What is a Foreclosure?

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What is a Foreclosure?

Foreclosure occurs when a property owner is no longer able to make mortgage payments as needed. This enables the lending institution to take the residential or commercial property, removing the house owner and offering the home, as specified in the mortgage contract.

When a foreclosure occurs, the following steps occur:

1. Notice of Election and Demand is taped within 10 company days of getting a package from the loan provider's lawyer.
2. Sale date is set in 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 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 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 noon the day before the sale.
7. The court order authorizing the sale and the signed and made a list of quote must be gotten by twelve noon 2 (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 performed 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 need to be submitted by a junior lienholder within 8 (8) service days after the sale. Foreclosures started in 2008 and newer do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws reliable 1/1/2010,

In order to begin the foreclosure process, the following is sent to the 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 certified copy of the tape-recorded deed of trust.

Original promissory note or bond if original note has been lost. Some certified foreclosing lenders may submit 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 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 parties to receive Combined Notice of the sale, rights to treat and rights to redeem.
Additional documents required under foreclosure statutes.
Payment of required costs.

The above files are sent to the general public Trustee by a Colorado-licensed attorney representing the lender of the loan in default. The Public Trustee records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This need to 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 celebrations listed on the subscriber list or changed mailing list. The subscriber list or lists should consist of 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 to the addresses shown on the recorded instrument. If there is no address, then by statute it is not necessary to send 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 farming residential or commercial properties. Clear Creek County needs 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 decision right away upon the opening of the foreclosure.
This workplace will accept as proof:

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

3. Our decision is binding
Statements utilized in identifying farming status no longer need to be tape-recorded
Cost for determining status might be included 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 quantity is the amount essential to bring a foreclosed loan current. The general public Trustee's foreclosure files only consist of treatment figures when an Intent to Cure has been filed and the figures have actually been gotten from the foreclosing lawyer.

The only celebrations legally permitted to submit an Intent to Cure include, but are not restricted to: residential or commercial property owners, individuals responsible, 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 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 e-mail, fax, mail or in person 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 charge to submit and does not obligate the filer. Cure funds need to be gotten in the general public Trustees workplace by noon on the day before the sale, and should remain in the kind of money or verifiable bank cashier's check.

Please do not anticipate to get details of the amount due immediately after filing the type. The Public Trustee's Office should request that info from the lender or lending institution's lawyer. Upon receipt of the figures from the loan provider or lender's attorney, the remedy quantity will be supplied to you as requested. The figures may benefit only a minimal time so if you do not cure by the valid figure due date stated in the declaration, you will need to ask for an updated cure statement 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 details is provided only as an informational tool and is not meant to act as legal guidance.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your responsibility to do research study before pertaining 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 could be a 2nd or third lien. The Public Trustee does not know the condition of the residential or commercial property, or if the residential or commercial property taxes or assessments have actually been paid or if there are any other liens against 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 hire somebody 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 site, Foreclosure Search.

On Tuesday, two days before sale, we will have published in our office by approximately 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lending institution's written quote is required to be supplied, in composing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public information and you may search our foreclosure search, sale details, quote, to see the opening quote quantity. Bids received from the loan providers may be modified at the time of sale so long as the lending institution's agent is personally present at sale and re-executes the modified composed bid.

Be recommended: The loan provider 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 till the sale begins Thursday morning.

Check 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 ought to get to the office about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, etc. This information will be utilized for the Certificate of Purchase, please make sure it is precise and understandable.

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 somebody other than 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 gotten in on behalf of that other person or entity at the time the bid is made.

Bidding at the sale proceeds in of $5.00 - if the loan provider has actually sent a quote for $150,000.00, for instance, you need to bid at least $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 successful bid quantities should be made in the kind of a proven bank cashier's check. Checks need to be payable just 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 stopped 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 original Certificate of Purchase at the time of sale. Successful bidders will be offered with a Receipt from the general public Trustee after the sale is finished. A Certificate of Purchase will be released in the name and address of the successful bidder as shown on your Bidder Information Form and tape-recorded (within 5 organization days) by the Public Trustee's workplace and retained in our office records.

As the beneficiary 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 evidences your financial investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 business days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 service days after the sale, but no behind twelve noon the last day. If several lien holders submit an intent to redeem, each additional lien holder will get a five day redemption duration.

If you are called for redemption figures, interest is computed at the rate specified on the note and extra costs are limited to those enabled by statute. Please be prepared to supply receipts for expenses incurred. Redemption figures need to be gotten within 13 service days after the sale. The statement needs to define all amounts required to redeem including the quantity of per diem interest and the rate of interest. The declaration may be amended up until 2 business days before the start of the next applicable redemption period. Your statement of redemption need to 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 specified by Colorado Revised Statutes (receipts should be supplied) as offered in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon composed demand and payment of the required fees, the Public Trustee's workplace will issue a Verification Deed to communicate title to the last redeeming party.

If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you must request, in writing, that our office problem your Confirmation Deed, no faster than 15 business 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 released by the Public Trustee and taped 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 bought for more than the overall owed to the loan provider and to all other lien holders, please contact the general public Trustee's workplace after the sale because you may have funds due to you.

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