What is a Foreclosure?

Foreclosure occurs when a homeowner is no longer able to make mortgage payments as required. This enables the lender to take the residential or commercial property, getting rid of the house owner and selling the home, as stipulated in the mortgage agreement.

When a foreclosure happens, the following actions happen:

1. Notice of Election and Demand is recorded within 10 organization 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 mailed with 45-60 calendar days prior to initially set up 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 need to be received a minimum of 15 calendar days prior to the first scheduled sale date. A remedy, in the kind of a cashier's check, need to be paid by midday the day before the sale.

7. The court order authorizing the sale and the signed and itemized bid needs to be gotten by midday 2 (2) organization 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 recorded within 5 (5) company days.

11. A Notification of Intent to Redeem should be submitted by a junior lienholder within 8 (8) company days after the sale. Foreclosures started in 2008 and more recent do not permit owner redemptions.


How to Start a Foreclosure in Clear Creek County:

Pursuant to laws reliable 1/1/2010,

In order to start the foreclosure procedure, 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 debt:

1. Original or certified copy of the recorded deed of trust.
2. Original promissory note or bond if original note has actually been lost. Some qualified foreclosing lenders may send specific documentation 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, that includes names and addresses of celebrations to get 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 documents are submitted to the Public Trustee by a Colorado-licensed attorney representing the lending institution of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and begins 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 to parties noted on the subscriber list or changed mailing list. The mailing list or lists need to 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 out to the addresses shown on the 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 needed the Clear Creek County Public Trustee will make a decision instantly upon the opening of the foreclosure.
2. This workplace shall accept as evidence:

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

3. Our determination is binding
4. Statements utilized in identifying agricultural status no longer need to be tape-recorded
5. Cost for determining status might be consisted of as a part of the fees and expenses 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 amount is the amount necessary to bring a foreclosed loan current. The general public Trustee's foreclosure files only contain remedy figures when an Intent to Cure has been filed and the figures have been gotten from the foreclosing attorney.

The only parties lawfully enabled to file an Intent to Cure include, however are not limited to: residential or commercial property owners, individuals responsible, 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 set up Public Trustee sale.

The Intent to Cure Form (PDF) might be submitted by email, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or email to verify that we got the file). There is no charge to file and does not obligate the filer. Cure funds need to be gotten in the Public Trustees workplace by twelve noon on the day before the sale, and need to be in the kind of money or verifiable bank cashier's check.

Please do not expect to receive information of the amount due instantly after submitting the form. The Public Trustee's Office should ask for that info from the lender or lender's lawyer. Upon receipt of the figures from the loan provider or lending institution's attorney, the cure quantity will be supplied to you as asked for. The figures might be great for only a restricted time so if you do not cure by the legitimate figure due date stated in the statement, you will require to ask for an upgraded cure statement through the Public Trustee's Office.

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

The above details is provided only as an informative tool and is not intended to serve as legal suggestions.

How to Bid at a Foreclosure Sale:

Preparing beforehand:

It is your duty 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 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 assessments 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 employ somebody to do the research study for you.

You can get 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 office 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 info and you may browse our foreclosure search, sale information, bid, to see the opening bid quantity. Bids received from the loan providers may be modified 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 recommended: The lending institution or its lawyer, or the Public Trustee, may 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 promptly 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 need to show up at the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This information will be used for the Certificate of Purchase, please be sure it is accurate and clear.

Those interested in bidding should 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 composed permission, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gone into on 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 loan provider has actually submitted a quote for $150,000.00, for instance, you need to bid at least $150,005.00 in order to be the effective bidder.

You will likewise be required to have sufficient funds with you to bid on the residential or commercial property. Payment of successful quote quantities must be made in the kind of a proven bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can not accept third celebration checks. The general public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has actually stopped and funds have actually been supplied.

Pursuant to laws in effect on January 1, 2008 for cases began 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 Public Trustee after the sale is finished. 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 service days) by the Public Trustee's office and maintained 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 move title to you, it simply evidences your financial 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 might redeem 15 to 19 organization days after the sale, however no behind noon the last day. If numerous 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 defined on the note and extra expenditures are limited to those permitted by statute. Please be prepared to provide receipts for expenditures sustained. Redemption figures must be received within 13 business days after the sale. The declaration must specify all sums needed to redeem consisting of the amount of daily interest and the rate of interest. The declaration may be modified up till 2 business days before the start of the next appropriate redemption period. Your declaration of redemption need to comply with 38-38-302 C.R.S.

. If redemption occurs, the Certificate of Purchase holder is paid the quote amount, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other permitted costs as specified by Colorado Revised Statutes (invoices need to be provided) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon written demand and payment of the required costs, the general public Trustee's office will provide a Confirmation 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 need to ask for, in composing, that our workplace issue your Confirmation Deed, no sooner than 15 service days after the sale. You should pay a $30.00 cost, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed shall be issued by the Public Trustee and tape-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 total owed to the lender and to all other lien holders, please contact the general public Trustee's workplace after the sale because you might have funds due to you.

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