What is a Foreclosure?

Foreclosure occurs when a property owner is no longer able to make mortgage payments as required. This allows the lending institution to seize the residential or commercial property, eliminating the house owner and offering the home, as specified in the mortgage contract.

When a foreclosure happens, the following steps occur:

1. Notice of Election and Demand is tape-recorded within 10 organization days of receiving a packet from the lending institution's lawyer.

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 first set up sale date.

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

6. Notice of Intent to Cure should be gotten 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 itemized bid should be gotten by twelve noon 2 (2) service 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 five (5) service days.

11. A Notice of Intent to Redeem should be filed by a junior lienholder within eight (8) organization 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 effective 1/1/2010,

In order to begin the foreclosure procedure, the following is submitted to the Public Trustee's workplace along with a referral of the case and a Certificate of the Current Owner of the debt:

1. Original or certified copy of the recorded deed of trust.
2. Original promissory note or bond if original note has been lost. Some qualified foreclosing loan providers might send specific documents 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.
3. Notice of Election and Demand for Foreclosure.
4. Mailing List, which consists of names and addresses of celebrations to receive Combined Notice of the sale, rights to cure and rights to redeem.
5. Additional documents required under foreclosure statutes.
6. Payment of needed charges.

The above documents are submitted to the Public Trustee by a Colorado-licensed lawyer representing the loan provider of the loan in default. The Public Trustee records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This must be done within 10 service days after getting the files from the lender's lawyer.
A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties noted on the mailing list or modified mailing list. The newsletter or lists should consist of 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 out to the addresses revealed on the tape-recorded instrument. If there is no address, then by statute it is not essential to send out 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 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 essential the Clear Creek County Public Trustee shall make a determination immediately upon the opening of the foreclosure.
2. This workplace shall accept as evidence:

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

3. Our determination is binding
4. Statements used in identifying farming status no longer require to be taped
5. Cost for determining status may be consisted of as a portion of the fees 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 quantity essential to bring a foreclosed loan current. The general public Trustee's foreclosure files just consist of cure figures when an Intent to Cure has been submitted and the figures have actually been received from the foreclosing attorney.

The only celebrations legally allowed to submit an Intent to Cure consist of, however are not restricted to: residential or commercial property owners, individuals accountable, 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 set up Public Trustee sale.

The Intent to Cure Form (PDF) may be submitted by e-mail, fax, mail or in individual at the Office of the Clear Creek County Public Trustee (please call or e-mail to confirm that we got the document). There is no cost to file and does not obligate the filer. Cure funds must be gotten in the general public Trustees workplace by midday on the day before the sale, and need to be in the kind of money or proven bank cashier's check.

Please do not expect to get information of the quantity due immediately after filing the type. The general public Trustee's Office should ask for that info from the lender or lender's attorney. Upon receipt of the figures from the lender or lender's attorney, the remedy quantity will be offered to you as requested. The figures might be good for only a minimal time so if you do not cure by the legitimate figure deadline stated in the declaration, you will need to request an updated treatment declaration through the general 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 offered 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 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 very 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 evaluations have actually been paid or if there are any other liens versus the residential or commercial property. If you do not know how to examine 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 for you.

You can get 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 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 written bid is required to be supplied, in writing, to the general public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public info and you might search our foreclosure search, sale details, bid, to see the opening quote quantity. Bids got from the lending institutions may be amended at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the amended composed bid.

Be recommended: The loan provider or its attorney, or the Public Trustee, might pull or continue a residential or commercial property from the sale list at any time up until the sale begins Thursday early morning.

Sign in on sale day:

The Clear Creek County Public Trustee holds foreclosure sales on Thursday's quickly 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 arrive at the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This info will be used for the Certificate of Purchase, please be sure it is precise and understandable.

Those interested in 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 besides yourself or another entity that you do not own or control, you require to have actually composed permission, a letter of agency 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 continues in increments of $5.00 - if the lender has actually sent a bid for $150,000.00, for instance, you need to bid a minimum of $150,005.00 in order to be the successful bidder.

You will likewise be needed to have adequate funds with you to bid on the residential or commercial property. Payment of successful bid quantities must be made in the kind of a proven bank cashier's check. Checks need to be payable only to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The Public Trustee will strike and sell the residential or commercial property to the successful bidder after bidding has actually ceased and funds have actually been offered.

Pursuant to laws in impact on January 1, 2008 for cases began after that date, the successful bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be provided with an Invoice from the Public Trustee after the sale is completed. A Certificate of Purchase will be released in the name and address of the successful bidder as revealed on your Bidder Information Form and taped (within 5 business days) by the Public Trustee's workplace and maintained in our workplace records.

As the grantee called 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 business 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 behind noon the final day. If numerous lien holders file an intent to redeem, each additional lien holder will receive a 5 day redemption duration.

If you are contacted for redemption figures, interest is calculated at the rate defined on the note and extra costs are restricted to those permitted by statute. Please be prepared to provide invoices for expenditures incurred. Redemption figures must be received within 13 business days after the sale. The declaration needs to define all sums needed to redeem consisting of the quantity of per diem interest and the rate of interest. The statement may be amended up till 2 organization days before the start of the next suitable redemption period. Your statement of redemption must adhere to 38-38-302 C.R.S.

. If redemption occurs, 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 need to be supplied) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon composed demand and payment of the required fees, the general public Trustee's office will issue a Verification Deed to convey 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 ask for, in writing, that our workplace concern your Confirmation Deed, no earlier than 15 business days after the sale. You need to pay a $30.00 fee, plus recording expenses, for issuance of the tape-recorded Deed. The Confirmation Deed will be released by the Public Trustee and tape-recorded with the Clerk & Recorder's office. If you are the beneficiary 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 acquired for more than the overall owed to the lender and to all other lien holders, please contact the Public Trustee's workplace after the sale since you might have funds due to you.

The general public Trustee's workplace does not provide legal advice and we do refrain from doing any expulsion proceedings. Once the Confirmation Deed is provided by this office and recorded, the Public Trustee's file is closed.

IF THE BORROWER BELIEVES THAT A LENDER 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 ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.