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What is a Foreclosure?

What is a Foreclosure?

Foreclosure occurs when a house owner is no longer able to make mortgage payments as needed. This permits the lender to seize the residential or commercial property, removing the homeowner and offering the home, as stipulated in the mortgage contract.

When a foreclosure happens, the following steps take place:

1. Notice of Election and Demand is tape-recorded within 10 organization days of getting a package from the loan provider’s attorney.

2. Sale date is set in 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 set up sale date.

5. Combined Notice released in local paper 45-60 calendar days prior to the very first date.

6. Notice of Intent to Cure must be gotten at least 15 calendar days prior to the first scheduled sale date. A remedy, in the form of a cashier’s check, must be paid by 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 received by twelve noon two (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 carried out 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 Notice of Intent to Redeem need to be filed by a junior lienholder within 8 (8) business days after the sale. Foreclosures started 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 begin the foreclosure process, the following is sent to the general public Trustee’s office together 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 original note has actually been lost. Some qualified foreclosing lending institutions might 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 initial promissory note and Certification of Qualified Holder, signed by lawyers representing holder.
3. Notice of Election and Demand for Foreclosure.
4. Mailing List, that includes names and addresses of parties to receive Combined Notice of the sale, rights to cure and rights to redeem.
5. Additional files needed under foreclosure statutes.
6. Payment of needed costs.

The above files are sent to the general public Trustee by a Colorado-licensed lawyer representing the lending institution of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This need to be done within 10 business days after getting the files from the lending institution’s lawyer.
A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations listed on the subscriber list or amended newsletter. The mailing list or lists need to include all parties 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 recorded instrument. If there is no address, then by statute it is not required 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 agricultural 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 immediately upon the opening of the foreclosure.
2. This workplace shall accept as proof:

a. Certified copy of tape-recorded neighborhood plat
b. Written statement from city or town clerk
c. Written declaration from county assessor
d. Statements must be dated no more than 6 months before the NED was submitted

3. Our determination is binding
4. Statements used in determining agricultural status no longer need to be taped
5. Cost for determining status might be included as a portion of the costs and expenses charged by the lawyer
Please do not include 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 required to bring a foreclosed loan current. The general public Trustee’s foreclosure files just include cure figures when an Intent to Cure has been filed and the figures have actually been received from the foreclosing lawyer.

The only parties lawfully enabled to file 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 must be filed 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 Public Trustee (please call or e-mail to validate that we got the file). There is no charge to submit and does not obligate the filer. Cure funds should be received in the general public Trustees workplace by midday on the day before the sale, and should remain in the form of money or proven bank cashier’s check.

Please do not anticipate to get information of the amount due immediately after submitting the kind. The general public Trustee’s Office need to ask for that info from the lender or loan provider’s attorney. Upon invoice of the figures from the loan provider or loan provider’s attorney, the remedy quantity will be supplied to you as asked for. The figures might be great for just a restricted time so if you do not treat by the valid figure deadline set forth in the statement, you will require to request an updated cure declaration through the general public Trustee’s Office.

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

The above info is provided only as an informative tool and is not intended to serve as legal suggestions.

How to Bid at a Foreclosure Sale:

Preparing beforehand:

It is your responsibility 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 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 versus the residential or commercial property. If you do not know how to check 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 obtain 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 workplace by approximately 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 required to be offered, in composing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public info and you may browse our foreclosure search, sale information, bid, to see the opening bid amount. Bids received from the lending institutions may be modified at the time of sale so long as the lender’s representative is personally present at sale and re-executes the modified written bid.

Be encouraged: 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 till the sale starts Thursday early morning.

Sign in on sale day:

The Clear Creek County Public Trustee holds foreclosure sales on Thursday’s promptly 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 mean to bid on a residential or commercial property, you need to get to the workplace about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, etc. This information will be utilized for the Certificate of Purchase, please make certain it is precise and understandable.

Those thinking about 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 besides yourself or another entity that you do not own or control, you need to have written 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 person or entity at the time the quote is made.

Bidding at the sale proceeds in increments of $5.00 – if the loan provider has submitted a bid for $150,000.00, for example, you should bid at least $150,005.00 in order to be the successful bidder.

You will likewise be required to have enough funds with you to bid on the residential or commercial property. Payment of successful bid quantities need to be made in the kind of a verifiable bank cashier’s check. Checks should be payable only to the “Clear Creek County Public Trustee”. We can not accept 3rd celebration 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 actually been supplied.

Pursuant to laws in impact 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 an Invoice from the general public Trustee after the sale is finished. A Certificate of Purchase will be provided in the name and address of the effective bidder as shown on your Bidder Information Form and tape-recorded (within 5 company days) by the Public Trustee’s office and maintained in our office records.

As the grantee 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 transfer title to you, it merely 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 file an intent to redeem. The most senior lien might redeem 15 to 19 company days after the sale, however no behind midday the last day. If numerous lien holders submit an intent to redeem, each additional lien holder will receive a 5 day redemption period.

If you are called for redemption figures, interest is computed at the rate specified on the note and extra costs are limited to those enabled by statute. Please be prepared to offer receipts for costs sustained. Redemption figures need to be gotten within 13 service days after the sale. The declaration must specify all amounts required to redeem consisting of the amount of daily interest and the rate of interest. The statement might be amended up until 2 company days before the start of the next relevant redemption period. Your declaration of redemption need to comply with 38-38-302 C.R.S.

. If redemption occurs, 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 defined by Colorado Revised Statutes (receipts must 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 required costs, the Public Trustee’s office will release a Confirmation Deed to communicate title to the last redeeming party.

If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you must request, in composing, that our workplace problem your Confirmation Deed, no faster than 15 company days after the sale. You must pay a $30.00 cost, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed shall be released 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 purchased for more than the overall owed to the lender and to all other lien holders, please contact the Public Trustee’s office after the sale since you might have funds due to you.

The general public Trustee’s office does not provide legal advice and we do not do any eviction proceedings. Once the Confirmation Deed is issued by this office and recorded, the 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 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.