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What is a Foreclosure?
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Foreclosure takes place when a homeowner is no longer able to make mortgage payments as required. This enables the loan provider to take the residential or commercial property, getting rid of the house owner and selling the home, as stated in the mortgage agreement.

When a foreclosure takes place, the following steps occur:

1. Notice of Election and Demand is recorded within 10 business days of getting a packet from the lender’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 taped.
4. Second Combined Notice is sent by mail 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 very first scheduled sale date.
6. Notice of Intent to Cure must be gotten a minimum of 15 calendar days prior to the first scheduled sale date. A cure, in the kind of a cashier’s check, need to be paid by midday the day before the sale.
7. The court order authorizing the sale and the signed and itemized bid should be received by midday two (2) company 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 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) company days.
11. A Notification of Intent to Redeem should be submitted by a junior lienholder within 8 (8) service days after the sale. Foreclosures started in 2008 and more recent do not permit for owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws reliable 1/1/2010,

In order to start the foreclosure process, the following is submitted 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 actually been lost. Some qualified foreclosing lending institutions might send particular documentation 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, which consists of names and addresses of celebrations to get Combined Notice of the sale, rights to treat and rights to redeem.
4. Additional files required under foreclosure statutes.
5. Payment of required fees.
   
   The above files are submitted to the Public Trustee by a Colorado-licensed lawyer representing the lending institution of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This should be done within ten business days after getting the documents from the lending institution’s attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the subscriber list or changed newsletter. The subscriber list or lists need to 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 to the addresses shown on the tape-recorded instrument. If there is no address, then by statute it is not necessary to send the notice 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 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 necessary the Clear Creek County Public Trustee will make a determination instantly upon the opening of the foreclosure.
6. This office shall 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 need to be dated no greater than 6 months before the NED was filed
   
   3. Our determination is binding
7. Statements used in identifying farming status no longer require to be recorded
8. Cost for identifying status may be included as a part of the fees 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 necessary to bring a foreclosed loan current. The Public Trustee’s foreclosure files only include treatment figures when an Intent to Cure has been submitted and the figures have actually been gotten from the foreclosing attorney.
   
   The only celebrations lawfully enabled to submit an Intent to Cure consist of, however are not limited to: residential or commercial property owners, persons accountable, grantor of evidence of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must 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 email, fax, mail or in person 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 fee to submit and does not obligate the filer. Cure funds must be received in the Public Trustees office by twelve noon on the day before the sale, and must be in the type of money or verifiable bank cashier’s check.
   
   Please do not anticipate to get information of the quantity due right away after submitting the type. The Public Trustee’s Office should ask for that info from the lending institution or lending institution’s lawyer. Upon invoice of the figures from the loan provider or lending institution’s attorney, the treatment amount will be provided to you as requested. The figures might be excellent for just a minimal time so if you do not treat by the valid figure due date set forth in the declaration, you will need to ask for an updated cure declaration through the Public Trustee’s Office.
   
   To discover more about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is provided only as an informative tool and is not intended to act as legal recommendations.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing beforehand:
   
   It is your duty to do research study before coming to 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 might 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 actually 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 may wish to employ 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, two days before sale, we will have published in our office by roughly 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lending institution’s written quote is required to be provided, in writing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public details and you may search our foreclosure search, sale information, bid, to see the opening bid amount. Bids received from the lending institutions may be modified at the time of sale so long as the lending institution’s agent is personally present at sale and re-executes the changed composed bid.
   
   Be advised: The lending institution or its attorney, 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 early morning.
   
   Sign 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, . See Map (PDF)
   
   If you plan to bid on a residential or commercial property, you ought to get here at the workplace about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This info will be utilized for the Certificate of Purchase, please be sure it is accurate and readable.
   
   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 aside from 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 upon 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 sent a bid 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 needed to have enough 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 need to be payable just to the “Clear Creek County Public Trustee”. We can decline 3rd party checks. The Public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually ceased and funds have actually been offered.
   
   Pursuant to laws in impact 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 offered with an Invoice from the general 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 recorded (within 5 organization days) by the Public Trustee’s workplace and retained in our workplace records.
   
   As the grantee 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 evidences 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 might redeem 15 to 19 company days after the sale, but no behind noon the final day. If several lien holders file an intent to redeem, each additional lien holder will get a 5 day redemption period.
   
   If you are contacted for redemption figures, interest is calculated at the rate defined on the note and extra costs are restricted to those enabled by statute. Please be prepared to supply receipts for expenses sustained. Redemption figures need to be received within 13 company days after the sale. The statement needs to define all amounts required to redeem including the quantity of per diem interest and the rate of interest. The statement may be amended up till 2 service days before the start of the next suitable redemption period. Your statement of redemption should comply with 38-38-302 C.R.S.
   
   . If redemption takes place, the Certificate of Purchase holder is paid the bid quantity, 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 (invoices must be provided) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon written demand and payment of the required costs, the Public Trustee’s workplace will release a Confirmation Deed to convey title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you should ask for, in composing, that our workplace concern your Confirmation Deed, no earlier than 15 business days after the sale. You should pay a $30.00 fee, plus recording costs, for issuance of the taped Deed. The Confirmation Deed will be released by the Public Trustee and recorded with the Clerk & Recorder’s office. 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 bought for more than the overall owed to the lender and to all other lien holders, please contact the Public Trustee’s office after the sale since you may have funds due to you.
   
   The Public Trustee’s workplace does not supply legal guidance and we do not do any expulsion proceedings. Once the Confirmation Deed is provided by this office and tape-recorded, 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 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.