What is a Foreclosure?

Foreclosure happens when a property owner is no longer able to make mortgage payments as required. This enables the lending institution to seize the residential or commercial property, eliminating the property owner and offering the home, as stipulated in the mortgage agreement.

When a foreclosure happens, the following actions occur:

1. Notice of Election and Demand is taped within 10 business days of receiving a packet from the lender's attorney.
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 recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially scheduled sale date.
5. Combined Notice published in local paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure should be gotten at least 15 calendar days prior to the first scheduled sale date. A treatment, 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 itemized bid needs to be received by twelve noon 2 (2) service 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 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 tape-recorded within five (5) company days.
11. A Notice of Intent to Redeem should be filed by a junior lienholder within 8 (8) service days after the sale. Foreclosures began in 2008 and newer do not permit 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 procedure, the following is submitted to the general public Trustee's office along with a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or qualified copy of the taped deed of trust.

1. Original promissory note or bond if initial note has actually been lost. Some certified foreclosing lending institutions might 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 original promissory note and Certification of Qualified Holder, signed by attorneys representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, which includes names and addresses of celebrations to get Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional documents needed under foreclosure statutes.
5. Payment of required fees.
   
   The above files are submitted to the Public Trustee by a Colorado-licensed attorney representing the lender of the loan in default. The general public Trustee tapes the Notice of Election and Demand (NED) and starts the foreclosure procedures. This should be done within ten service days after receiving the documents from the lending institution's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations listed on the subscriber list or modified newsletter. The newsletter or lists need to consist of all celebrations whose interests appear in an instrument tape-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 tape-recorded instrument. If there is no address, then by statute it is not essential 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 needed the Clear Creek County Public Trustee shall make a determination immediately upon the opening of the foreclosure.
6. This office will accept as proof:
   
   a. Certified copy of recorded subdivision plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements must be dated no greater than 6 months before the NED was filed
   
   3. Our decision is binding
7. Statements used in identifying agricultural status no longer need to be recorded
8. Cost for determining status might be consisted of as a part of the fees and costs charged by the attorney Please do not consist of copies of statutes for mailing. This is covered in the cost of postage and copies.
   
   How to Cure a Foreclosure:
   
   A treatment quantity is the quantity necessary 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 gotten from the foreclosing lawyer.
   
   The only permitted to submit an Intent to Cure include, but are not restricted to: residential or commercial property owners, individuals accountable, 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 submitted at least fifteen days prior to the date of the set up Public Trustee sale.
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   The Intent to Cure Form (PDF) might be filed by e-mail, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or e-mail to validate that we got the document). There is no fee to file and does not obligate the filer. Cure funds must be gotten in the Public Trustees office by twelve noon on the day before the sale, and must be in the kind of money or verifiable bank cashier's check.
   
   Please do not expect to get information of the amount due instantly after submitting the type. The general public Trustee's Office must request that information from the lender or loan provider's attorney. Upon invoice of the figures from the lender or lending institution's lawyer, the cure quantity will be offered to you as asked for. The figures may benefit only a limited time so if you do not cure by the valid figure due date stated in the declaration, you will require to request an updated remedy declaration through the general public Trustee's Office.
   
   For more information about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above information is supplied just as an informative tool and is not meant to work as legal advice.
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   How to Bid at a Foreclosure Sale:
   
   Preparing ahead of time:
   
   It is your duty to do research study before pertaining 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 first lien - it could be a second or third lien. The General 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 against 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 might wish to hire somebody to do the research 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, 2 days before sale, we will have posted in our workplace 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 bid is required to be supplied, in composing, to the 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, quote, to see the opening quote amount. Bids got from the loan providers might be changed at the time of sale so long as the loan provider's agent is personally present at sale and re-executes the modified composed quote.
   
   Be advised: The lender or its lawyer, 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.
   
   Sign in on sale day:
   
   The Clear Creek County Public Trustee holds foreclosure sales on Thursday's without delay 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 ought to get here at the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This info will be used for the Certificate of Purchase, please make certain it is precise and legible.
   
   Those thinking about bidding should personally attend 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 besides yourself or another entity that you do not own or control, you require to have actually composed authorization, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered upon behalf of that other individual or entity at the time the quote is made.
   
   Bidding at the sale continues in increments of $5.00 - if the lender has actually submitted a bid for $150,000.00, for example, you should bid at least $150,005.00 in order to be the effective bidder.
   
   You will likewise be required to have adequate funds with you to bid on the residential or commercial property. Payment of effective quote amounts must be made in the form of a proven bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The general public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has actually stopped and funds have actually been supplied.
   
   Pursuant to laws in effect on January 1, 2008 for cases began after that date, the successful bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be supplied with a Receipt from the general public Trustee after the sale is finished. A Certificate of Purchase will be issued in the name and address of the effective bidder as shown on your Bidder Information Form and taped (within 5 business days) by the Public Trustee's office and retained in our workplace 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 move title to you, it simply 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, however no later on than twelve noon the last day. If several 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 determined at the rate defined on the note and additional expenditures are restricted to those allowed by statute. Please be prepared to provide receipts for expenses sustained. Redemption figures must be gotten within 13 organization days after the sale. The statement should specify all amounts required to redeem consisting of the quantity of per diem interest and the rate of interest. The declaration might be modified up till 2 company days before the start of the next applicable redemption period. Your statement 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 defined in the Deed of Trust and Note being foreclosed, and any other allowable expenses as defined by Colorado Revised Statutes (receipts should be supplied) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon written request and payment of the needed costs, the 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 filed and no redemption is made by anybody, you need to ask for, in writing, that our workplace concern your Confirmation Deed, no faster than 15 business days after the sale. You should pay a $30.00 fee, plus recording expenses, for issuance of the recorded Deed. The Confirmation Deed will be issued by the Public Trustee and taped with the Clerk & Recorder's workplace. 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 total owed to the lending institution and to all other lien holders, please contact the Public Trustee's office after the sale due to the fact that you might have funds due to you.
   
   The Public Trustee's workplace does not supply legal guidance and we do refrain from doing any eviction 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 LENDER 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 COMPLAINT 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.