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What is a Foreclosure?
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Foreclosure occurs when a house owner is no longer able to make mortgage payments as needed. This permits the lender to seize the residential or commercial property, eliminating the house owner and selling the home, as stipulated in the mortgage contract.

When a foreclosure takes location, the following actions happen:

1. Notice of Election and Demand is tape-recorded within 10 organization days of receiving a packet from the lending institution's lawyer.
2. Sale date is set 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 tape-recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first scheduled 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 should be received a minimum of 15 calendar days prior to the very first scheduled sale date. A cure, in the kind of a cashier's check, must be paid by noon the day before the sale.
7. The court order authorizing the sale and the signed and made a list of bid should be gotten by midday 2 (2) 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 taped within five (5) service days.
11. A Notification of Intent to Redeem must be filed by a junior lienholder within 8 (8) service days after the sale. Foreclosures began 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 start the foreclosure procedure, the following is sent to the general public Trustee's workplace together 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. 2. Original promissory note or bond if original note has actually been lost. Some qualified foreclosing lenders may submit certain 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 original promissory note and Certification of Qualified Holder, signed by attorneys representing holder. 3. Notice of Election and Demand for Foreclosure. 4. Mailing List, which consists of names and addresses of celebrations to get Combined Notice of the sale, rights to treat and rights to redeem. 5. Additional files needed under foreclosure statutes. 6. Payment of needed charges.

The above files are submitted to the general 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 ten company days after getting the files from the lender's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the subscriber list or changed mailing list. The subscriber list or lists must consist of 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 out to the addresses revealed 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 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 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 necessary the Clear Creek County Public Trustee will make a decision immediately upon the opening of the foreclosure. 2. This office will accept as evidence:

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

3. Our determination is binding 4. Statements used in identifying agricultural status no longer need to be taped 5. Cost for figuring out status may be consisted of as a part of the fees and costs charged by the attorney Please do not include copies of statutes for mailing. This is covered in the cost of postage and copies.

How to Cure a Foreclosure:

A cure amount is the quantity necessary to bring a foreclosed loan current. The general public Trustee's foreclosure files just include treatment figures when an Intent to Cure has actually been filed and the figures have actually been gotten from the foreclosing lawyer.

The only parties legally allowed to submit an Intent to Cure include, but are not limited to: residential or commercial property owners, individuals 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) might be filed 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 file and does not obligate the filer. Cure funds need to be received in the general public Trustees office by midday on the day before the sale, and need to be in the kind of cash or verifiable bank cashier's check.

Please do not expect to receive information of the amount due instantly after submitting the type. The general public Trustee's Office should ask for that info from the lending institution or lender's lawyer. Upon invoice of the figures from the lending institution or lending institution's attorney, the remedy quantity will be supplied to you as requested. The figures might be good for just a minimal time so if you do not treat by the valid figure due date stated in the declaration, you will require to ask for an upgraded remedy statement through the Public Trustee's Office.

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

The above information is offered just as an informational tool and is not intended to work as legal suggestions.

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

It is your duty to do research study before pertaining 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 very first lien - it could be a 2nd or 3rd 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 actually been paid or if there are any other liens versus 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 might want to work with 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 website, Foreclosure Search.

On Tuesday, 2 days before sale, we will have published in our office by around 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lender's written quote is required to be supplied, in composing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public information and you may browse our foreclosure search, sale information, quote, to see the opening quote amount. Bids received from the lending institutions may be modified at the time of sale so long as the loan provider's agent is personally present at sale and re-executes the amended composed quote.

Be recommended: The lender or its lawyer, or the Public Trustee, might pull or continue a residential or commercial property from the sale list at any time up until the sale begins Thursday early morning.

Check 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 intend to bid on a residential or commercial property, you should reach the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This info will be utilized for the Certificate of Purchase, please make sure it is precise and readable.

Those interested in bidding needs to 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 someone aside from yourself or another entity that you do not own or control, you require to have actually composed authorization, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your bid is being gone into on behalf of that other individual or entity at the time the bid is made.

Bidding at the sale continues in increments of $5.00 - if the loan provider has sent a bid for $150,000.00, for instance, you should bid at least $150,005.00 in order to be the effective bidder.

You will also be needed to have sufficient funds with you to bid on the residential or commercial property. Payment of successful quote amounts 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 not accept 3rd party checks. The general 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 effect on January 1, 2008 for cases began 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 an Invoice from the Public Trustee after the sale is finished. A Certificate of Purchase will be provided in the name and address of the successful bidder as shown on your Bidder Information Form and taped (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 immediate right of access to the residential or commercial property. A Certificate of Purchase does not transfer title to you, it merely 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 company days after the sale, but no behind noon the final day. If numerous lien holders submit an intent to redeem, each extra lien holder will receive a 5 day redemption period.

If you are called for redemption figures, interest is calculated at the rate specified on the note and additional expenses are limited to those allowed by statute. Please be prepared to offer invoices for expenditures incurred. Redemption figures should be gotten within 13 organization days after the sale. The statement should specify all amounts required to redeem consisting of the quantity of per diem interest and the rates of interest. The declaration might be modified up until 2 service days before the start of the next relevant redemption duration. Your declaration of redemption must 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 costs as specified by Colorado Revised Statutes (invoices need to be provided) as supplied in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon composed demand and payment of the needed costs, the general public Trustee's workplace will provide a Verification Deed to convey title to the last redeeming party.

If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you must request, in composing, that our workplace issue your Confirmation Deed, no quicker than 15 service days after the sale. You should pay a $30.00 fee, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed will be provided by the Public Trustee and tape-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 acquired for more than the total owed to the loan provider and to all other lien holders, please contact the general public Trustee's office after the sale since you may have funds due to you.

The general public Trustee's workplace does not provide legal guidance and we do refrain from doing any expulsion procedures. Once the Confirmation Deed is issued by this workplace and taped, the 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 GRIEVANCE WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.