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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 enables the lending institution to seize the residential or commercial property, getting rid of the house owner and selling the home, as specified in the mortgage agreement.

When a foreclosure takes location, the following actions occur:

1. Notice of Election and Demand is recorded within 10 business days of receiving a package from the lending institution'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 mailed within 20 calendar days after the NED was recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first arranged 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 must be gotten a minimum of 15 calendar days prior to the very first scheduled sale date. A cure, in the kind of a cashier's check, need to be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and itemized quote needs to be received by midday two (2) business 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 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 tape-recorded within 5 (5) organization days.
11. A Notice of Intent to Redeem need to be filed by a junior lienholder within eight (8) service days after the sale. Foreclosures began in 2008 and more recent do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws efficient 1/1/2010,

In order to begin the foreclosure procedure, the following is sent to the Public Trustee's workplace 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 taped deed of trust. 2. Original promissory note or bond if original note has actually been lost. Some certified foreclosing lenders may send specific documents 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 initial promissory note and Certification of Qualified Holder, signed by lawyers representing holder. 3. Notice of Election and Demand for Foreclosure. 4. Mailing List, which includes 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 needed charges.

The above files are sent to the general public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The general public Trustee tapes the Notice of Election and Demand (NED) and starts the foreclosure procedures. This must be done within ten business days after getting the files from the lending institution's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties listed on the mailing list or amended subscriber list. The mailing list or lists need to include all parties 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 recorded instrument. If there is no address, then by statute it is not required 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 farming residential or commercial properties. Clear Creek County requires a preliminary 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 immediately upon the opening of the foreclosure. 2. This office will accept as proof:

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

3. Our decision is binding 4. Statements utilized in figuring out farming status no longer need to be recorded 5. Cost for identifying status may be consisted of as a part of the fees and costs charged by the lawyer Please do not include copies of statutes for mailing. This is covered in the cost of and copies.

How to Cure a Foreclosure:

A remedy amount is the amount necessary to bring a foreclosed loan current. The Public Trustee's foreclosure files just contain treatment figures when an Intent to Cure has actually been filed and the figures have been gotten from the foreclosing lawyer.

The only celebrations lawfully allowed to file an Intent to Cure consist of, but are not restricted to: residential or commercial property owners, individuals accountable, grantor of proof of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should be filed 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 email, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or e-mail to verify that we received the file). There is no charge to file and does not obligate the filer. Cure funds should be gotten in the Public Trustees office by noon on the day before the sale, and must be in the form of cash or verifiable bank cashier's check.

Please do not anticipate to receive information of the quantity due right away after submitting the type. The general public Trustee's Office should ask for that details from the lending institution or loan provider's attorney. Upon invoice of the figures from the lending institution or lending institution's attorney, the remedy amount will be offered to you as requested. The figures might be great for just a limited time so if you do not treat by the valid figure deadline stated in the declaration, you will need to ask for an upgraded cure statement through the general public Trustee's Office.

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

The above information is supplied only as an informative tool and is not planned to act as legal recommendations.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your duty to do research before pertaining 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 3rd 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 actually been paid or if there are any other liens versus the residential or commercial property. If you do not understand how to examine the "condition of title" or the "chain of title" to the residential or commercial property, you may want to hire 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 roughly 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lender's written bid is required to be supplied, in writing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public info and you might browse our foreclosure search, sale info, bid, to see the opening bid amount. Bids got from the loan providers might be amended at the time of sale so long as the lending institution's representative is personally present at sale and re-executes the modified written quote.

Be advised: The loan provider or its lawyer, or the Public Trustee, may pull or continue a residential or commercial property from the sale list at any time up till the sale begins Thursday early morning.

Check 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 intend to bid on a residential or commercial property, you need 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 info will be utilized for the Certificate of Purchase, please make sure it is accurate and legible.

Those interested in bidding should 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 need to have actually composed authorization, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered upon behalf of that other individual or entity at the time the quote is made.

Bidding at the sale proceeds in increments of $5.00 - if the lending institution has submitted 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 adequate funds with you to bid on the residential or commercial property. Payment of effective quote amounts must be made in the form of a proven bank cashier's check. Checks should be payable just 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 successful bidder after bidding has ceased and funds have been supplied.

Pursuant to laws in result 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 a Receipt from the general public Trustee after the sale is finished. A Certificate of Purchase will be provided in the name and address of the effective bidder as shown on your Bidder Information Form and taped (within 5 company days) by the Public Trustee's office and retained in our office records.

As the grantee 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 simply proofs your investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 service days after the sale to submit an intent to redeem. The most senior lien might redeem 15 to 19 service days after the sale, however no later than twelve noon the last day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a 5 day redemption period.

If you are called for redemption figures, interest is computed at the rate specified on the note and additional expenditures are limited to those allowed by statute. Please be prepared to provide invoices for expenditures sustained. Redemption figures should be gotten within 13 organization days after the sale. The declaration should define all sums required to redeem consisting of the amount of per diem interest and the rates of interest. The statement may be changed up until 2 business days before the start of the next applicable 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 permitted costs as defined by Colorado Revised Statutes (receipts need to be provided) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed demand and payment of the needed costs, the Public Trustee's office will issue a Confirmation Deed to convey title to the last redeeming party.

If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you must request, in writing, that our workplace issue your Confirmation Deed, no faster than 15 company days after the sale. You need to pay a $30.00 charge, plus recording expenses, for issuance of the tape-recorded Deed. The Confirmation Deed shall be released 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 purchased for more than the overall owed to the lending institution and to all other lien holders, please contact the general public Trustee's workplace after the sale because you may have funds due to you.

The Public Trustee's office does not supply legal guidance and we do not do any eviction proceedings. Once the Confirmation Deed is released by this workplace and tape-recorded, 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 PROBLEM WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.