What is a Foreclosure?

What is a Foreclosure?

Foreclosure takes place when a property owner is no longer able to make mortgage payments as required. This allows the loan provider to seize the residential or commercial property, eliminating the house owner and selling the home, as stated in the mortgage agreement.
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When a foreclosure occurs, the following actions take place:

1. Notice of Election and Demand is recorded within 10 business days of getting a package from the loan provider'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 sent by mail within 20 calendar days after the NED was recorded.
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 must be received at least 15 calendar days prior to the very 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 authorizing the sale and the signed and made a list of quote needs to be received by noon 2 (2) service days prior to sale day.
8. The Pre-sale List is made 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 recorded within 5 (5) service days.
11. A Notice of Intent to Redeem need to be filed by a junior lienholder within eight (8) company days after the sale. Foreclosures began in 2008 and more recent do not enable for owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws effective 1/1/2010,

In order to start the foreclosure process, the following is submitted to the general public Trustee's workplace along with a referral 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.

Original promissory note or bond if initial note has actually been lost. Some qualified foreclosing loan providers might 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 attorneys 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 charges.

The above files are submitted to the Public Trustee by a Colorado-licensed attorney representing the loan provider of the loan in default. The general public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This need to be done within 10 service days after getting the documents from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the subscriber list or amended newsletter. The newsletter or lists must include all celebrations whose interests appear in an instrument taped subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notifications are sent to the addresses revealed on the tape-recorded instrument. If there is no address, then by statute it is not needed 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 agricultural 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 needed the Clear Creek County Public Trustee will make a decision immediately upon the opening of the foreclosure.
This workplace will accept as proof:

a. Certified copy of recorded subdivision plat b. Written declaration 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 utilized in figuring out farming status no longer need to be tape-recorded
Cost for identifying status might be included as a part of the charges 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 cure amount is the amount needed to bring a foreclosed loan current. The Public Trustee's foreclosure files just include treatment figures when an Intent to Cure has actually been filed and the figures have actually been received from the foreclosing attorney.

The only celebrations lawfully enabled to file an Intent to Cure consist of, but are not limited 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 need to be submitted at least fifteen days prior to the date of the arranged Public Trustee sale.

The Intent to Cure Form (PDF) might be submitted by email, fax, mail or face to face 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 file and does not obligate the filer. Cure funds must be received in the general public Trustees office by midday on the day before the sale, and should be in the type of money or verifiable bank cashier's check.

Please do not expect to get information of the amount due right away after filing the form. The general public Trustee's Office need to request that info from the lending institution or loan provider's lawyer. Upon invoice of the figures from the loan provider or lending institution's lawyer, the treatment amount will be supplied to you as asked for. The figures may be good for just a restricted time so if you do not cure by the legitimate figure deadline set forth in the statement, you will require to ask for an updated remedy declaration through the Public Trustee's Office.

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

The above info is supplied just as an informative tool and is not meant to serve as legal advice.

How to Bid at a Foreclosure Sale:

Preparing beforehand:

It is your responsibility to do research before pertaining 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 third lien. The General Public Trustee does not understand 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 know how to examine the "condition of title" or the "chain of title" to the residential or commercial property, you might want to employ someone to do the research for you.

You can obtain 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 workplace by approximately 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The loan provider's composed bid is required to be supplied, in writing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public details and you might search our foreclosure search, sale information, bid, to see the opening quote amount. Bids got from the loan providers might be changed 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 advised: The loan provider or its attorney, or the general public Trustee, might pull or continue a residential or commercial property from the sale list at any time up till 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 plan to bid on a residential or commercial property, you must come to the workplace about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, etc. This info will be utilized for the Certificate of Purchase, please be sure it is accurate and readable.

Those thinking about bidding needs to 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 require to have composed permission, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered upon behalf of that other individual or entity at the time the quote is made.

Bidding at the sale proceeds in increments 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 successful bidder.

You will also be required to have adequate funds with you to bid on the residential or commercial property. Payment of successful quote quantities need to be made in the kind of a verifiable bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The Public Trustee will strike and offer the or commercial property to the successful bidder after bidding has stopped and funds have actually been supplied.

Pursuant to laws in effect on January 1, 2008 for cases started after that date, the effective bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be provided with a Receipt from the Public Trustee after the sale is completed. A Certificate of Purchase will be released in the name and address of the effective bidder as shown on your Bidder Information Form and taped (within 5 organization days) by the Public Trustee's office and kept in our workplace 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 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 company days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 organization days after the sale, however no behind midday the last day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a five day redemption duration.

If you are gotten in touch with for redemption figures, interest is determined at the rate specified on the note and additional expenditures are limited to those enabled by statute. Please be prepared to supply invoices for expenditures incurred. Redemption figures must be gotten within 13 business days after the sale. The statement should specify all amounts needed to redeem including the amount of daily interest and the rate of interest. The statement may be modified up till 2 organization days before the start of the next appropriate redemption period. Your statement of redemption need to abide by 38-38-302 C.R.S.

. If redemption takes place, 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 allowable costs as defined by Colorado Revised Statutes (receipts should be supplied) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon composed demand and payment of the needed fees, 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 submitted and no redemption is made by anybody, you need to ask for, in writing, that our workplace issue your Confirmation Deed, no quicker than 15 business days after the sale. You should pay a $30.00 charge, plus recording costs, for issuance of the tape-recorded Deed. The Confirmation Deed will be provided by the Public Trustee and recorded with the Clerk & Recorder's workplace. 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.
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The Public Trustee's workplace does not supply legal recommendations and we do not do any eviction procedures. Once the Confirmation Deed is provided 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 OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.