What is a Foreclosure?

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

When a foreclosure happens, the following steps happen:

1. Notice of Election and Demand is taped within 10 company 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 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 sent by mail with 45-60 calendar days prior to first set up sale date.
5. Combined Notice released in regional paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure should 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, should be paid by midday the day before the sale.
7. The court order authorizing the sale and the signed and made a list of quote should be gotten by midday two (2) company days prior to sale day.
8. The Pre-sale List is offered 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 recorded within 5 (5) organization days.
11. A Notice of Intent to Redeem should be submitted by a junior lienholder within eight (8) company days after the sale. Foreclosures started in 2008 and more recent do not enable 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 in addition to a recommendation of the case and a Certificate of the Current Owner of the debt:

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

1. Original promissory note or bond if original note has been lost. Some certified foreclosing loan providers 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, which consists of names and addresses of parties to get Combined Notice of the sale, rights to treat and rights to redeem.
4. Additional files needed under foreclosure statutes.
5. Payment of required costs.
   
   The above files are submitted to the general public Trustee by a Colorado-licensed attorney representing the loan provider of the loan in default. The Public Trustee records the Notice of Election and Demand (NED) and begins the foreclosure procedures. This must be done within 10 organization days after receiving the documents from the lending institution's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties noted on the subscriber list or amended newsletter. The newsletter or lists must include all parties 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 to the addresses shown on the tape-recorded instrument. If there is no address, then by statute it is not necessary to send out the notification 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 an initial 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 will accept as proof:
   
   a. Certified copy of tape-recorded subdivision plat b. Written statement from city or town clerk c. Written declaration from county assessor d. Statements need to be dated no greater than 6 months before the NED was filed
   
   3. Our determination is binding
7. Statements used in determining farming status no longer need to be taped
8. Cost for figuring out status may be included as a part of the charges and expenses charged by the attorney Please do not consist of copies of statutes for mailing. This is covered in the expense of postage and copies.
   
   How to Cure a Foreclosure:
   
   A cure amount is the quantity required to bring a foreclosed loan current. The general public Trustee's foreclosure files only consist of cure figures when an Intent to Cure has been submitted and the figures have actually been gotten from the foreclosing attorney.
   
   The only parties lawfully permitted to submit an Intent to Cure consist of, 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 must be submitted at least fifteen days prior to the date of the scheduled Public Trustee sale.
   
   The Intent to Cure Form (PDF) may 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 confirm that we got the file). There is no fee to submit and does not obligate the filer. Cure funds need to be received in the Public Trustees office by noon on the day before the sale, and should remain in the form of money or verifiable bank cashier's check.
   
   Please do not anticipate to receive details of the quantity due right away after filing the form. The Public Trustee's Office should request that details from the loan provider or loan provider's lawyer. Upon invoice of the figures from the lending institution or loan provider's attorney, the remedy quantity will be provided to you as asked for. The figures may be good for only a minimal time so if you do not cure by the valid figure due date stated in the declaration, you will require to request an updated treatment declaration through the general public Trustee's Office.
   
   To get more information about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above details is provided just as an educational tool and is not planned to act as legal advice.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing ahead of time:
   
   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 could be a second or 3rd 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 versus 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 may want to work with somebody to do the research study for you.
   
   You can get 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 loan provider's composed quote is needed to be provided, in composing, to the general public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public information and you might browse our foreclosure search, sale information, quote, to see the opening quote amount. Bids received from the lenders may be modified at the time of sale so long as the lender's agent is personally present at sale and re-executes the amended composed quote.
   
   Be recommended: The loan provider or its attorney, 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 begins Thursday morning.
   forumcu.com
   Check 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 intend to bid on a residential or commercial property, you ought to come to the workplace about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This info will be utilized for the Certificate of Purchase, please make sure it is accurate and readable.
   
   Those interested in bidding needs to 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 besides yourself or another entity that you do not own or control, you need to have composed authorization, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gotten in on 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 lending institution has actually sent a bid for $150,000.00, for example, you must bid at least $150,005.00 in order to be the effective bidder.
   
   You will also be required to have enough funds with you to bid on the residential or commercial property. Payment of successful bid amounts should be made in the form 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 issued in the name and address of the successful bidder as revealed on your Bidder Information Form and recorded (within 5 company days) by the Public Trustee's office and retained in our office 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 move 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 service days after the sale, but no behind twelve noon the final day. If multiple lien holders submit an intent to redeem, each extra lien holder will get a 5 day redemption period.
   
   If you are called for redemption figures, interest is computed at the rate defined on the note and extra expenses are limited to those enabled by statute. Please be prepared to provide receipts for costs incurred. Redemption figures must be gotten within 13 business days after the sale. The declaration needs to define all sums required to redeem including the amount of per diem interest and the interest rate. The statement might be changed up until 2 service days before the start of the next appropriate redemption period. Your declaration of redemption must comply with 38-38-302 C.R.S.
   
   . If redemption occurs, 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 allowed costs as defined by Colorado Revised Statutes (receipts need to be supplied) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon written request and payment of the required costs, the Public Trustee's office will provide a Confirmation Deed to communicate title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is submitted and no redemption is made by anyone, you need to request, in composing, that our workplace concern your Confirmation Deed, no faster than 15 service days after the sale. You need to pay a $30.00 cost, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed shall be provided 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 and to all other lien holders, please contact the general public Trustee's workplace after the sale since you might have funds due to you.
   
   The Public Trustee's office does not provide legal recommendations and we do not do any expulsion proceedings. Once the Confirmation Deed is provided by this office and tape-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 COMPLAINT 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.