What is a Foreclosure?

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What is a Foreclosure?

Foreclosure happens when a homeowner is no longer able to make mortgage payments as needed. This permits the lending institution to take the residential or commercial property, eliminating the homeowner and selling the home, as specified in the mortgage agreement.
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When a foreclosure happens, the following steps occur:

1. Notice of Election and Demand is tape-recorded within 10 company days of getting a packet from the lender's lawyer.
2. Sale date is set in between 110 through 125 calendar days after the NED was recorded (non-ag).
3. Combined Notice is sent by mail within 20 calendar days after the NED was taped.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to initially set up 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 at least 15 calendar days prior to the first scheduled sale date. A cure, in the kind of a cashier's check, must be paid by twelve noon the day before the sale.
7. The court order authorizing the sale and the signed and detailed quote should be gotten by midday 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 carried out 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) company days.
11. A Notification of Intent to Redeem need to be filed by a junior lienholder within 8 (8) service 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 effective 1/1/2010,

In order to start the foreclosure process, the following is sent to the general public Trustee's workplace along with 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.

Original promissory note or bond if original note has been lost. Some certified foreclosing loan providers may submit particular documents 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.
Notice of Election and Demand for Foreclosure.
Mailing List, which consists of names and addresses of celebrations to receive Combined Notice of the sale, rights to treat and rights to redeem.
Additional documents needed under foreclosure statutes.
Payment of needed fees.

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 records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This need to be done within ten business days after getting the documents from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties listed on the mailing list or modified subscriber list. The mailing list or lists must consist of 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 out to the addresses shown on the tape-recorded instrument. If there is no address, then by statute it is not necessary to send 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 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 essential the Clear Creek County Public Trustee shall make a decision immediately upon the opening of the foreclosure.
This workplace shall accept as evidence:

a. Certified copy of taped neighborhood plat b. Written statement 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
Statements utilized in figuring out farming status no longer require to be tape-recorded
Cost for figuring out status may be included as a part of the costs and expenses charged by the attorney Please do not consist of copies of statutes for mailing. This is covered in the cost of postage and copies.

How to Cure a Foreclosure:

A remedy quantity is the quantity needed to bring a foreclosed loan current. The Public Trustee's foreclosure files only consist of remedy figures when an Intent to Cure has been submitted and the figures have been received from the foreclosing lawyer.

The only parties legally enabled to file an Intent to Cure consist of, however are not restricted to: residential or commercial property owners, individuals accountable, grantor of evidence of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should be filed a minimum of fifteen days prior to the date of the set up Public Trustee sale.

The Intent to Cure Form (PDF) may be submitted by email, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we got the file). There is no fee to file and does not obligate the filer. Cure funds must be received in the general public Trustees office by noon on the day before the sale, and must remain in the type of money or verifiable bank cashier's check.

Please do not expect to get information of the amount due instantly after submitting the form. The Public Trustee's Office should request that details from the loan provider or lending institution's attorney. Upon receipt of the figures from the loan provider or loan provider's attorney, the remedy amount will be supplied to you as asked for. The figures might benefit only a minimal time so if you do not treat by the legitimate figure deadline stated in the statement, you will need to ask for an updated treatment statement through the general public Trustee's Office.

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

The above details is offered just as an informational tool and is not meant to act as legal guidance.

How to Bid at a Foreclosure Sale:

Preparing beforehand:

It is your responsibility to do research study 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 could be a 2nd or third lien. The 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 versus the residential or commercial property. If you do not know how to examine 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 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 published in our office by approximately 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The loan provider's written quote is required to be offered, 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 browse our foreclosure search, sale details, quote, to see the opening bid quantity. Bids got from the lenders 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 modified composed bid.

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 till the sale starts Thursday 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 plan to bid on a residential or commercial property, you should reach the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This details will be used for the Certificate of Purchase, please be sure it is accurate and legible.

Those thinking about bidding must personally attend 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 actually written authorization, a letter of agency notarized pursuant to CRS 15-14-607, and state that your bid is being entered upon 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 loan provider has sent a bid for $150,000.00, for example, you must bid a minimum of $150,005.00 in order to be the successful bidder.

You will also be required to have sufficient funds with you to bid on the residential or commercial property. Payment of successful quote amounts need to be made in the type of a proven bank cashier's check. Checks need to be payable only to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The general public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually ceased and funds have actually been supplied.

Pursuant to laws in result on January 1, 2008 for cases started after that date, the successful bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be offered with a Receipt from the general public Trustee after the sale is finished. A Certificate of Purchase will be provided in the name and address of the successful bidder as shown on your Bidder Information Form and taped (within 5 organization days) by the Public Trustee's workplace and retained in our workplace records.

As the grantee 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 proofs your investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 business 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 behind noon the last day. If numerous lien holders file an intent to redeem, each additional lien holder will get a 5 day redemption duration.

If you are called for redemption figures, interest is calculated at the rate specified on the note and extra expenses are restricted to those enabled by statute. Please be prepared to provide receipts for expenses incurred. Redemption figures must be gotten within 13 business days after the sale. The statement should define all amounts needed to redeem consisting of the quantity of daily interest and the rate of interest. The declaration might be changed up until 2 organization days before the start of the next relevant redemption period. Your declaration of redemption should comply with 38-38-302 C.R.S.

. If redemption happens, 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 allowed costs as defined by Colorado Revised Statutes (invoices should be supplied) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon written request and payment of the needed costs, the general public Trustee's office will provide 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 anybody, you must request, in composing, that our office problem your Confirmation Deed, no sooner than 15 company days after the sale. You should pay a $30.00 cost, plus recording expenses, for issuance of the tape-recorded Deed. The Confirmation Deed will be issued 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 lending institution and to all other lien holders, please contact the general 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 guidance and we do not do any expulsion proceedings. Once the Confirmation Deed is released by this workplace and recorded, the 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 ATTORNEY GENERAL OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.