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What is a Foreclosure?

Foreclosure happens 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, getting rid of the house owner and selling the home, as specified in the mortgage contract.

When a foreclosure happens, the following actions take place:

1. Notice of Election and Demand is taped within 10 business days of getting a packet from the lender's attorney.
2. Sale date is set between 110 through 125 calendar days after the NED was recorded (non-ag).
3. Combined Notice is sent by mail within 20 calendar days after the NED was recorded.
4. Second Combined Notice is sent by mail 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 need to be gotten a minimum of 15 calendar days prior to the first scheduled sale date. A cure, in the form 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 made a list of bid needs to be gotten by twelve noon 2 (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 5 (5) company 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 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 sent to the Public Trustee's office in addition to a recommendation of the case and a Certificate of the Current Owner of the debt:

1. Original or licensed copy of the recorded deed of trust. 2. Original promissory note or bond if initial note has been lost. Some qualified foreclosing lending institutions may send specific 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 initial 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 parties to receive Combined Notice of the sale, rights to cure and rights to redeem. 5. Additional documents required under foreclosure statutes. 6. Payment of needed costs.

The above documents are sent to the general public Trustee by a Colorado-licensed lawyer representing the loan provider of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This need to be done within ten service days after receiving the files from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations listed on the newsletter or amended subscriber list. The mailing list or lists should include all celebrations whose interests appear in an instrument recorded subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notices are sent 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 farming residential or commercial properties. Clear Creek County needs a preliminary deposit of $650 for all foreclosures

How to Determine Agricultural Status C.R.S. 38-38-108( 2( a)( I)

1. If necessary the Clear Creek County Public Trustee shall make a determination right away upon the opening of the foreclosure. 2. This workplace will accept as evidence:

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

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

The only celebrations lawfully enabled to submit an Intent to Cure include, however are not limited to: residential or commercial property owners, individuals liable, grantor of proof 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 email, fax, mail or in individual at the Office of the Clear Creek County (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 need to be received in the general public Trustees office by noon on the day before the sale, and should remain in the kind of cash or verifiable bank cashier's check.

Please do not expect to receive details of the amount due instantly after filing the form. The Public Trustee's Office need to ask for that information from the loan provider or lending institution's attorney. Upon invoice of the figures from the loan provider or lending institution's lawyer, the remedy amount will be provided to you as asked for. The figures may be great for just a minimal time so if you do not cure by the legitimate figure deadline set forth in the statement, you will need to request an updated remedy statement through the Public Trustee's Office.

To get more information about your foreclosure choices, 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 function as legal suggestions.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your obligation to do research before coming 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 very first lien - it might be a 2nd or third lien. The Public Trustee does not know 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 may 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 site, Foreclosure Search.

On Tuesday, two days before sale, we will have published 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 composed bid is needed to be offered, in composing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public info and you may browse our foreclosure search, sale information, bid, to see the opening bid amount. Bids received from the loan providers may be modified at the time of sale so long as the lender's representative is personally present at sale and re-executes the changed composed quote.

Be advised: 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 until 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 reach the workplace 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 sure it is accurate and clear.

Those interested in bidding must 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 need to have actually composed authorization, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your bid is being gone into 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 loan provider has actually submitted a bid for $150,000.00, for example, you need to bid at least $150,005.00 in order to be the effective bidder.

You will likewise be required to have sufficient funds with you to bid on the residential or commercial property. Payment of effective quote amounts must be made in the type of a proven bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The general public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has stopped and funds have been supplied.

Pursuant to laws in result 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 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 successful bidder as shown on your Bidder Information Form and recorded (within 5 business days) by the Public Trustee's office and maintained in our office records.

As the beneficiary named 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 move title to you, it simply 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 submit an intent to redeem. The most senior lien may redeem 15 to 19 service days after the sale, but no behind twelve noon the last day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a five day redemption duration.

If you are called for redemption figures, interest is computed at the rate defined on the note and extra expenses are limited to those permitted by statute. Please be prepared to provide receipts for expenditures incurred. Redemption figures must be gotten within 13 organization days after the sale. The declaration must specify all amounts required to redeem consisting of the quantity of per diem interest and the rates of interest. The declaration might be changed up until 2 company 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 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 specified by Colorado Revised Statutes (receipts need to be supplied) as offered in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon written request and payment of the needed fees, the general public Trustee's workplace will provide 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 need to request, in composing, that our workplace concern your Confirmation Deed, no quicker than 15 organization days after the sale. You need to pay a $30.00 fee, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed shall be released by the Public Trustee and recorded with the Clerk & Recorder's workplace. 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 purchased for more than the overall owed to the lending institution and to all other lien holders, please contact the Public Trustee's office after the sale since you might have funds due to you.
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The general public Trustee's workplace does not offer legal recommendations and we do not do any eviction procedures. Once the Confirmation Deed is released by this office and taped, 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 GRIEVANCE WITH THE COLORADO ATTORNEY GENERAL OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.