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<br>What is a Foreclosure?<br>[wikipedia.org](https://www.wikipedia.org/)
<br>Foreclosure takes place when a house owner is no longer able to make mortgage payments as required. This enables the loan provider to seize the residential or commercial property, removing the property owner and selling the home, as stipulated in the mortgage contract.<br>[sakamotoproperties.com](https://www.sakamotoproperties.com/our-blog/)
<br>When a foreclosure occurs, the following steps take place:<br>
<br>1. Notice of Election and Demand is taped within 10 service days of getting a package from the loan provider's lawyer.
<br>2. Sale date is set between 110 through 125 calendar days after the NED was recorded (non-ag).
<br>3. Combined Notice is sent by mail within 20 calendar days after the NED was recorded.
<br>4. Second [Combined Notice](https://thailandproperty.com) is mailed with 45-60 calendar days prior to initially scheduled sale date.
<br>5. Combined Notice published in regional paper 45-60 calendar days prior to the very first scheduled sale date.
<br>6. Notice of Intent to Cure need to be received a minimum of 15 calendar days prior to the very first scheduled sale date. A cure, in the type of a cashier's check, need to be paid by midday the day before the sale.
<br>7. The court order authorizing the sale and the signed and detailed quote should be received by noon two (2) company days prior to sale day.
<br>8. The Pre-sale List is provided by 2:00 p.m. on Tuesday before Thursday's sale.
<br>9. The sale is performed at the Clear Creek County Courthouse, Office of the Treasurer & Public Trustee at 11:00 a.m. on Thursdays
<br>10. The Certificate of Purchase is tape-recorded within five (5) business days.
<br>11. A Notice of Intent to Redeem must be submitted by a junior lienholder within 8 (8) service days after the sale. Foreclosures started in 2008 and newer do not enable owner redemptions.
<br>
How to Start a Foreclosure in Clear Creek County:<br>
<br>Pursuant to laws effective 1/1/2010,<br>
<br>In order to start the foreclosure process, the following is submitted to the general public Trustee's workplace together with a recommendation of the case and a Certificate of the Current Owner of the debt:<br>
<br>1. Original or certified copy of the taped deed of trust.
2. Original promissory note or bond if initial note has actually been lost. Some 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.
3. Notice of Election and Demand for Foreclosure.
4. Mailing List, that includes names and addresses of parties to get Combined Notice of the sale, rights to cure and rights to redeem.
5. Additional files needed under foreclosure statutes.
6. Payment of needed fees.<br>
<br>The above documents are submitted to the general public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The general public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure procedures. This must 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 to celebrations noted on the mailing list or changed subscriber list. The newsletter or lists must consist of 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 shown on the recorded instrument. If there is no address, then by statute it is not required 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<br>
<br>How to Determine Agricultural Status C.R.S. 38-38-108( 2( a)( I)<br>
<br>1. If essential the Clear Creek County Public Trustee will make a determination instantly upon the opening of the foreclosure.
2. This workplace will accept as evidence:<br>
<br>a. Certified copy of tape-recorded neighborhood plat
b. Written declaration from city or town clerk
c. Written declaration from [county assessor](https://onestopagency.org)
d. Statements need to be dated no greater than 6 months before the NED was submitted<br>
<br>3. Our determination is binding
4. Statements used in determining farming status no longer need to be taped
5. Cost for figuring out status may be consisted of as a part of the fees 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.<br>
<br>How to Cure a Foreclosure:<br>
<br>A treatment amount is the quantity required to bring a foreclosed loan current. The general public Trustee's foreclosure files just include treatment figures when an Intent to Cure has actually been submitted and the figures have been received from the foreclosing lawyer.<br>
<br>The only celebrations legally permitted to submit an Intent to Cure consist of, however are not limited to: residential or commercial property owners, individuals responsible, 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.<br>
<br>The Intent to Cure Form (PDF) might be submitted by email, fax, mail or in [individual](https://michiganhorseproperty.com) at the Office of the Clear Creek County Public Trustee (please call or e-mail to confirm that we received the file). There is no charge to submit and does not obligate the filer. Cure funds should be gotten in the general public Trustees office by twelve noon on the day before the sale, and must be in the form of cash or proven bank [cashier's](https://www.cacecyluxuryhomes.co.ke) check.<br>
<br>Please do not anticipate to get information of the [quantity](https://pricelesslib.com) due right away after filing the type. The general public Trustee's Office must request that details from the lending institution or lending institution's attorney. Upon invoice of the figures from the lending institution or lending institution's lawyer, the treatment amount will be offered to you as requested. The figures might be great for just a limited time so if you do not treat by the valid figure due date set forth in the statement, you will require to ask for an upgraded treatment statement through the Public Trustee's Office.<br>
