What is a Foreclosure?

Foreclosure occurs when a property owner is no longer able to make mortgage payments as needed. This enables the lending institution to seize the residential or commercial property, eliminating the house owner and selling the home, as specified in the mortgage agreement.

When a foreclosure occurs, the following actions happen:

1. Notice of Election and Demand is tape-recorded within 10 organization days of receiving a packet from the lender's attorney.
2. Sale date is set between 110 through 125 calendar days after the NED was recorded (non-ag).
3. Combined Notice is mailed within 20 calendar days after the NED was taped.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first scheduled sale date.
5. Combined Notice released in local paper 45-60 calendar days prior to the very 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 treatment, in the form of a cashier's check, must be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and itemized bid should be received by twelve noon 2 (2) company 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 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 five (5) organization days.
11. A Notification of Intent to Redeem must be submitted by a junior lienholder within eight (8) business 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 efficient 1/1/2010,

In order to start the foreclosure procedure, the following is sent to the general public Trustee's workplace in addition to a referral 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.

1. Original promissory note or bond if initial note has been lost. Some certified foreclosing loan providers may submit specific paperwork 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 lawyers representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of parties to get Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional files needed under foreclosure statutes.
5. Payment of needed costs.
   
   The above documents are sent to the Public Trustee by a Colorado-licensed lawyer representing the lending institution of the loan in default. The Public Trustee tape-records the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This must be done within 10 organization days after getting the files from the lending institution's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties noted on the subscriber list or amended newsletter. The mailing list or lists must include 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 notices are sent out to the addresses revealed on the recorded instrument. If there is no address, then by statute it is not necessary to send out 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 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 will make a determination instantly upon the opening of the foreclosure.
6. This workplace shall accept as proof:
   
   a. Certified copy of taped subdivision plat b. Written declaration from city or town clerk c. Written statement from county assessor d. Statements need to be dated no more than 6 months before the NED was submitted
   
   3. Our decision is binding
7. Statements used in figuring out farming status no longer require to be recorded
8. Cost for figuring out status may be consisted of as a portion of the charges and costs charged by the lawyer 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 cure amount is the amount needed to bring a foreclosed loan current. The general public Trustee's foreclosure files only contain remedy figures when an Intent to Cure has actually been submitted and the figures have been gotten from the foreclosing lawyer.
   
   The only parties legally permitted to submit an Intent to Cure consist of, however are not restricted to: residential or commercial property owners, individuals accountable, grantor of evidence of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure need to be filed at least fifteen days prior to the date of the set up Public Trustee sale.
   
   The Intent to Cure Form (PDF) might be filed by e-mail, fax, mail or in person at the Office of the Clear Creek County Public Trustee (please call or e-mail to confirm that we got the document). There is no cost to file and does not obligate the filer. Cure funds should be gotten 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 anticipate to get info of the amount due immediately after filing the kind. The Public Trustee's Office need to request that information from the loan provider or loan provider's lawyer. Upon invoice of the figures from the lender or lender's attorney, the cure quantity will be offered to you as asked for. The figures may be excellent for just a limited time so if you do not treat by the legitimate figure deadline stated in the statement, you will need to request an updated remedy declaration through the general public Trustee's Office.
   
   To get more information about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is supplied just as an informative tool and is not meant to function as legal suggestions.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing beforehand:
   
   It is your responsibility to do research 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 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 been paid or if there are any other liens versus 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 might want to work with 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 website, Foreclosure Search.
   
   On Tuesday, 2 days before sale, we will have posted in our workplace by around 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lending institution's composed 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 bids are public info and you may search our foreclosure search, sale information, quote, to see the opening quote amount. Bids received from the lending institutions 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 amended composed quote.
   
   Be recommended: The loan provider 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 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 intend to bid on a residential or commercial property, you ought to get to the office 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 accurate and clear.
   
   Those interested in bidding needs to 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 require to have actually written permission, a letter of firm notarized to CRS 15-14-607, and verbally state that your quote is being gone into on behalf of that other individual or entity at the time the bid is made.
   
   Bidding at the sale proceeds in increments of $5.00 - if the lender has submitted a bid for $150,000.00, for instance, you must bid a minimum of $150,005.00 in order to be the successful bidder.
   
   You will likewise be needed to have enough 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 should 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 stopped and funds have actually been provided.
   
   Pursuant to laws in effect on January 1, 2008 for cases began 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 a Receipt from the Public Trustee after the sale is completed. A Certificate of Purchase will be released in the name and address of the successful bidder as shown on your Bidder Information Form and tape-recorded (within 5 company days) by the Public Trustee's workplace and retained in our workplace 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 transfer title to you, it merely proofs your 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 organization days after the sale, however no behind midday the last day. If several lien holders file an intent to redeem, each additional lien holder will get a 5 day redemption period.
   
   If you are called for redemption figures, interest is computed at the rate specified on the note and additional costs are restricted to those enabled by statute. Please be prepared to offer receipts for expenses sustained. Redemption figures should be received within 13 organization days after the sale. The statement must define all sums required to redeem consisting of the quantity of per diem interest and the interest rate. The declaration may be amended up until 2 business days before the start of the next suitable redemption period. Your statement of redemption must adhere to 38-38-302 C.R.S.
   
   . If redemption takes place, 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 defined by Colorado Revised Statutes (receipts must be provided) as offered in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon composed demand and payment of the required charges, the general public Trustee's office will release a Confirmation Deed to communicate title to the last redeeming party.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you should ask for, in composing, that our workplace problem your Confirmation Deed, no faster than 15 business days after the sale. You need to 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 recorded 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 bought for more than the overall owed to the loan provider 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 provide legal suggestions and we do refrain from doing any eviction proceedings. Once the Confirmation Deed is issued by this workplace 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 PROBLEM 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.