1 What is a Foreclosure?

Ron Breen edited this page 2025-06-21 17:50:59 +08:00

What is a Foreclosure?

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

When a foreclosure happens, the following actions happen:

1. Notice of Election and Demand is tape-recorded within 10 business days of getting a package from the lending institution's lawyer.
2. Sale date is set in between 110 through 125 calendar days after the NED was taped (non-ag).
3. Combined Notice is mailed within 20 calendar days after the NED was taped.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to initially scheduled 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 must be gotten at least 15 calendar days prior to the first scheduled sale date. A treatment, in the form of a cashier's check, should be paid by twelve noon the day before the sale.
7. The court order licensing the sale and the signed and itemized quote must be received by noon 2 (2) company days prior to sale day.
8. The Pre-sale List is provided 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 recorded within five (5) organization days.
11. A Notification of Intent to Redeem must be submitted by a junior lienholder within eight (8) business 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 effective 1/1/2010,

In order to begin the foreclosure procedure, the following is sent to the Public Trustee's workplace in addition to a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or licensed copy of the tape-recorded deed of trust. 2. Original promissory note or bond if initial note has actually been lost. Some qualified foreclosing loan providers may submit particular 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. 3. Notice of Election and Demand for Foreclosure. 4. Mailing List, that includes names and addresses of parties to get Combined Notice of the sale, rights to treat and rights to redeem. 5. Additional files needed under foreclosure statutes. 6. Payment of required costs.

The above files are submitted to the Public Trustee by a Colorado-licensed lawyer representing the loan provider of the loan in default. The Public Trustee tape-records the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This must be done within 10 service days after getting the files from the lending institution's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the newsletter or amended mailing list. The newsletter or lists must include all celebrations 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 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 farming residential or commercial properties. Clear Creek County requires a preliminary 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 will make a decision immediately upon the opening of the foreclosure. 2. This workplace will accept as proof:

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

3. Our determination is binding 4. Statements used in figuring out agricultural status no longer need to be recorded 5. Cost for identifying status may be included as a portion of the charges and expenses charged by the attorney 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 quantity required to bring a foreclosed loan current. The general public Trustee's foreclosure files just contain remedy figures when an Intent to Cure has actually been submitted and the figures have been received from the foreclosing lawyer.

The only celebrations legally permitted to submit an Intent to Cure include, however are not limited to: residential or commercial property owners, individuals accountable, 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 filed a minimum of fifteen days prior to the date of the scheduled Public Trustee sale.

The Intent to Cure Form (PDF) might be submitted by e-mail, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we got the file). There is no charge to file and does not obligate the filer. Cure funds must be gotten in the Public Trustees workplace by twelve noon on the day before the sale, and need to remain in the kind of money or verifiable bank cashier's check.

Please do not anticipate to receive details of the amount due instantly after submitting the type. The general public Trustee's Office must request that info from the lender or loan provider's lawyer. Upon receipt of the figures from the loan provider or lender's attorney, the treatment amount will be supplied to you as requested. The figures may benefit only a restricted time so if you do not treat by the legitimate figure due date set forth in the statement, you will need to ask for an updated remedy declaration through the general public Trustee's Office.

For more information about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.

The above information is provided just as an informational tool and is not intended to serve as legal recommendations.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your obligation to do research study before coming 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 first lien - it could be a 2nd or 3rd 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 inspect the "condition of title" or the "chain of title" to the residential or commercial property, you may wish to employ someone 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, two days before sale, we will have posted in our office by roughly 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lending institution's composed quote is needed to be provided, in composing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public info and you may search our foreclosure search, sale information, quote, to see the opening bid quantity. Bids received from the loan providers may be changed at the time of sale so long as the lending institution's agent is personally present at sale and re-executes the changed written bid.

Be encouraged: The lending institution 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 till the sale begins Thursday morning.

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 plan to bid on a residential or commercial property, you ought to show up at the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This info will be utilized for the Certificate of Purchase, please make certain it is accurate and legible.

Those thinking about bidding should personally go to the sale. We do not take by phone, fax or e-mail. If you are appearing at the sale to bid on behalf of someone other than yourself or another entity that you do not own or control, you need to have composed permission, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered upon 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 submitted a quote for $150,000.00, for example, you need to bid a minimum of $150,005.00 in order to be the effective bidder.

You will also be needed to have enough funds with you to bid on the residential or commercial property. Payment of effective quote amounts 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 not accept third celebration checks. The Public Trustee will strike and sell the residential or commercial property to the successful bidder after bidding has ceased and funds have actually been offered.

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

As the beneficiary named 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 transfer title to you, it simply proofs your investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 service days after the sale to submit an intent to redeem. The most senior lien may redeem 15 to 19 company days after the sale, however no later on than midday the final day. If several lien holders file an intent to redeem, each extra lien holder will get a 5 day redemption duration.

If you are contacted for redemption figures, interest is determined at the rate specified on the note and additional costs are limited to those allowed by statute. Please be prepared to offer receipts for expenses sustained. Redemption figures should be gotten within 13 organization days after the sale. The declaration needs to define all sums needed to redeem including the quantity of per diem interest and the rates of interest. The declaration may be amended up until 2 service days before the start of the next suitable redemption period. Your declaration of redemption must adhere to 38-38-302 C.R.S.

. If redemption occurs, the Certificate of Purchase holder is paid the quote quantity, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other permitted costs as specified by Colorado Revised Statutes (invoices must be provided) as provided in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon written demand and payment of the required charges, the Public Trustee's workplace will release a Verification Deed to communicate title to the last redeeming party.

If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you should ask for, in writing, that our workplace problem your Confirmation Deed, no earlier than 15 company days after the sale. You must pay a $30.00 fee, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed will be issued 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 purchased for more than the total owed to the lending institution and to all other lien holders, please contact the general public Trustee's workplace after the sale due to the fact that you might have funds due to you.

The Public Trustee's workplace does not provide legal recommendations and we do refrain from doing any eviction procedures. Once the Confirmation Deed is released by this workplace 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 GRIEVANCE 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.
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