What is a Foreclosure?

What is a Foreclosure?
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Foreclosure occurs when a property owner is no longer able to make mortgage payments as required. This enables the loan provider to seize the residential or commercial property, getting rid of the homeowner 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 tape-recorded within 10 organization days of receiving a packet from the loan provider's attorney.
2. Sale date is set in between 110 through 125 calendar days after the NED was recorded (non-ag).
3. Combined Notice is sent by mail within 20 calendar days after the NED was taped.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first scheduled sale date.
5. Combined Notice released in regional paper 45-60 calendar days prior to the 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 remedy, in the type of a cashier's check, should be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and detailed quote should be gotten by midday 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 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 tape-recorded within five (5) company days.
11. A Notice of Intent to Redeem should be submitted by a junior lienholder within 8 (8) service days after the sale. Foreclosures started in 2008 and newer do not permit owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws reliable 1/1/2010,

In order to start the foreclosure procedure, the following is sent to the general public Trustee's workplace together with 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.

Original promissory note or bond if initial note has actually been lost. Some qualified foreclosing lending institutions might 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 attorneys representing holder.
Notice of Election and Demand for Foreclosure.
Mailing List, which includes names and addresses of celebrations to get Combined Notice of the sale, rights to cure and rights to redeem.
Additional documents needed under foreclosure statutes.
Payment of required charges.

The above files are sent to the general public Trustee by a Colorado-licensed attorney representing the loan provider of the loan in default. The Public Trustee tape-records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This should be done within 10 service days after receiving the files from the lending institution's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties listed on the subscriber list or modified newsletter. The mailing 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 out to the addresses shown on the taped instrument. If there is no address, then by statute it is not needed 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 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 decision immediately upon the opening of the foreclosure.
This workplace will accept as evidence:

a. Certified copy of taped 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
Statements used in figuring out agricultural status no longer require to be recorded
Cost for determining status may be included as a part of the costs and costs 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 treatment quantity is the amount necessary to bring a foreclosed loan current. The general public Trustee's foreclosure files only contain cure figures when an Intent to Cure has actually been submitted and the figures have actually been received from the foreclosing attorney.

The only celebrations lawfully permitted to file an Intent to Cure include, but are not restricted to: residential or commercial property owners, individuals responsible, grantor of evidence of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should 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 email, fax, mail or in person at the Office of the Clear Creek County Public Trustee (please call or e-mail to verify that we got the document). There is no fee to file and does not obligate the filer. Cure funds must be gotten in the general public Trustees office by noon on the day before the sale, and should be in the type of cash or verifiable bank cashier's check.

Please do not expect to receive info of the quantity due right away after submitting the form. The general public Trustee's Office must ask for that details from the lender or lender's attorney. Upon invoice of the figures from the lender or lender's lawyer, the treatment quantity will be provided to you as requested. The figures might benefit just a minimal time so if you do not cure by the legitimate figure due date set forth in the statement, you will need to ask for an upgraded remedy statement through the general public Trustee's Office.

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

The above info is provided only as an educational tool and is not intended to function as legal guidance.

How to Bid at a Foreclosure Sale:

Preparing in advance:

It is your responsibility to do research before concerning 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 first lien - it could be a second 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 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 might wish to employ 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 posted in our office by roughly 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The loan provider's written bid is required to be provided, in writing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public information and you might search our foreclosure search, sale info, bid, to see the opening quote amount. Bids received from the lending institutions 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 bid.

Be encouraged: The lender 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 early morning.

Check in on sale day:

The Clear Creek County Public Trustee holds foreclosure sales on Thursday's immediately 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 need to get here at the office about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, etc. This details will be used for the Certificate of Purchase, please be sure it is accurate and clear.

Those thinking about bidding must 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 other than yourself or another entity that you do not own or control, you need to have actually composed authorization, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered upon behalf of that other person or entity at the time the bid is made.

Bidding at the sale continues in increments of $5.00 - if the lender has submitted a bid for $150,000.00, for example, you need to bid at least $150,005.00 in order to be the successful bidder.

You will likewise be required to have sufficient funds with you to bid on the residential or commercial property. Payment of effective quote quantities need to be made in the kind of a proven bank cashier's check. Checks should be payable only to the "Clear Creek County Public Trustee". We can not accept 3rd party 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 provided.

Pursuant to laws in effect 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 provided in the name and address of the effective 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 workplace records.

As the beneficiary called 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 move title to you, it simply proofs your financial 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 organization days after the sale, however no later on than noon the final day. If several lien holders file an intent to redeem, each extra lien holder will receive a five day redemption duration.

If you are called for redemption figures, interest is determined at the rate defined on the note and extra expenditures are limited to those allowed by statute. Please be prepared to offer receipts for costs sustained. Redemption figures need to be received within 13 service days after the sale. The statement should define all sums needed to redeem consisting of the amount of daily interest and the rate of interest. The statement might be changed up until 2 company days before the start of the next suitable redemption period. Your declaration of redemption need to abide by 38-38-302 C.R.S.

. If redemption happens, 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 allowable costs as defined by Colorado Revised Statutes (receipts need to be provided) 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 fees, the general public Trustee's workplace will provide a Verification Deed to convey 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 concern your Confirmation Deed, no sooner than 15 company days after the sale. You should pay a $30.00 cost, plus recording costs, for issuance of the taped Deed. The Confirmation Deed shall be issued by the Public Trustee and taped 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 lender and to all other lien holders, please contact the general public Trustee's office after the sale because you might have funds due to you.

The general public Trustee's workplace does not offer legal guidance and we do not do any eviction proceedings. Once the Confirmation Deed is issued by this workplace and taped, 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 GRIEVANCE WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.