What is a Foreclosure?

Foreclosure takes place when a house owner is no longer able to make mortgage payments as required. This allows the lender to take the residential or commercial property, removing the homeowner and selling the home, as stipulated in the mortgage agreement.

When a foreclosure takes place, the following actions occur:

1. Notice of Election and Demand is taped within 10 service days of getting a packet from the lending institution's lawyer.
2. Sale date is set between 110 through 125 calendar days after the NED was taped (non-ag).
3. Combined Notice is mailed within 20 calendar days after the NED was recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to initially 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 first scheduled sale date. A remedy, in the type 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 detailed quote should be received by midday two (2) organization days prior to sale day.
8. The Pre-sale List is made 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 tape-recorded within five (5) service days.
11. A Notification of Intent to Redeem should be filed by a junior lienholder within 8 (8) organization days after the sale. Foreclosures began in 2008 and newer do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws effective 1/1/2010,

In order to begin 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 debt:

1. Original or licensed copy of the recorded deed of trust.

1. Original promissory note or bond if initial note has been lost. Some qualified foreclosing lending institutions may submit 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 initial promissory note and Certification of Qualified Holder, signed by attorneys 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 documents needed under foreclosure statutes.
5. Payment of needed 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 records the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This should be done within ten company days after receiving the files from the loan provider's lawyer. A of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the newsletter or modified newsletter. The newsletter or lists should include all celebrations 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 shown on the recorded instrument. If there is no address, then by statute it is not necessary 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 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 essential the Clear Creek County Public Trustee will make a decision right away upon the opening of the foreclosure.
6. This workplace shall accept as evidence:
   
   a. Certified copy of recorded neighborhood plat b. Written statement from city or town clerk c. Written declaration from county assessor d. Statements need to be dated no more than 6 months before the NED was filed
   
   3. Our decision is binding
7. Statements utilized in determining farming status no longer need to be recorded
8. Cost for identifying status may be included as a portion of the charges and costs charged by the lawyer 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 essential to bring a foreclosed loan current. The Public Trustee's foreclosure files only consist of cure figures when an Intent to Cure has been submitted and the figures have actually been received from the foreclosing attorney.
   
   The only parties legally enabled to file an Intent to Cure consist of, but 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 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 personally at the Office of the Clear Creek County Public Trustee (please call or e-mail to validate that we received the document). There is no fee to file and does not obligate the filer. Cure funds must be received in the general public Trustees workplace by noon on the day before the sale, and need to remain in the type of money or verifiable bank cashier's check.
   
   Please do not expect to get details of the quantity due immediately after filing the kind. The Public Trustee's Office should request that information from the lending institution or lending institution's attorney. Upon invoice of the figures from the loan provider or lending institution's attorney, the treatment amount will be offered to you as asked for. The figures might benefit just a limited time so if you do not treat by the valid figure due date stated in the declaration, you will need to request an updated remedy declaration through the general public Trustee's Office.
   
   To learn more about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above information is supplied only as an educational tool and is not intended to act as legal recommendations.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing ahead of time:
   
   It is your responsibility to do research study 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 very first lien - it could be a second 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 wish to hire somebody 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, two days before sale, we will have posted in our office by around 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lender's composed quote 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 may search our foreclosure search, sale info, bid, to see the opening quote quantity. Bids got from the lending institutions might be modified at the time of sale so long as the loan provider's agent is personally present at sale and re-executes the modified written quote.
   
   Be encouraged: The loan provider or its attorney, or the 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.
   
   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 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 sure it is precise and readable.
   
   Those thinking about 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 someone besides yourself or another entity that you do not own or control, you require to have written authorization, a letter of company 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 loan provider has submitted a bid for $150,000.00, for instance, you need to 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 successful quote quantities should be made in the kind of a proven bank cashier's check. Checks need to be payable only to the "Clear Creek County Public Trustee". We can not accept third celebration checks. The 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 impact on January 1, 2008 for cases started after that date, the successful bidder will not get an original 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 released in the name and address of the successful bidder as revealed on your Bidder Information Form and tape-recorded (within 5 service days) by the Public Trustee's workplace and retained 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 merely 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 may redeem 15 to 19 business days after the sale, but no behind twelve noon the final day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a 5 day redemption duration.
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   If you are gotten in touch with for redemption figures, interest is computed at the rate specified on the note and extra costs are restricted to those allowed by statute. Please be prepared to provide invoices for expenditures sustained. Redemption figures must be gotten within 13 service days after the sale. The statement should specify all sums required to redeem including the amount of per diem interest and the rate of interest. The declaration may be modified up till 2 service days before the start of the next relevant redemption duration. Your declaration of redemption need to 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 (receipts should be provided) as supplied in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed demand and payment of the required charges, the Public Trustee's workplace will release 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 should ask for, in composing, that our office problem your Confirmation Deed, no earlier than 15 business days after the sale. You should pay a $30.00 charge, plus recording costs, 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 office. 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 acquired for more than the total owed to the lending institution 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 workplace does not supply legal advice and we do not do any eviction proceedings. Once the Confirmation Deed is issued by this office and taped, 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 GRIEVANCE WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.