What is a Foreclosure?

What is a Foreclosure?

Foreclosure happens when a homeowner is no longer able to make mortgage payments as required. This allows the lender to take the residential or commercial property, removing the house owner and offering the home, as specified in the mortgage agreement.
cbc.ca
When a foreclosure happens, the following actions take place:

1. Notice of Election and Demand is taped within 10 organization days of getting a packet from the lending institution'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 taped.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially 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 need to be gotten at least 15 calendar days prior to the very first scheduled sale date. A cure, in the type of a cashier's check, must be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and made a list of quote needs to be received by twelve noon 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 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 tape-recorded within 5 (5) organization days.
11. A Notice of Intent to Redeem need to be filed by a junior lienholder within 8 (8) service days after the sale. Foreclosures started in 2008 and more recent 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 procedure, the following is submitted to the general public Trustee's office in addition to a referral of the case and a Certificate of the Current Owner of the debt:

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

Original promissory note or bond if initial note has actually been lost. Some qualified foreclosing loan providers may send certain documents 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 original promissory note and Certification of Qualified Holder, signed by lawyers representing holder.
Notice of Election and Demand for Foreclosure.
Mailing List, that includes names and addresses of celebrations to receive Combined Notice of the sale, rights to cure and rights to redeem.
Additional documents required under foreclosure statutes.
Payment of required charges.

The above documents are sent to the Public Trustee by a Colorado-licensed lawyer representing the loan provider of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure procedures. This must be done within 10 organization days after getting the documents from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties listed on the newsletter or changed mailing list. The subscriber list or lists should 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 essential 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 farming 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 will make a determination right away upon the opening of the foreclosure.
This workplace shall accept as proof:

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

3. Our decision is binding
Statements utilized in figuring out agricultural status no longer need to be taped
Cost for determining status may be consisted of as a portion of the costs and costs charged by the lawyer 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 amount is the amount necessary to bring a foreclosed loan current. The Public Trustee's foreclosure files just include treatment figures when an Intent to Cure has been submitted and the figures have actually been received from the foreclosing lawyer.

The only celebrations legally enabled to file an Intent to Cure consist of, but are not restricted 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 should be submitted a minimum of fifteen days prior to the date of the arranged 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 email to verify that we got the file). There is no fee to submit and does not obligate the filer. Cure funds must be received in the general public Trustees office by noon on the day before the sale, and should be in the type of cash or proven bank cashier's check.

Please do not anticipate to get info of the quantity due immediately after submitting the type. The general public Trustee's Office need to request that details from the lender or lending institution's lawyer. Upon receipt of the figures from the lender or lending institution's lawyer, the remedy quantity will be offered to you as requested. The figures might be great for just a limited time so if you do not cure by the valid figure deadline set forth in the statement, you will need to ask for an upgraded treatment declaration through the Public Trustee's Office.

For more information 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 planned to function as legal advice.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your obligation to do research before concerning the sale to bid on a residential or commercial property. The Public Trustee can not and does not 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 assessments have been paid or if there are any other liens against the residential or commercial property. If you do not know how to inspect the "condition of title" or the "chain of title" to the residential or commercial property, you may wish to work with 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 site, Foreclosure Search.

On Tuesday, two days before sale, we will have posted in our office by approximately 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lender's composed quote is required to be supplied, in writing, 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 browse our foreclosure search, sale details, bid, to see the opening bid amount. Bids received from the loan providers may be amended at the time of sale so long as the loan provider's agent is personally present at sale and re-executes the amended written bid.

Be encouraged: The loan provider or its lawyer, or the Public Trustee, may pull or continue a residential or commercial property from the sale list at any time up till the sale begins 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 should 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 used for the Certificate of Purchase, please make certain it is accurate and legible.

Those interested in 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 aside from yourself or another entity that you do not own or control, you need to have composed authorization, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gone into on 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 lending institution has actually submitted a bid 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 needed to have enough funds with you to bid on the residential or commercial property. Payment of effective bid amounts need to 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 not accept 3rd party checks. The general public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has ceased and funds have been provided.

Pursuant to laws in result 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 provided with a Receipt from the general public Trustee after the sale is completed. A Certificate of Purchase will be issued in the name and address of the successful bidder as shown on your Bidder Information Form and tape-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 transfer 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 submit an intent to redeem. The most senior lien may redeem 15 to 19 service days after the sale, however no later than midday the final day. If multiple lien holders submit an intent to redeem, each extra lien holder will receive a five day redemption period.

If you are contacted for redemption figures, interest is calculated at the rate defined on the note and additional costs are restricted to those permitted by statute. Please be prepared to offer receipts for expenditures sustained. Redemption figures should be gotten within 13 business days after the sale. The declaration needs to define all amounts needed to redeem consisting of the amount of daily interest and the interest rate. The declaration may be changed up until 2 business days before the start of the next suitable redemption duration. Your statement of redemption must comply with 38-38-302 C.R.S.

. If redemption occurs, the Certificate of Purchase holder is paid the bid quantity, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowed costs as specified by Colorado Revised Statutes (invoices need to be supplied) as provided in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon written request and payment of the required fees, the general public Trustee's workplace will provide a Confirmation Deed to communicate title to the last redeeming celebration.

If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you must ask for, in writing, that our office issue your Confirmation Deed, no faster than 15 company days after the sale. You need to pay a $30.00 fee, plus recording costs, for issuance of the tape-recorded Deed. The Confirmation Deed shall be issued by the Public Trustee and 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 purchased for more than the overall owed to the loan provider and to all other lien holders, please contact the Public Trustee's office after the sale since you may have funds due to you.

The general public Trustee's office does not provide legal advice and we do refrain from doing any expulsion proceedings. Once the Confirmation Deed is issued by this workplace and recorded, the general 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, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.