<br>For more information about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.<br>
<br>The above info is [offered](https://realzip.com.au) only as an informative tool and is not intended to work as legal advice.<br>
<br>How to Bid at a Foreclosure Sale:<br>
<br>Preparing in advance:<br>
<br>It is your responsibility to do research 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 second or third 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](https://www.horizonsrealtycr.com) 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 study for you.<br>
<br>You can get the foreclosure case number for the residential or [commercial property](https://meza-realestate.com) by looking it up at our site, Foreclosure Search.<br>
<br>On Tuesday, 2 days before sale, we will have posted in our office by roughly 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lending institution's written bid is needed to be supplied, in writing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public details and you may browse our foreclosure search, sale information, quote, to see the opening bid quantity. Bids received from the lending institutions may be amended at the time of sale so long as the lending institution's representative is personally present at sale and re-executes the modified written quote.<br>
<br>Be advised: The lender 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 starts Thursday morning.<br>
<br>Check in on sale day:<br>
<br>The Clear Creek County Public Trustee holds foreclosure sales on Thursday's immediately 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)<br>
<br>If you mean to bid on a residential or commercial property, you must arrive at the office about 15 to 20 minutes early to complete 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.<br>
<br>Those interested in bidding must personally go to 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 someone other than yourself or another entity that you do not own or control, you require to have actually written authorization, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered on behalf of that other individual or entity at the time the bid is made.<br>
<br>Bidding at the sale continues in [increments](https://www.dominicanrepublicrealestate.org) of $5.00 - if the lending institution has actually sent a quote for $150,000.00, for example, you must bid at least $150,005.00 in order to be the effective bidder.<br>
<br>You will also be needed to have sufficient funds with you to bid on the residential or commercial property. Payment of effective bid quantities should be made in the form of a verifiable bank cashier's check. Checks need to be [payable](https://woynirealtor.com) just to the "Clear Creek County Public Trustee". We can not accept 3rd celebration checks. The general public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has ceased and funds have actually been supplied. <br>
<br>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 supplied with an Invoice from the Public Trustee after the sale is finished. A Certificate of Purchase will be provided in the name and address of the effective bidder as revealed on your Bidder Information Form and recorded (within 5 organization days) by the Public Trustee's workplace and maintained in our office records.<br>
<br>As the beneficiary 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 proofs your investment made at the time of sale.<br>
<br>The Redemption Process:<br>
<br>A junior lien holder has 8 service 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 later on than twelve noon the final day. If numerous lien holders submit an intent to redeem, each extra lien holder will get a five day redemption period.<br>
<br>If you are called for redemption figures, interest is computed at the rate specified on the note and extra expenditures are restricted to those enabled by statute. Please be prepared to offer invoices for expenditures incurred. Redemption figures must be received within 13 company days after the sale. The declaration must specify all sums required to redeem consisting of the quantity of daily interest and the rates of interest. The declaration may be changed up till 2 organization days before the start of the next appropriate redemption period. Your declaration of redemption need to comply with 38-38-302 C.R.S.<br>
<br>. If redemption occurs, the Certificate of Purchase holder is paid the bid quantity, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other allowable expenses as defined by Colorado Revised Statutes (receipts must be provided) as [supplied](https://preconcentral.com) in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon written demand and payment of the required costs, the Public Trustee's office will provide a Verification Deed to communicate title to the last redeeming party.<br>
<br>If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you should request, in writing, that our office concern your Confirmation Deed, no quicker than 15 company days after the sale. You need to pay a $30.00 fee, plus recording expenses, for issuance of the recorded Deed. The Confirmation Deed shall be issued 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.<br>
<br>Notice to an owner in foreclosure:<br>
<br>If your residential or commercial property goes to foreclosure auction sale and is bought for more than the total owed to the loan provider and to all other lien holders, please contact the Public Trustee's office after the sale since you might have funds due to you.<br>
<br>The general public Trustee's workplace does not provide legal suggestions and we do refrain from doing any expulsion procedures. Once the Confirmation Deed is issued by this workplace and recorded, the Public Trustee's file is closed.<br>
<br>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.<br>