What is a Foreclosure?

What is a Foreclosure?

Foreclosure occurs when a property owner is no longer able to make mortgage payments as required. This allows the loan provider to take the residential or commercial property, removing the homeowner and offering the home, as specified in the mortgage contract.

When a foreclosure occurs, the following actions happen:

1. Notice of Election and Demand is tape-recorded within 10 business days of getting a packet from the loan provider'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 mailed within 20 calendar days after the NED was tape-recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first scheduled sale date.
5. Combined Notice released in local paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure must be received a minimum of 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 itemized bid needs to be gotten by noon two (2) organization days prior to sale day.
8. The Pre-sale List is made available 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 taped within 5 (5) company days.
11. A Notification of Intent to Redeem should be filed by a junior lienholder within eight (8) business days after the sale. Foreclosures began in 2008 and newer do not allow for owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws reliable 1/1/2010,

In order to begin the foreclosure procedure, the following is submitted to the general public Trustee's workplace along with a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

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

Original promissory note or bond if initial note has been lost. Some qualified foreclosing loan providers may send certain 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.
Notice of Election and Demand for Foreclosure.
Mailing List, that includes names and addresses of celebrations to get Combined Notice of the sale, rights to treat and rights to redeem.
Additional documents needed under foreclosure statutes.
Payment of required costs.

The above files are submitted to the general public Trustee by a Colorado-licensed lawyer representing the lender of the loan in . The Public Trustee records the Notice of Election and Demand (NED) and begins the foreclosure procedures. This need to be done within ten business days after getting the files from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties noted on the newsletter or modified mailing list. The mailing list or lists must include 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 tape-recorded instrument. If there is no address, then by statute it is not needed to send the notice 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 required the Clear Creek County Public Trustee shall make a decision instantly upon the opening of the foreclosure.
This office will accept as proof:

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

3. Our decision is binding
Statements utilized in identifying agricultural status no longer require to be recorded
Cost for determining status may 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 expense of postage and copies.

How to Cure a Foreclosure:

A remedy amount is the amount necessary to bring a foreclosed loan current. The Public Trustee's foreclosure files only contain cure figures when an Intent to Cure has been filed and the figures have been gotten from the foreclosing attorney.

The only celebrations lawfully enabled to file an Intent to Cure include, however are not restricted to: residential or commercial property owners, persons accountable, grantor of evidence of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should be filed at least fifteen days prior to the date of the set up 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 e-mail to verify that we got the file). There is no charge to file and does not obligate the filer. Cure funds need to be received in the Public Trustees office by midday on the day before the sale, and should be in the type of cash or verifiable bank cashier's check.

Please do not anticipate to get info of the quantity due immediately after submitting the kind. The Public Trustee's Office need to request that info from the lender or lending institution's attorney. Upon invoice of the figures from the lending institution or lender's attorney, the cure quantity will be provided to you as asked for. The figures may benefit only a minimal time so if you do not cure by the legitimate figure due date stated in the declaration, you will need to request an upgraded remedy declaration through the Public Trustee's Office.

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

The above information is supplied only as an informative tool and is not planned to function as legal guidance.

How to Bid at a Foreclosure Sale:

Preparing beforehand:

It is your duty 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 first lien - it might be a 2nd 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 assessments have been paid or if there are any other liens against 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 hire somebody 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, 2 days before sale, we will have published in our office by approximately 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lending institution's composed quote is needed to be provided, in writing, 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 search our foreclosure search, sale details, quote, to see the opening quote amount. Bids received from the lending institutions may be modified at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the changed composed bid.

Be advised: 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 until the sale begins Thursday early morning.

Check 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 must get here at the workplace about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, etc. This info will be used for the Certificate of Purchase, please make sure it is accurate and readable.

Those thinking about bidding should 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 somebody aside from yourself or another entity that you do not own or control, you require to have actually written permission, 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 person or entity at the time the bid is made.

Bidding at the sale proceeds in increments of $5.00 - if the lender has actually sent a quote for $150,000.00, for instance, you must bid at least $150,005.00 in order to be the effective bidder.

You will also be needed to have adequate funds with you to bid on the residential or commercial property. Payment of successful quote quantities should be made in the form of a proven bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The general public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has actually ceased and funds have actually been supplied.

Pursuant to laws in impact on January 1, 2008 for cases started after that date, the successful bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be offered 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 effective bidder as revealed on your Bidder Information Form and tape-recorded (within 5 business days) by the Public Trustee's office and maintained in our office records.

As the beneficiary 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 move title to you, it merely evidences your 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 may redeem 15 to 19 company days after the sale, but no later on than midday the final day. If several lien holders submit an intent to redeem, each additional lien holder will receive a 5 day redemption duration.

If you are gotten in touch with for redemption figures, interest is computed at the rate defined on the note and additional costs are limited to those allowed by statute. Please be prepared to offer receipts for expenses incurred. Redemption figures must be gotten within 13 business days after the sale. The declaration needs to define all amounts required to redeem including the amount of per diem interest and the rate of interest. The declaration might be modified up until 2 business days before the start of the next relevant redemption duration. Your statement of redemption must abide by 38-38-302 C.R.S.

. If redemption happens, the Certificate of Purchase holder is paid the quote amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other permitted expenses as defined by Colorado Revised Statutes (receipts should be supplied) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon composed request and payment of the required fees, the general public Trustee's office will provide 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 anyone, you must request, in composing, that our workplace concern your Confirmation Deed, no sooner than 15 service days after the sale. You must pay a $30.00 cost, 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 workplace. 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 total owed to the lending institution and to all other lien holders, please contact the general public Trustee's office after the sale because you might have funds due to you.

The general public Trustee's workplace does not supply legal guidance and we do refrain from doing any expulsion proceedings. Once the Confirmation Deed is released by this workplace and taped, 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 PROBLEM 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.
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