What is a Foreclosure?

Foreclosure occurs when a property owner is no longer able to make mortgage payments as required. This allows the loan provider to take the residential or commercial property, getting rid of the house owner and selling the home, as specified in the mortgage agreement.
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When a foreclosure occurs, the following steps happen:

1. Notice of Election and Demand is recorded within 10 company days of getting a package from the loan provider's lawyer.
2. Sale date is set in between 110 through 125 calendar days after the NED was taped (non-ag).
3. Combined Notice is sent by mail within 20 calendar days after the NED was taped.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to initially 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 must be gotten at least 15 calendar days prior to the first scheduled sale date. A treatment, in the type of a cashier's check, must be paid by twelve noon the day before the sale.
7. The court order licensing the sale and the signed and detailed quote must be gotten by midday two (2) service 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 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 recorded within five (5) service days.
11. A Notice of Intent to Redeem need to be submitted by a junior lienholder within eight (8) organization days after the sale. Foreclosures began in 2008 and more recent do not allow for owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws efficient 1/1/2010,

In order to begin the foreclosure process, the following is sent 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 tape-recorded deed of trust.

1. Original promissory note or bond if initial note has actually been lost. Some certified foreclosing loan providers may submit certain documentation 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 attorneys representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of celebrations to get Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional files required under foreclosure statutes.
5. Payment of required fees.
   
   The above documents are submitted to the Public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and starts the foreclosure procedures. This need to be done within 10 business days after receiving the files from the loan provider's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations noted on the newsletter or amended newsletter. The newsletter or lists must 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 notifications are sent to the addresses revealed on the taped instrument. If there is no address, then by statute it is not necessary 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 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 shall make a decision immediately upon the opening of the foreclosure.
6. This workplace will accept as evidence:
   
   a. Certified copy of recorded neighborhood plat b. Written declaration 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 submitted
   
   3. Our determination is binding
7. Statements used in determining farming status no longer need to be recorded
8. Cost for determining status might be included 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 postage and copies.
   
   How to Cure a Foreclosure:
   
   A remedy quantity is the amount essential to bring a foreclosed loan current. The Public Trustee's foreclosure files just include treatment figures when an Intent to Cure has actually been filed and the figures have been received from the foreclosing attorney.
   
   The only parties lawfully permitted to submit an Intent to Cure consist of, but are not restricted to: residential or commercial property owners, persons liable, grantor of evidence of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should be submitted a minimum of fifteen days prior to the date of the scheduled Public Trustee sale.
   
   The Intent to Cure Form (PDF) may be filed by e-mail, fax, mail or face to face 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 general public Trustees office by twelve noon on the day before the sale, and need to remain in the kind of money or verifiable bank cashier's check.
   
   Please do not expect to get info of the amount due instantly after filing the form. The general public Trustee's Office must ask for that info from the lending institution or lending institution's attorney. Upon invoice of the figures from the loan provider or loan provider's lawyer, the remedy quantity will be provided to you as asked for. The figures may benefit just a minimal time so if you do not cure by the legitimate figure due date set forth in the declaration, you will need to request an updated remedy statement through the Public Trustee's Office.
   
   To get more information about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is provided only as an informational tool and is not planned to function as legal recommendations.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing beforehand:
   
   It is your duty to do research study 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 very first lien - it might 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 evaluations have 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 might want to hire somebody to do the research study for you.
   
   You can obtain the foreclosure case number for the residential or commercial property by looking it up at our site, Foreclosure Search.
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   On Tuesday, two days before sale, we will have published 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 bid is required to be provided, in composing, to the general public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public information and you might browse our foreclosure search, sale information, bid, to see the opening quote amount. Bids received from the loan providers might be modified at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the modified written quote.
   
   Be recommended: The 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 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 plan to bid on a residential or commercial property, you ought to get here at the workplace about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, etc. This details will be used for the Certificate of Purchase, please be sure it is accurate and clear.
   
   Those interested in 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 written permission, 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 loan provider has submitted a quote for $150,000.00, for example, you must bid at least $150,005.00 in order to be the effective bidder.
   
   You will likewise be required to have enough funds with you to bid on the residential or commercial property. Payment of effective quote amounts need to be made in the type of a verifiable bank cashier's check. Checks need to 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 effective bidder after bidding has stopped and funds have been provided.
   
   Pursuant to laws in result on January 1, 2008 for cases began after that date, the successful bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be provided 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 effective bidder as revealed on your Bidder Information Form and tape-recorded (within 5 service days) by the Public Trustee's office and retained in our workplace records.
   
   As the grantee called 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 service days after the sale to submit an intent to redeem. The most senior lien may redeem 15 to 19 business days after the sale, however no behind noon the final day. If multiple 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 calculated at the rate defined on the note and extra costs are restricted to those allowed by statute. Please be prepared to supply invoices for costs incurred. Redemption figures should be gotten within 13 business days after the sale. The statement should specify all amounts needed to redeem including the amount of per diem interest and the rates of interest. The declaration may be changed up until 2 business days before the start of the next relevant redemption period. Your statement of redemption must abide by 38-38-302 C.R.S.
   
   . If redemption happens, the Certificate of Purchase holder is paid the quote quantity, 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 should be supplied) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon composed demand and payment of the needed charges, the general public Trustee's workplace will release a Confirmation Deed to communicate title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you should request, in writing, that our workplace concern your Confirmation Deed, no faster than 15 business days after the sale. You should pay a $30.00 fee, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed will be released by the Public Trustee and 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 loan provider and to all other lien holders, please contact the Public Trustee's office after the sale due to the fact that you might have funds due to you.
   
   The general public Trustee's office does not offer legal suggestions and we do not do any eviction proceedings. Once the Confirmation Deed is released by this office and recorded, the general 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 ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.