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What is a Foreclosure?

Foreclosure takes place when a house owner is no longer able to make mortgage payments as required. This permits the loan provider to take the residential or commercial property, eliminating the house owner and selling the home, as stipulated in the mortgage agreement.

When a foreclosure happens, the following actions occur:

1. Notice of Election and Demand is tape-recorded within 10 organization days of receiving a package from the lending institution's attorney.
2. Sale date is set 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 initially 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 very first scheduled sale date. A remedy, in the type of a cashier's check, should be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and detailed bid needs to be gotten by noon 2 (2) business days prior to sale day.
8. The Pre-sale List is provided 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) service days.
11. A Notice of Intent to Redeem must be submitted by a junior lienholder within eight (8) service days after the sale. Foreclosures started in 2008 and newer 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 sent to the Public Trustee's workplace along with a recommendation of the case and a Certificate of the Current Owner of the debt:

1. Original or certified copy of the taped deed of trust. 2. Original promissory note or bond if initial note has been lost. Some certified foreclosing lenders might send particular paperwork 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 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 consists of names and addresses of parties to get Combined Notice of the sale, rights to treat and rights to redeem. 5. Additional documents required under foreclosure statutes. 6. Payment of required fees.

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 Public Trustee tape-records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This must be done within ten business days after receiving the files from the lender's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the subscriber list or amended mailing list. The subscriber list or lists should consist of 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 to the addresses revealed on the recorded 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 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 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 will make a decision instantly upon the opening of the foreclosure. 2. This workplace shall accept as proof:

a. Certified copy of tape-recorded subdivision plat b. Written statement from city or town clerk c. Written statement from county assessor d. Statements need to be dated no more 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 identifying status might be included as a part of the charges 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 treatment quantity is the amount essential to bring a foreclosed loan current. The general public Trustee's foreclosure files just consist of remedy figures when an Intent to Cure has been filed and the figures have been gotten from the foreclosing lawyer.

The only parties legally enabled to submit an Intent to Cure include, however are not restricted to: residential or commercial property owners, persons liable, grantor of proof of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure need to be filed a minimum of fifteen days prior to the date of the scheduled Public Trustee sale.

The Intent to Cure Form (PDF) might be filed by e-mail, fax, mail or personally at the Office of the Clear Creek County Public Trustee (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 must be gotten in the Public Trustees office by midday on the day before the sale, and should remain in the kind of cash or proven bank cashier's check.

Please do not expect to get details of the amount due immediately after filing the kind. The general public Trustee's Office need to ask for that info from the lender or lender's lawyer. Upon receipt of the figures from the lender or lender's lawyer, the remedy quantity will be supplied to you as asked for. The figures may benefit only a minimal time so if you do not treat by the legitimate figure due date set forth in the statement, you will require to ask for an updated treatment through the Public Trustee's Office.

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

The above details is provided just as an informational tool and is not planned to act as legal advice.

How to Bid at a Foreclosure Sale:

Preparing beforehand:

It is your responsibility to do research 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 first lien - it might be a second 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 against 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 wish to employ someone to do the research study for you.

You can acquire the foreclosure case number for the residential or commercial property by looking it up at our website, Foreclosure Search.

On Tuesday, two days before sale, we will have posted in our office by around 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lender's composed quote is needed 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 quotes are public information and you may search our foreclosure search, sale info, bid, to see the opening bid quantity. Bids got from the lenders might be modified at the time of sale so long as the lender's agent is personally present at sale and re-executes the modified composed bid.

Be recommended: The loan provider or its lawyer, or the general public Trustee, might pull or continue a residential or commercial property from the sale list at any time up until the sale starts 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 intend to bid on a residential or commercial property, you should get to the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This details will be used for the Certificate of Purchase, please be sure it is accurate and understandable.

Those interested in bidding needs to personally participate in 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 other than 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 gone into on behalf of that other person or entity at the time the quote 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 need to bid at least $150,005.00 in order to be the effective bidder.

You will also be required to have sufficient funds with you to bid on the residential or commercial property. Payment of successful quote amounts should 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 not accept 3rd party checks. The Public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually ceased and funds have been provided.

Pursuant to laws in effect on January 1, 2008 for cases started after that date, the successful bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be supplied with a Receipt from the Public Trustee after the sale is finished. A Certificate of Purchase will be provided 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 maintained in our office records.

As the grantee called 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 transfer title to you, it merely evidences your financial investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 company days after the sale to submit an intent to redeem. The most senior lien might redeem 15 to 19 company days after the sale, but no later than twelve noon the last day. If numerous lien holders submit an intent to redeem, each additional lien holder will receive a five day redemption period.

If you are called for redemption figures, interest is computed at the rate specified on the note and additional expenditures are limited to those enabled by statute. Please be prepared to provide invoices for expenditures sustained. Redemption figures need to be gotten within 13 business days after the sale. The declaration must specify all sums needed to redeem consisting of the quantity of per diem interest and the interest rate. The statement might be changed up until 2 business days before the start of the next relevant redemption duration. Your declaration of redemption must adhere to 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 allowed costs as specified by Colorado Revised Statutes (invoices should be supplied) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon written request and payment of the needed charges, 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 office concern your Confirmation Deed, no quicker than 15 company days after the sale. You must pay a $30.00 charge, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed shall be provided 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 loan provider and to all other lien holders, please contact the general public Trustee's office after the sale since you may have funds due to you.
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The Public Trustee's office does not offer legal suggestions and we do not do any expulsion proceedings. Once the Confirmation Deed is issued by this workplace and tape-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 GRIEVANCE WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.
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