What is a Foreclosure?

Foreclosure takes place when a homeowner is no longer able to make mortgage payments as needed. This allows the lender to seize the residential or commercial property, removing the house owner and selling the home, as stated in the mortgage agreement.

When a foreclosure happens, the following steps take place:

1. Notice of Election and Demand is recorded within 10 company days of receiving a package from the lender’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 sent by mail within 20 calendar days after the NED was taped.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first set up sale date.
5. Combined Notice published in regional paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure should be received at least 15 calendar days prior to the first scheduled sale date. A cure, in the form of a cashier’s check, should be paid by twelve noon the day before the sale.
7. The court order authorizing the sale and the signed and made a list of quote needs to be received by noon 2 (2) organization days prior to sale day.
8. The Pre-sale List is made readily available 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) service days.
11. A Notice of Intent to Redeem must be submitted by a junior lienholder within 8 (8) business days after the sale. Foreclosures started in 2008 and more recent do not permit owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws efficient 1/1/2010,

In order to start the foreclosure procedure, the following is sent to the Public Trustee’s office along with a referral of the case and a Certificate of the Current Owner of the debt:

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

1. Original promissory note or bond if initial note has been lost. Some qualified foreclosing lenders may send specific 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.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of celebrations to receive Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional files required under foreclosure statutes.
5. Payment of required costs.
   
   The above documents are submitted to the Public Trustee by a Colorado-licensed lawyer representing the loan provider of the loan in default. The general public Trustee tape-records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This must be done within ten business days after receiving the documents from the loan provider’s lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the mailing list or changed subscriber list. The newsletter or lists need to 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 shown on the recorded instrument. If there is no address, then by statute it is not required 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 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 necessary the Clear Creek County Public Trustee shall make a determination instantly upon the opening of the foreclosure.
6. This office shall accept as evidence:
   
   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 submitted
   
   3. Our determination is binding
7. Statements utilized in determining farming status no longer need to be tape-recorded
8. Cost for determining status might be consisted of as a part of the charges and costs charged by the attorney 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 treatment figures when an Intent to Cure has been submitted and the figures have been received from the foreclosing lawyer.
   
   The only celebrations legally enabled to submit an Intent to Cure include, but are not restricted to: residential or commercial property owners, persons 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 filed a minimum of fifteen days prior to the date of the scheduled Public Trustee sale.
   
   The Intent to Cure Form (PDF) may be submitted by email, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we received the document). There is no fee to submit and does not obligate the filer. Cure funds should be received in the general public Trustees office by midday on the day before the sale, and should be in the kind of money or verifiable bank cashier’s check.
   
   Please do not anticipate to receive details of the quantity due instantly after submitting the form. The Public Trustee’s Office must request that information from the loan provider or lender’s attorney. Upon invoice of the figures from the lender or lender’s attorney, the remedy amount will be supplied to you as requested. The figures may benefit only a restricted time so if you do not cure by the legitimate figure due date stated in the declaration, you will require to ask for an updated cure statement through the general public Trustee’s Office.
   
   To find out more about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is offered just as an informative tool and is not meant to work as legal guidance.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing in advance:
   
   It is your duty 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 very first lien - it might be a second or third lien. The General Public Trustee does not understand the condition of the residential or commercial property, or if the residential or commercial property taxes or assessments have been paid or if there are any other liens against the residential or commercial property. If you do not understand how to check the “condition of title” or the “chain of title” to the residential or commercial property, you may want to hire 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 published in our office by roughly 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 writing, to the general 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 info, quote, to see the opening bid amount. Bids received from the loan providers may be changed at the time of sale so long as the lending institution’s representative is personally present at sale and re-executes the changed written bid.
   
   Be recommended: The lending institution or its lawyer, or the general public Trustee, may pull or continue a residential or commercial property from the sale list at any time up until the sale starts Thursday early 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 mean to bid on a residential or commercial property, you ought to get to the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This information will be used for the Certificate of Purchase, please make sure it is precise and clear.
   
   Those thinking about bidding should 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 aside from yourself or another entity that you do not own or control, you require to have written authorization, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered upon 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 actually sent a quote for $150,000.00, for example, you must bid a minimum of $150,005.00 in order to be the effective bidder.
   
   You will likewise be required to have enough funds with you to bid on the residential or commercial property. Payment of effective quote quantities must be made in the type of a proven bank cashier’s check. Checks should be payable just to the “Clear Creek County Public Trustee”. We can decline third party checks. The Public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has actually stopped and funds have actually been supplied.
   
   Pursuant to laws in result on January 1, 2008 for cases started 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 a Receipt from the general public Trustee after the sale is completed. A Certificate of Purchase will be released in the name and address of the as shown on your Bidder Information Form and tape-recorded (within 5 business days) by the Public Trustee’s workplace and kept in our workplace records.
   
   As the beneficiary named 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 transfer title to you, it simply evidences your 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 behind midday the final day. If multiple lien holders file an intent to redeem, each extra lien holder will get a five day redemption duration.
   
   If you are gotten in touch with for redemption figures, interest is computed at the rate specified on the note and additional costs are restricted to those enabled by statute. Please be prepared to offer receipts for expenses incurred. 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 per diem interest and the rates of interest. The statement may be modified up till 2 organization days before the start of the next applicable redemption duration. Your declaration of redemption must abide by 38-38-302 C.R.S.
   
   . If redemption takes place, 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 allowed costs as defined by Colorado Revised Statutes (receipts should be supplied) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed demand and payment of the needed costs, the general public Trustee’s workplace will release a Confirmation Deed to communicate title to the last redeeming party.
   questionsanswered.net
   If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you should ask for, in composing, that our workplace concern your Confirmation Deed, no quicker than 15 company days after the sale. You must pay a $30.00 fee, plus recording costs, for issuance of the taped Deed. The Confirmation Deed will 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 total owed to the lending institution and to all other lien holders, please contact the Public Trustee’s workplace after the sale since you may have funds due to you.
   
   The Public Trustee’s workplace does not provide legal advice and we do not do any eviction proceedings. Once the Confirmation Deed is issued by this office and tape-recorded, the 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 PROBLEM WITH THE COLORADO ATTORNEY GENERAL OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.