What is a Foreclosure?

Foreclosure occurs when a homeowner is no longer able to make mortgage payments as required. This permits the loan provider to seize the residential or commercial property, getting rid of the property owner and selling the home, as stated in the mortgage contract.

When a foreclosure occurs, the following steps take place:

1. Notice of Election and Demand is recorded within 10 company days of getting a package from the lender’s lawyer.
2. Sale date is set in between 110 through 125 calendar days after the NED was (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 initially arranged sale date.
5. Combined Notice released 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 kind of a cashier’s check, should be paid by noon the day before the sale.
7. The court order authorizing the sale and the signed and itemized quote must be received by twelve noon two (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 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) service days.
11. A Notice of Intent to Redeem need to be filed by a junior lienholder within 8 (8) service days after the sale. Foreclosures began in 2008 and newer do not permit for owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws effective 1/1/2010,

In order to begin the foreclosure process, the following is sent to the Public Trustee’s office along with a recommendation 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.

1. Original promissory note or bond if initial note has been lost. Some certified foreclosing lenders may submit specific paperwork 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 attorneys representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of parties to receive Combined Notice of the sale, rights to treat and rights to redeem.
4. Additional documents needed 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 tape-records the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This should be done within 10 company days after getting the files from the lending institution’s attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations listed on the newsletter or modified subscriber list. 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 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 farming 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 shall make a decision right away upon the opening of the foreclosure.
6. This workplace shall accept as proof:
   
   a. Certified copy of recorded subdivision plat b. Written declaration from city or town clerk c. Written statement from county assessor d. Statements need to be dated no greater than 6 months before the NED was filed
   
   3. Our decision is binding
7. Statements utilized in determining farming status no longer require to be tape-recorded
8. Cost for identifying status may be included as a part of the costs and costs charged by the lawyer 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 remedy amount is the amount essential to bring a foreclosed loan current. The Public Trustee’s foreclosure files only contain cure figures when an Intent to Cure has been filed and the figures have actually been gotten from the foreclosing lawyer.
   
   The only parties lawfully allowed to file an Intent to Cure consist of, but are not restricted to: residential or commercial property owners, persons liable, 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 a minimum of fifteen days prior to the date of the arranged Public Trustee sale.
   
   The Intent to Cure Form (PDF) might be filed by email, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or email to verify that we received the document). There is no charge to submit and does not obligate the filer. Cure funds need to be gotten in the general public Trustees office 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 anticipate to get details of the amount due immediately after submitting the kind. The Public Trustee’s Office must ask for that details from the lending institution or lender’s attorney. Upon invoice of the figures from the lender or lending institution’s lawyer, the cure quantity will be supplied to you as asked for. The figures may be excellent for only a limited time so if you do not cure by the legitimate figure deadline set forth in the statement, you will need to request an updated remedy declaration through the Public Trustee’s Office.
   
   To get more information about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above information is provided only as an informative tool and is not intended to serve as legal advice.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing in advance:
   
   It is your duty 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 first lien - it might be a 2nd 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 assessments have actually been paid or if there are any other liens against the residential or commercial property. If you do not understand how to check 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 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, two days before sale, we will have published in our workplace by roughly 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The loan provider’s composed bid is needed to be offered, in writing, to the general public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public info and you may search our foreclosure search, sale info, bid, to see the opening quote quantity. Bids received from the lending institutions may be amended at the time of sale so long as the loan provider’s agent is personally present at sale and re-executes the amended composed bid.
   
   Be advised: The loan provider or its attorney, or the Public Trustee, might pull or continue a residential or commercial property from the sale list at any time up until the sale starts 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 mean to bid on a residential or commercial property, you must show up at the office about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This info will be used for the Certificate of Purchase, please make sure it is precise and clear.
   
   Those thinking about bidding must personally participate in 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 someone besides yourself or another entity that you do not own or control, you need to have written permission, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gone into on 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 sent a quote for $150,000.00, for example, you should bid at least $150,005.00 in order to be the effective bidder.
   
   You will likewise be needed 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 form 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 offer the residential or commercial property to the effective bidder after bidding has ceased and funds have actually been supplied.
   realtor.com
   Pursuant to laws in impact on January 1, 2008 for cases started after that date, the effective bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be offered with a Receipt 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 revealed on your Bidder Information Form and recorded (within 5 service days) by the Public Trustee’s workplace and retained in our workplace records.
   
   As the grantee 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 transfer title to you, it merely evidences your financial 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 business days after the sale, but no later on than twelve noon the last day. If numerous lien holders file an intent to redeem, each extra lien holder will get a 5 day redemption period.
   
   If you are called for redemption figures, interest is calculated at the rate defined on the note and additional costs are restricted to those permitted by statute. Please be prepared to provide receipts for costs incurred. Redemption figures should be received within 13 business days after the sale. The statement needs to specify 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 business days before the start of the next applicable 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 bid amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other permitted costs as specified by Colorado Revised Statutes (invoices need to be provided) as provided in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon composed demand and payment of the required charges, the general public Trustee’s workplace will release a Confirmation Deed to convey title to the last redeeming party.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you should request, in writing, that our workplace concern your Confirmation Deed, no quicker than 15 organization days after the sale. You must pay a $30.00 cost, plus recording expenses, for issuance of the recorded Deed. The Confirmation Deed shall be issued by the Public Trustee and recorded 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 lending institution and to all other lien holders, please contact the general public Trustee’s workplace after the sale because you might have funds due to you.
   
   The Public Trustee’s workplace does not supply legal recommendations and we do refrain from doing any eviction procedures. Once the Confirmation Deed is provided by this workplace and taped, 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 CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.