1 What is a Foreclosure?
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What is a Foreclosure?
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Foreclosure happens 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, removing the house owner and selling the home, as stipulated in the mortgage agreement.

When a foreclosure takes place, the following steps happen:

1. Notice of and Demand is recorded within 10 service days of receiving a package from the lender's attorney.
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 tape-recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first scheduled sale date.
5. Combined Notice published in regional paper 45-60 calendar days prior to the first scheduled sale date.
6. Notice of Intent to Cure need to be gotten a minimum of 15 calendar days prior to the first scheduled sale date. A cure, in the form of a cashier's check, need to be paid by twelve noon the day before the sale.
7. The court order licensing the sale and the signed and detailed bid needs to be received by twelve noon 2 (2) service days prior to sale day.
8. The Pre-sale List is made readily available 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 five (5) service days.
11. A Notice of Intent to Redeem need to be submitted by a junior lienholder within 8 (8) service days after the sale. Foreclosures started in 2008 and newer do not permit owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws reliable 1/1/2010,

In order to begin the foreclosure process, the following is submitted to the general public Trustee's office in addition to a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or qualified copy of the recorded deed of trust. 2. Original promissory note or bond if initial note has actually been lost. Some qualified foreclosing loan providers may submit certain 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 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 treat and rights to redeem. 5. Additional documents required under foreclosure statutes. 6. Payment of required costs.

The above files are submitted to the general public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This should be done within 10 service days after receiving the files from the loan provider's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the mailing list or changed mailing list. The subscriber list or lists must include all parties whose interests appear in an instrument recorded 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 needed to send the notice 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 agricultural residential or commercial properties. Clear Creek County needs a preliminary 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 right away upon the opening of the foreclosure. 2. This workplace will accept as evidence:

a. Certified copy of tape-recorded subdivision plat b. Written declaration from city or town clerk c. Written statement 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 figuring out agricultural status no longer need to be tape-recorded 5. Cost for identifying status may be consisted of as a portion of the charges 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 quantity is the amount required to bring a foreclosed loan current. The Public Trustee's foreclosure files just contain cure figures when an Intent to Cure has actually been filed and the figures have been gotten from the foreclosing attorney.

The only celebrations lawfully permitted to submit an Intent to Cure include, however are not limited to: residential or commercial property owners, individuals liable, grantor of proof of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure need to be submitted 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 e-mail, fax, mail or in individual at the Office of the Clear Creek County Public Trustee (please call or email to verify that we got the document). There is no charge to file and does not obligate the filer. Cure funds need to be gotten in the Public Trustees workplace by midday on the day before the sale, and need to be in the kind of money or proven bank cashier's check.

Please do not expect to receive details of the quantity due immediately after filing the kind. The general public Trustee's Office must request that info from the lending institution or loan provider's lawyer. Upon receipt of the figures from the lending institution or loan provider's lawyer, the remedy quantity will be supplied to you as asked for. The figures might benefit only a limited time so if you do not cure by the valid figure deadline set forth in the declaration, you will need to ask for an upgraded treatment statement through the 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 supplied just as an informational tool and is not intended to work as legal advice.

How to Bid at a Foreclosure Sale:

Preparing in advance:

It is your obligation to do research before concerning 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 first lien - it could be a second or 3rd lien. The Public Trustee does not know 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 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 may want 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 arranged to go to sale that week (Thursday). The loan provider's composed quote is needed to be supplied, 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 may search our foreclosure search, sale info, bid, to see the opening quote amount. Bids got from the lending institutions might 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 written bid.

Be recommended: The lender or its lawyer, or the general public Trustee, may pull or continue a residential or commercial property from the sale list at any time up till the sale starts Thursday early morning.

Check in on sale day:

The Clear Creek County Public Trustee holds foreclosure sales on Thursday's without delay 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 need to come to the workplace about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This information will be used for the Certificate of Purchase, please make certain it is precise and understandable.

Those thinking about bidding should personally attend 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 aside from yourself or another entity that you do not own or control, you need to have actually composed permission, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gotten in on 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 actually sent a quote for $150,000.00, for instance, you must bid at least $150,005.00 in order to be the effective bidder.

You will also be needed to have sufficient funds with you to bid on the residential or commercial property. Payment of effective bid quantities need to be made in the type of a verifiable bank cashier's check. Checks must be payable only to the "Clear Creek County Public Trustee". We can not accept 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 offered.

Pursuant to laws in impact on January 1, 2008 for cases started after that date, the successful bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be supplied with an Invoice from the Public Trustee after the sale is completed. A Certificate of Purchase will be provided in the name and address of the successful bidder as shown on your Bidder Information Form and recorded (within 5 business days) by the Public Trustee's office and kept in our office records.

As the beneficiary named 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 transfer title to you, it simply evidences your financial investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 service days after the sale to file an intent to redeem. The most senior lien might redeem 15 to 19 business days after the sale, however no later than midday the final day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a five day redemption period.

If you are contacted for redemption figures, interest is computed at the rate specified on the note and additional expenditures are restricted to those enabled by statute. Please be prepared to offer invoices for expenses sustained. Redemption figures must be received within 13 organization days after the sale. The declaration should specify all sums required to redeem including the quantity of per diem interest and the rates of interest. The declaration might be modified up till 2 business days before the start of the next appropriate redemption duration. Your declaration of redemption must abide by 38-38-302 C.R.S.

. If redemption occurs, the Certificate of Purchase holder is paid the quote amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowable expenses as specified by Colorado Revised Statutes (invoices must be supplied) as provided in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon written demand and payment of the needed costs, the Public Trustee's office will provide a Verification Deed to convey title to the last redeeming party.

If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you need to ask for, in writing, that our workplace issue your Confirmation Deed, no earlier than 15 business days after the sale. You should pay a $30.00 fee, plus recording expenses, 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 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 bought for more than the total owed to the loan provider and to all other lien holders, please contact the general public Trustee's office after the sale because you might have funds due to you.

The Public Trustee's office does not offer legal advice and we do not do any eviction procedures. Once the Confirmation Deed is provided by this office and recorded, the general 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 COMPLAINT WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.