current. The general public Trustee's foreclosure files only consist of cure figures when an Intent to Cure has actually been submitted and the figures have actually been gotten from the foreclosing attorney.

The only parties legally permitted to file an Intent to Cure include, however 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 must be submitted a minimum of fifteen days prior to the date of the scheduled Public Trustee sale.

The Intent to Cure Form (PDF) may be submitted by e-mail, 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 got the file). There is no cost to submit and does not obligate the filer. Cure funds must be gotten in the Public Trustees workplace by midday on the day before the sale, and must remain in the kind of cash or proven bank cashier's check.

Please do not anticipate to receive information of the quantity due immediately after filing the type. The Public Trustee's Office should ask for that info from the loan provider or lender's attorney. Upon invoice of the figures from the loan provider or loan provider's lawyer, the remedy amount will be supplied to you as requested. The figures may be good for just a minimal time so if you do not cure by the valid figure due date stated in the declaration, you will require to request an updated cure statement through the general public Trustee's Office.

To get more information about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.

The above information is provided just as an informational tool and is not intended to act as legal advice.

How to Bid at a Foreclosure Sale:

Preparing in advance:

It is your responsibility 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 2nd or 3rd 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 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 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 posted 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 offered, in writing, to the general public Trustee prior to the publishing 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 amount. Bids got from the loan providers may be modified at the time of sale so long as the lending institution's agent is personally present at sale and re-executes the changed composed quote.

Be advised: The lending institution or its lawyer, 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 quickly 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 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 info will be used for the Certificate of Purchase, please be sure it is precise and clear.

Those thinking about bidding must 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 other than yourself or another entity that you do not own or control, you need to have composed permission, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered upon behalf of that other person 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 quote for $150,000.00, for instance, you should bid at least $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 successful bid quantities must be made in the form of a verifiable bank cashier's check. Checks need to be payable just to the "Clear Creek County Public Trustee". We can not accept third celebration checks. The Public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has ceased and funds have been supplied.

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 a Receipt from the general public Trustee after the sale is finished. A Certificate of Purchase will be issued in the name and address of the effective bidder as shown on your Bidder Information Form and tape-recorded (within 5 company days) by the Public Trustee's office and maintained in our office records.

As the beneficiary called 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 move title to you, it simply proofs your financial 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 organization days after the sale, but no behind noon the final day. If numerous lien holders submit an intent to redeem, each additional lien holder will get a five day redemption duration.

If you are called for redemption figures, interest is calculated at the rate defined on the note and extra expenditures are restricted to those permitted by statute. Please be prepared to offer receipts for expenses incurred. Redemption figures must be received within 13 service days after the sale. The statement must specify all amounts needed to redeem including the amount of daily interest and the rates of interest. The declaration might be changed up till 2 service days before the start of the next appropriate 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 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 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 needed charges, the Public Trustee's office will provide a Verification Deed to communicate title to the last redeeming party.

If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you should request, in composing, that our office issue your Confirmation Deed, no earlier than 15 organization days after the sale. You need to pay a $30.00 fee, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed shall be provided by the Public Trustee and tape-recorded with the Clerk & Recorder's workplace. 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 bought 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 since you may have funds due to you.

The Public Trustee's workplace does not offer legal advice and we do refrain from doing any eviction proceedings. Once the Confirmation Deed is provided by this workplace and recorded, the 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 GRIEVANCE 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.