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What is a Foreclosure?
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Foreclosure occurs when a property owner is no longer able to make mortgage payments as required. This permits the lending institution to seize the residential or commercial property, getting rid of the house owner and offering the home, as stipulated in the mortgage contract.

When a foreclosure takes place, the following steps happen:

1. Notice of Election and Demand is recorded within 10 organization days of getting a packet from the lending institution's attorney.
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 published in regional paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure must be gotten a minimum of 15 calendar days prior to the first scheduled sale date. A cure, in the kind of a cashier's check, must be paid by twelve noon the day before the sale.
7. The court order authorizing the sale and the signed and made a list of bid should be gotten by noon 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 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 recorded within five (5) company days.
11. A Notice of Intent to Redeem should be filed by a junior lienholder within 8 (8) company days after the sale. Foreclosures started 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 together with 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. 2. Original promissory note or bond if initial note has been lost. Some qualified foreclosing lending institutions may submit particular 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 attorneys representing holder. 3. Notice of Election and Demand for Foreclosure. 4. Mailing List, which includes names and addresses of celebrations 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 fees.

The above documents are submitted to the general public Trustee by a Colorado-licensed lawyer representing the lending institution of the loan in default. The Public Trustee the Notice of Election and Demand (NED) and starts the foreclosure procedures. This must be done within 10 organization days after getting the files from the lending institution's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the mailing list or amended newsletter. The mailing list or lists should include all celebrations whose interests appear in an instrument taped 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 taped instrument. If there is no address, then by statute it is not essential to send out 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 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 required the Clear Creek County Public Trustee shall make a determination immediately upon the opening of the foreclosure. 2. This office will accept as evidence:

a. Certified copy of taped subdivision 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 determination is binding 4. Statements used in determining agricultural status no longer need to be tape-recorded 5. Cost for determining status might be consisted of as a part of the costs and expenses 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 remedy amount is the quantity necessary to bring a foreclosed loan current. The Public Trustee's foreclosure files just contain treatment figures when an Intent to Cure has been submitted and the figures have actually been gotten from the foreclosing attorney.

The only celebrations lawfully enabled to file an Intent to Cure consist of, however 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 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) may be filed by e-mail, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or email to verify that we got the file). There is no cost to file and does not obligate the filer. Cure funds must be received in the Public Trustees workplace by twelve noon on the day before the sale, and need to remain in the type of cash or proven bank cashier's check.

Please do not expect to receive details 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 receipt of the figures from the lender or loan provider's lawyer, the cure amount will be supplied to you as requested. The figures may benefit just a limited time so if you do not cure by the legitimate figure deadline set forth in the declaration, you will require to ask for an updated cure statement through the Public Trustee's Office.

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

The above info is supplied just as an informational tool and is not planned to serve as legal guidance.

How to Bid at a Foreclosure Sale:

Preparing beforehand:

It is your responsibility to do research study before pertaining to 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 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 evaluations have actually been paid or if there are any other liens versus the residential or commercial property. If you do not understand how to inspect the "condition of title" or the "chain of title" to the residential or commercial property, you might wish to work with somebody to do the research for you.

You can obtain 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 approximately 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lender's composed quote is needed to be offered, in writing, to the general public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public information and you might browse our foreclosure search, sale info, quote, to see the opening quote quantity. Bids received from the lending institutions might be amended at the time of sale so long as the lending institution's agent is personally present at sale and re-executes the amended written bid.

Be advised: The loan provider or its attorney, or the Public Trustee, might pull or continue a residential or commercial property from the sale list at any time up till the sale begins Thursday 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 should come to the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This info will be used for the Certificate of Purchase, please be sure it is accurate and understandable.

Those interested in bidding must personally participate in the sale. We do not take over-bids by phone, fax or e-mail. If you are appearing at the sale to bid on behalf of somebody other than yourself or another entity that you do not own or control, you require to have actually written authorization, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gone into on behalf of that other person or entity at the time the bid is made.

Bidding at the sale continues in increments of $5.00 - if the lending institution has sent a quote for $150,000.00, for example, you should bid at least $150,005.00 in order to be the successful bidder.

You will also be required to have adequate funds with you to bid on the residential or commercial property. Payment of successful bid amounts need to 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 decline 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 actually 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 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 taped (within 5 service days) by the Public Trustee's workplace and retained in our office 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 transfer title to you, it merely proofs your investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 business days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 organization days after the sale, but no later than twelve noon the final day. If several lien holders file an intent to redeem, each additional lien holder will receive a 5 day redemption period.

If you are contacted for redemption figures, interest is calculated at the rate defined on the note and additional expenses are restricted to those allowed by statute. Please be prepared to provide receipts for expenditures sustained. Redemption figures should be received within 13 organization days after the sale. The statement must define all sums needed to redeem consisting of the amount of per diem interest and the interest rate. The declaration may be modified up till 2 business days before the start of the next suitable redemption period. Your declaration of redemption need to comply with 38-38-302 C.R.S.

. If redemption happens, the Certificate of Purchase holder is paid the bid quantity, 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 (invoices must be provided) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon written demand and payment of the required charges, the Public Trustee's office will provide 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 ask for, in writing, that our workplace issue your Confirmation Deed, no sooner than 15 organization days after the sale. You need to pay a $30.00 cost, plus recording expenses, for issuance of the recorded Deed. The Confirmation Deed shall be issued by the Public Trustee and 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 bought for more than the overall 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 general public Trustee's workplace does not supply legal advice and we do refrain from doing any eviction proceedings. Once the Confirmation Deed is released by this workplace and taped, 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, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.
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