What is a Foreclosure?

What is a Foreclosure?

Foreclosure takes place when a homeowner is no longer able to make mortgage payments as required. This permits the lender to take the residential or commercial property, getting rid of the property owner and selling the home, as specified in the mortgage agreement.
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When a foreclosure takes location, the following actions happen:

1. Notice of Election and Demand is recorded within 10 organization days of receiving 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 first set up 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 must be gotten a minimum of 15 calendar days prior to the very first scheduled sale date. A cure, in the kind 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 bid needs to 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 conducted 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) service days.
11. A Notification of Intent to Redeem should be submitted by a junior lienholder within eight (8) company days after the sale. Foreclosures began in 2008 and more recent 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 submitted to the Public Trustee's office in addition to a referral of the case and a Certificate of the Current Owner of the debt:

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 lending institutions might send specific 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 initial promissory note and Certification of Qualified Holder, signed by lawyers representing holder.
Notice of Election and Demand for Foreclosure.
Mailing List, which consists of names and addresses of parties to receive Combined Notice of the sale, rights to cure and rights to redeem.
Additional files required under foreclosure statutes.
Payment of required charges.

The above documents are submitted to the Public Trustee by a Colorado-licensed lawyer representing the loan provider of the loan in default. The general public Trustee tape-records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This must be done within 10 organization days after getting the files from the lending institution's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations noted on the mailing list or changed mailing list. The mailing list or lists must 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 recorded instrument. If there is no address, then by statute it is not needed to send out 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 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 office will accept as proof:

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

3. Our decision is binding
Statements used in identifying agricultural status no longer require to be taped
Cost for identifying status might be included as a part of the charges and costs 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 cure quantity is the amount essential to bring a foreclosed loan current. The general public Trustee's foreclosure files only consist of cure figures when an Intent to Cure has been filed and the figures have actually been received from the foreclosing lawyer.

The only celebrations legally permitted to file an Intent to Cure consist of, but are not restricted to: residential or commercial property owners, individuals liable, grantor of evidence 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 scheduled Public Trustee sale.

The Intent to Cure Form (PDF) may be submitted by e-mail, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or e-mail to confirm that we received the document). There is no cost to submit 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 must be in the kind of cash or verifiable bank cashier's check.

Please do not expect to get information of the amount due instantly after submitting the type. The general public Trustee's Office should ask for that details from the lender or lending institution's attorney. Upon receipt of the figures from the lending institution or lender's lawyer, the cure quantity will be supplied to you as asked for. The figures may be excellent for just a restricted time so if you do not treat by the legitimate figure deadline stated in the statement, you will need to ask for an upgraded cure statement through the Public Trustee's Office.

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

The above information is offered only as an informative tool and is not meant to work as legal recommendations.

How to Bid at a Foreclosure Sale:

Preparing beforehand:

It is your obligation to do research 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 very first lien - it might be a second or 3rd 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 evaluations have 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 may wish to hire someone to do the research 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, 2 days before sale, we will have posted in our workplace by around 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lender's written bid is needed to be provided, in writing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public details and you may search our foreclosure search, sale details, quote, to see the opening bid amount. Bids got from the lenders 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 amended composed bid.

Be recommended: 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 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 come to the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This info will be used for the Certificate of Purchase, please make certain it is accurate and legible.

Those interested in bidding needs to personally attend 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 someone besides yourself or another entity that you do not own or control, you need to have written permission, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered on behalf of that other person or entity at the time the quote is made.

Bidding at the sale continues in increments of $5.00 - if the lending institution has actually submitted 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 likewise be required to have enough funds with you to bid on the residential or commercial property. Payment of successful quote quantities should be made in the type of a proven bank cashier's check. Checks need to be payable just to the "Clear Creek County Public Trustee". We can decline 3rd celebration checks. The general public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has ceased and funds have been supplied.

Pursuant to laws in impact 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 offered with a Receipt from the Public Trustee after the sale is completed. A Certificate of Purchase will be provided in the name and address of the successful bidder as revealed on your Bidder Information Form and taped (within 5 company 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 immediate right of access to the residential or commercial property. A Certificate of Purchase does not transfer 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 submit an intent to redeem. The most senior lien may redeem 15 to 19 service days after the sale, but no behind twelve noon the final day. If numerous lien holders file an intent to redeem, each additional lien holder will receive a five day redemption period.

If you are contacted for redemption figures, interest is determined at the rate defined on the note and additional expenditures are limited to those allowed by statute. Please be prepared to provide receipts for costs incurred. Redemption figures must be gotten within 13 company days after the sale. The statement needs to specify all amounts needed to redeem including the quantity of daily interest and the interest rate. The statement might be modified up till 2 company days before the start of the next suitable redemption duration. Your statement of need to adhere to 38-38-302 C.R.S.

. If redemption takes place, the Certificate of Purchase holder is paid the bid amount, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other allowable costs as specified by Colorado Revised Statutes (receipts must be provided) as offered in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon composed request and payment of the required fees, the general public Trustee's office 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 must request, in composing, that our workplace problem your Confirmation Deed, no sooner than 15 service days after the sale. You must pay a $30.00 cost, plus recording costs, for issuance of the taped Deed. The Confirmation Deed will be released 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 total owed to the lender and to all other lien holders, please contact the general public Trustee's workplace after the sale due to the fact that you may have funds due to you.

The Public Trustee's workplace does not provide legal suggestions and we do refrain from doing any expulsion proceedings. Once the Confirmation Deed is released by this office and recorded, the general 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 COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.
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