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What is a Foreclosure?

Foreclosure occurs when a house owner is no longer able to make mortgage payments as needed. This allows the lender to seize the residential or commercial property, removing the house owner and offering the home, as stated in the mortgage agreement.

When a foreclosure takes place, the following steps take place:

1. Notice of Election and Demand is taped within 10 business days of receiving a packet from the lender's lawyer.
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 initially scheduled sale date.
5. Combined Notice published in local paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure must be received at least 15 days prior to the first scheduled sale date. A cure, in the type of a cashier's check, should be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and itemized quote needs to be received by 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 tape-recorded within 5 (5) business days.
11. A Notice of Intent to Redeem need to be filed by a junior lienholder within 8 (8) business days after the sale. Foreclosures started in 2008 and newer 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 workplace together with a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or qualified copy of the taped deed of trust. 2. Original promissory note or bond if original note has been lost. Some certified foreclosing lending institutions 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 attorneys representing holder. 3. Notice of Election and Demand for Foreclosure. 4. Mailing List, which consists of names and addresses of parties to receive 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 documents are sent to the Public Trustee by a Colorado-licensed lawyer 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 need to be done within ten company days after receiving the documents from the lender's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties noted on the mailing list or amended newsletter. 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 tape-recorded instrument. If there is no address, then by statute it is not required to send 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 requires an initial 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 shall make a determination right away upon the opening of the foreclosure. 2. This workplace will accept as proof:

a. Certified copy of recorded neighborhood plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements need to be dated no greater than 6 months before the NED was submitted

3. Our decision is binding 4. Statements used in identifying agricultural status no longer need to be tape-recorded 5. Cost for identifying status may be consisted of as a portion of the fees and expenses 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 cure amount is the amount needed to bring a foreclosed loan current. The general public Trustee's foreclosure files only consist of remedy figures when an Intent to Cure has actually been filed and the figures have been received from the foreclosing attorney.

The only celebrations legally enabled to file an Intent to Cure consist of, however are not limited to: residential or commercial property owners, individuals accountable, grantor of proof of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should be submitted at least 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 in individual at the Office of the Clear Creek County Public Trustee (please call or e-mail to verify that we got the document). There is no fee to file and does not obligate the filer. Cure funds must be gotten in the general public Trustees workplace by noon on the day before the sale, and need to remain in the kind of cash or proven bank cashier's check.

Please do not anticipate to get info of the quantity due instantly after filing the form. The Public Trustee's Office need to ask for that info from the lender or lending institution's lawyer. Upon invoice of the figures from the lender or loan provider's attorney, the remedy quantity will be offered to you as requested. The figures may be excellent for only a minimal time so if you do not cure by the valid figure due date stated in the statement, you will need to ask for an upgraded treatment declaration through the general public Trustee's Office.

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

The above information is supplied just as an informational tool and is not planned to act as legal suggestions.

How to Bid at a Foreclosure Sale:

Preparing beforehand:

It is your obligation to do research study before coming 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 very first lien - it might be a 2nd or 3rd 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 evaluations have been paid or if there are any other liens versus the residential or commercial property. If you do not know how to check the "condition of title" or the "chain of title" to the residential or commercial property, you may wish to work with somebody 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 website, Foreclosure Search.

On Tuesday, two days before sale, we will have posted in our workplace by approximately 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lending institution's written quote is required to be provided, in writing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public details and you might search our foreclosure search, sale information, bid, 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 written bid.

Be advised: The loan provider 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 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 mean 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 make certain 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 someone besides yourself or another entity that you do not own or control, you require to have written authorization, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered upon 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 submitted a quote for $150,000.00, for instance, you must bid a minimum of $150,005.00 in order to be the effective bidder.

You will also be needed to have adequate funds with you to bid on the residential or commercial property. Payment of successful quote amounts should be made in the form of a proven bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The Public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has actually ceased and funds have been provided.

Pursuant to laws in impact 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 taped (within 5 company days) by the Public Trustee's workplace and kept in our workplace records.

As the beneficiary 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 evidences your 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 behind twelve noon the last day. If multiple lien holders submit an intent to redeem, each additional lien holder will get a 5 day redemption duration.

If you are gotten in touch with for redemption figures, interest is calculated at the rate defined on the note and extra expenditures are restricted to those allowed by statute. Please be prepared to supply invoices for expenses incurred. Redemption figures must be received within 13 company days after the sale. The statement should define all sums needed to redeem consisting of the amount of per diem interest and the rate of interest. The declaration might be modified up until 2 service days before the start of the next relevant redemption duration. Your declaration of redemption need to abide by 38-38-302 C.R.S.

. If redemption takes place, 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 costs as specified by Colorado Revised Statutes (invoices should be provided) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon composed request and payment of the required costs, the general public Trustee's office will issue 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 anyone, you need to request, in composing, that our workplace problem your Confirmation Deed, no quicker than 15 organization days after the sale. You should pay a $30.00 charge, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed shall 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 lender and to all other lien holders, please contact the general public Trustee's workplace after the sale since you may have funds due to you.

The general public Trustee's office does not offer legal guidance and we do not do any eviction proceedings. Once the Confirmation Deed is issued by this office and taped, the general 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 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.
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