What is a Foreclosure?

Foreclosure happens when a property owner is no longer able to make mortgage payments as required. This permits the lending institution to take the residential or commercial property, getting rid of the house owner and offering the home, as stated in the mortgage agreement.
solarbird.net
When a foreclosure occurs, the following steps happen:

1. Notice of Election and Demand is tape-recorded within 10 business days of receiving a package from the lender's attorney.
2. Sale date is set in 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 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 local paper 45-60 calendar days prior to the first scheduled sale date.
6. Notice of Intent to Cure should be received at least 15 calendar days prior to the very first scheduled sale date. A treatment, in the kind 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 made a list of quote must be gotten by noon 2 (2) organization 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 5 (5) organization days.
11. A Notification of Intent to Redeem need to be submitted by a junior lienholder within eight (8) business 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 efficient 1/1/2010,

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

1. Original or qualified copy of the taped deed of trust.

1. Original promissory note or bond if initial note has been lost. Some certified foreclosing lenders may 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 lawyers representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of celebrations to get Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional documents required under foreclosure statutes.
5. Payment of needed fees.
   
   The above documents are sent to the general public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The Public Trustee records the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This need to be done within ten company days after receiving the documents from the . A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations listed on the mailing list or changed subscriber list. The newsletter or lists need to include all celebrations whose interests appear in an instrument recorded subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notices are sent to the addresses shown on the tape-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 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 needed the Clear Creek County Public Trustee shall make a decision immediately upon the opening of the foreclosure.
6. This office will accept as evidence:
   
   a. Certified copy of tape-recorded neighborhood plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements must be dated no greater than 6 months before the NED was filed
   
   3. Our determination is binding
7. Statements utilized in determining farming status no longer need to be tape-recorded
8. Cost for figuring out status may be included as a part of the costs and expenses 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 quantity is the amount necessary to bring a foreclosed loan current. The Public Trustee's foreclosure files only consist of remedy figures when an Intent to Cure has actually been filed and the figures have been gotten from the foreclosing attorney.
   
   The only celebrations legally permitted to file an Intent to Cure include, but are not restricted to: residential or commercial property owners, persons 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 filed at least 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 personally at the Office of the Clear Creek County Public Trustee (please call or e-mail to validate that we received the file). There is no cost to file and does not obligate the filer. Cure funds must be received in the general public Trustees workplace by noon on the day before the sale, and must remain in the form of money or proven bank cashier's check.
   
   Please do not expect to receive details of the amount due immediately after submitting the type. The Public Trustee's Office should request that information from the lender or lending institution's attorney. Upon invoice of the figures from the lending institution or loan provider's attorney, the remedy amount will be supplied to you as asked for. The figures may benefit only a restricted time so if you do not treat by the legitimate figure deadline stated in the statement, you will require to request an upgraded cure declaration through the Public Trustee's Office.
   
   To find out more about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above information is provided just as an educational tool and is not meant to function as legal guidance.
   
   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 third lien. The Public Trustee does not understand 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 might want to work with 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 website, Foreclosure Search.
   stickfight.co.uk
   On Tuesday, 2 days before sale, we will have posted in our office by approximately 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lending institution's composed bid is needed to be provided, in composing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public details and you might browse our foreclosure search, sale details, quote, to see the opening quote amount. Bids got from the loan providers may be changed at the time of sale so long as the lending institution's representative is personally present at sale and re-executes the changed composed bid.
   
   Be recommended: The lender or its lawyer, or the Public Trustee, may pull or continue a residential or commercial property from the sale list at any time up until the sale begins Thursday morning.
   
   Sign in on sale day:
   
   The Clear Creek County Public Trustee holds foreclosure sales on Thursday's without delay 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 intend to bid on a residential or commercial property, you must get to the office about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This information will be utilized for the Certificate of Purchase, please be sure it is accurate and clear.
   
   Those interested in bidding should personally go to 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 require to have actually 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 person or entity at the time the quote is made.
   
   Bidding at the sale proceeds in increments of $5.00 - if the loan provider has sent a quote for $150,000.00, for instance, you need to bid a minimum of $150,005.00 in order to be the effective bidder.
   
   You will also be needed to have adequate funds with you to bid on the residential or commercial property. Payment of effective bid quantities must be made in the form of a proven bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can decline third party checks. The Public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually stopped and funds have actually been offered.
   
   Pursuant to laws in result 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 general public Trustee after the sale is finished. A Certificate of Purchase will be provided in the name and address of the effective bidder as shown on your Bidder Information Form and recorded (within 5 service days) by the Public Trustee's office and retained 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 investment made at the time of sale.
   
   The Redemption Process:
   
   A junior lien holder has 8 organization 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 later than midday the last day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a 5 day redemption duration.
   
   If you are gotten in touch with for redemption figures, interest is computed at the rate defined on the note and extra costs are restricted to those allowed by statute. Please be prepared to provide invoices for expenditures incurred. Redemption figures need to be gotten within 13 company days after the sale. The declaration should specify all sums required to redeem including the amount of daily interest and the rate of interest. The declaration might be amended up till 2 service days before the start of the next relevant redemption duration. 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 allowed expenses as defined by Colorado Revised Statutes (invoices need to be provided) as supplied in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed request 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 filed and no redemption is made by anybody, you need to ask for, in composing, that our workplace issue your Confirmation Deed, no quicker than 15 business days after the sale. You should pay a $30.00 fee, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed shall be provided by the Public Trustee and tape-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 acquired for more than the overall owed to the lending institution and to all other lien holders, please contact the Public Trustee's office after the sale since you might have funds due to you.
   
   The general public Trustee's workplace does not provide legal recommendations and we do not do any eviction proceedings. Once the Confirmation Deed is provided by this workplace and tape-recorded, the Public Trustee's file is closed.
   
   IF THE BORROWER BELIEVES THAT A LENDING INSTITUTION 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 OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.