What is a Foreclosure?

Foreclosure occurs when a house owner is no longer able to make mortgage payments as required. This allows the lending institution to seize the residential or commercial property, eliminating the property owner and offering the home, as stated in the mortgage contract.

When a foreclosure occurs, the following steps take place:

1. Notice of Election and Demand is recorded within 10 company days of getting a package from the lender's attorney.

2. Sale date is set between 110 through 125 calendar days after the NED was tape-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 arranged sale date.

5. Combined Notice released in local paper 45-60 calendar days prior to the first scheduled sale date.

6. Notice of Intent to Cure need to be received at least 15 calendar days prior to the very first scheduled sale date. A cure, in the type of a cashier's check, must be paid by twelve noon the day before the sale.

7. The court order licensing the sale and the signed and itemized quote should be received by midday two (2) company 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 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 recorded within five (5) business days.

11. A Notification of Intent to Redeem need to be filed by a junior lienholder within 8 (8) business days after the sale. Foreclosures began in 2008 and newer 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 procedure, the following is submitted to the general public Trustee's workplace along with a recommendation of the case and a Certificate of the Current Owner of the debt:

1. Original or qualified copy of the tape-recorded deed of trust.
2. Original promissory note or bond if initial note has actually been lost. Some qualified foreclosing loan providers might submit certain documents 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 original promissory note and Certification of Qualified Holder, signed by lawyers 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 treat and rights to redeem.
5. Additional documents needed under foreclosure statutes.
6. 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 tape-records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This must be done within ten organization days after getting the files from the loan provider's attorney.
A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the mailing list or amended mailing list. The mailing list or lists should consist of all parties whose interests appear in an instrument tape-recorded subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notifications are sent to the addresses shown on the taped instrument. If there is no address, then by statute it is not needed to send out the notification in care of the county seat. The general 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 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 decision instantly upon the opening of the foreclosure.
2. This office shall accept as evidence:

a. Certified copy of taped subdivision plat
b. Written statement from city or town clerk
c. Written statement from county assessor
d. Statements should be dated no more than 6 months before the NED was filed

3. Our decision is binding
4. Statements used in determining farming status no longer require to be tape-recorded
5. Cost for determining status may be included as a part of the costs 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 remedy amount is the quantity required to bring a foreclosed loan current. The Public Trustee's foreclosure files just consist of remedy figures when an Intent to Cure has actually been submitted and the figures have actually been gotten from the foreclosing lawyer.

The only celebrations lawfully enabled to submit 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 filed a minimum of fifteen days prior to the date of the scheduled Public Trustee sale.

The Intent to Cure Form (PDF) might be filed by email, fax, mail or in individual at the Office of the Clear Creek County Public Trustee (please call or e-mail to validate that we got the document). There is no fee to submit and does not obligate the filer. Cure funds must be received in the Public Trustees workplace by midday on the day before the sale, and must remain in the form of money or proven bank cashier's check.

Please do not expect to get info of the quantity due immediately after filing the form. The Public Trustee's Office need to request that info from the lender or loan provider's attorney. Upon receipt of the figures from the lender or loan provider's lawyer, the treatment quantity will be supplied to you as asked for. The figures might be good for just a limited time so if you do not cure by the legitimate figure due date set forth in the statement, you will need to ask for an upgraded remedy declaration through the general public Trustee's Office.

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

The above info is offered just as an educational tool and is not meant to act as legal recommendations.

How to Bid at a Foreclosure Sale:

Preparing in advance:

It is your responsibility 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 could be a second 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 evaluations have actually 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 employ someone to do the research for you.

You can get 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 workplace by around 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lending institution's composed bid is needed to be supplied, in composing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public details and you might browse our foreclosure search, sale details, quote, to see the opening quote amount. Bids got from the lenders might be changed at the time of sale so long as the lender's agent is personally present at sale and re-executes the amended composed quote.

Be encouraged: The lender 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 early 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 mean to bid on a residential or commercial property, you ought to get here at the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This information will be utilized for the Certificate of Purchase, please be sure it is precise and understandable.

Those interested in bidding needs to personally participate in 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 written 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 loan provider has actually sent a bid for $150,000.00, for example, you need to bid at least $150,005.00 in order to be the successful bidder.

You will likewise be required to have adequate funds with you to bid on the residential or commercial property. Payment of effective bid amounts need to be made in the form 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 Public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has actually stopped and funds have actually been offered.

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 offered with an Invoice 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 organization 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 instant right of access to the residential or commercial property. A Certificate of Purchase does not move title to you, it merely proofs your 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 may redeem 15 to 19 service days after the sale, but no later than twelve noon the final day. If several lien holders file an intent to redeem, each additional lien holder will receive a five day redemption duration.

If you are contacted for redemption figures, interest is calculated at the rate specified on the note and extra expenses are limited to those permitted by statute. Please be prepared to provide receipts for costs incurred. Redemption figures must be received within 13 organization days after the sale. The statement should specify all amounts needed to redeem including the quantity of daily interest and the rate of interest. The declaration may be amended up until 2 company days before the start of the next relevant redemption period. Your statement of redemption should comply with 38-38-302 C.R.S.

. If redemption happens, the Certificate of Purchase holder is paid the bid amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowed costs as specified by Colorado Revised Statutes (receipts should be supplied) as offered in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon composed demand and payment of the required charges, the Public Trustee's office will release a Confirmation 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 workplace problem your Confirmation Deed, no sooner than 15 organization days after the sale. You need to pay a $30.00 charge, plus recording expenses, for issuance of the recorded Deed. The Confirmation Deed shall be issued by the Public Trustee and taped 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 purchased for more than the overall owed to the lending institution and to all other lien holders, please contact the Public Trustee's office after the sale because you might have funds due to you.

The Public Trustee's office does not offer legal guidance and we do refrain from doing any expulsion procedures. Once the Confirmation Deed is issued by this workplace and 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 GRIEVANCE 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.