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What is a Foreclosure?
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Foreclosure happens when a homeowner is no longer able to make mortgage payments as required. This allows the lending institution to seize the residential or commercial property, removing the property owner and offering the home, as stated in the mortgage agreement.

When a foreclosure takes location, the following steps happen:

1. Notice of Election and Demand is recorded within 10 company days of getting a package from the lending institution's lawyer.
2. Sale date is set in between 110 through 125 calendar days after the NED was tape-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 local paper 45-60 calendar days prior to the first scheduled sale date.
6. Notice of Intent to Cure should be gotten a minimum of 15 calendar days prior to the very first scheduled sale date. A cure, in the form of a cashier's check, must be paid by midday the day before the sale.
7. The court order authorizing the sale and the signed and detailed bid needs to be gotten by midday 2 (2) business 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 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 taped within five (5) organization days.
11. A Notification of Intent to Redeem must be submitted by a junior lienholder within 8 (8) organization days after the sale. Foreclosures started in 2008 and more recent do not enable for owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws effective 1/1/2010,

In order to start the foreclosure process, the following is submitted to the general public Trustee's office together with a referral of the case and a Certificate of the Current Owner of the debt:

1. Original or certified copy of the tape-recorded deed of trust. 2. Original promissory note or bond if original note has been lost. Some qualified foreclosing lenders might submit particular 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 original promissory note and Certification of Qualified Holder, signed by lawyers representing holder. 3. Notice of Election and Demand for Foreclosure. 4. Mailing List, which consists of names and addresses of celebrations to get Combined Notice of the sale, rights to cure and rights to redeem. 5. Additional documents needed under foreclosure statutes. 6. Payment of needed fees.

The above files are sent to the general 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 starts the foreclosure procedures. This should be done within ten company 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 celebrations listed on the subscriber list or amended mailing list. The mailing 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 out to the addresses revealed on the taped instrument. If there is no address, then by statute it is not needed 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 agricultural 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 essential the Clear Creek County Public Trustee shall make a determination immediately upon the opening of the foreclosure. 2. This office 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 should be dated no more than 6 months before the NED was filed

3. Our decision is binding 4. Statements used in figuring out agricultural status no longer require to be tape-recorded 5. Cost for identifying status might be consisted of as a part of the costs and expenses charged by the attorney 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 cure amount is the quantity essential to bring a foreclosed loan current. The Public Trustee's foreclosure files only include treatment figures when an Intent to Cure has been submitted and the figures have been received from the foreclosing lawyer.

The only celebrations lawfully enabled to submit an Intent to Cure include, but are not restricted to: residential or commercial property owners, individuals liable, grantor of evidence of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must be filed 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 in individual at the Office of the Clear Creek County Public Trustee (please call or e-mail to confirm that we got the file). There is no fee to file and does not obligate the filer. Cure funds need to be received in the Public Trustees workplace by twelve noon on the day before the sale, and need to be in the form of money or verifiable bank cashier's check.

Please do not anticipate to get information of the quantity due immediately after filing the form. The general public Trustee's Office need to request that information from the loan provider or lending institution's lawyer. Upon invoice of the figures from the lending institution or loan provider's lawyer, the treatment amount will be supplied to you as requested. The figures might be good for just a minimal time so if you do not cure by the legitimate figure due date stated in the declaration, you will need to request an updated treatment declaration through the Public Trustee's Office.

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

The above info is provided only as an educational tool and is not planned to serve as legal guidance.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your obligation to do research before concerning the sale to bid on a residential or commercial property. The general public Trustee can not and does not that the deed of trust being foreclosed is a very first lien - it might be a second or 3rd lien. The General 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 know how to examine the "condition of title" or the "chain of title" to the residential or commercial property, you may wish to work with 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 site, Foreclosure Search.

On Tuesday, 2 days before sale, we will have posted in our workplace by approximately 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The loan provider's composed quote is required to be supplied, in composing, to the general public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public info and you may browse our foreclosure search, sale details, bid, to see the opening bid quantity. Bids received from the lenders may be changed at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the amended composed bid.

Be encouraged: The loan provider or its attorney, 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 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 must get here at the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This details will be used for the Certificate of Purchase, please make certain it is precise and legible.

Those thinking about 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 somebody aside from yourself or another entity that you do not own or control, you require to have composed authorization, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered on 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 lender has actually sent a quote for $150,000.00, for example, you need to bid a minimum of $150,005.00 in order to be the successful bidder.

You will likewise be required to have enough funds with you to bid on the residential or commercial property. Payment of successful bid amounts need to be made in the kind of a verifiable bank cashier's check. Checks need to be payable just to the "Clear Creek County Public Trustee". We can decline third party checks. The general public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually stopped and funds have been offered.

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 an Invoice from the general public Trustee after the sale is finished. A Certificate of Purchase will be issued in the name and address of the successful bidder as revealed on your Bidder Information Form and taped (within 5 company days) by the Public Trustee's office and kept in our office 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 transfer title to you, it merely proofs your financial investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 organization days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 service days after the sale, but no behind midday the last day. If multiple lien holders file an intent to redeem, each extra lien holder will receive a five day redemption period.

If you are gotten in touch with for redemption figures, interest is determined at the rate specified on the note and additional costs are limited to those permitted by statute. Please be prepared to provide invoices for expenses sustained. Redemption figures must be received within 13 company days after the sale. The statement needs to specify all sums required to redeem including the quantity of per diem interest and the interest rate. The statement may be modified up till 2 business days before the start of the next appropriate redemption period. Your declaration of redemption must adhere to 38-38-302 C.R.S.

. If redemption happens, 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 allowed costs as specified by Colorado Revised Statutes (receipts need to be provided) as offered in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon composed demand and payment of the required fees, the Public Trustee's office will release a Verification Deed to convey title to the last redeeming party.

If no Notice of Intent to Redeem is submitted and no redemption is made by anyone, you must request, in writing, that our workplace concern your Confirmation Deed, no earlier than 15 company days after the sale. You must pay a $30.00 fee, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed shall be provided by the Public Trustee and recorded with the Clerk & Recorder's office. 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 acquired for more than the overall owed to the loan provider and to all other lien holders, please contact the Public Trustee's workplace after the sale due to the fact that you may have funds due to you.

The general public Trustee's office does not supply legal recommendations and we do refrain from doing any expulsion proceedings. Once the Confirmation Deed is provided by this office and tape-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 PROBLEM WITH THE COLORADO ATTORNEY GENERAL OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.
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