What is a Foreclosure?
Foreclosure occurs when a homeowner is no longer able to make mortgage payments as needed. This enables the loan provider to seize the residential or commercial property, eliminating the house owner and selling the home, as stated in the mortgage agreement.
When a foreclosure takes place, the following actions take place:
1. Notice of Election and Demand is recorded within 10 service days of getting a packet from the lender'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 sent by mail within 20 calendar days after the NED was tape-recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially arranged 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 received a minimum of 15 calendar days prior to the very first scheduled sale date. A remedy, in the type of a cashier's check, need to be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and detailed bid should be received by twelve noon 2 (2) organization 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 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 5 (5) service days.
11. A Notification of Intent to Redeem must be submitted by a junior lienholder within eight (8) business days after the sale. Foreclosures started in 2008 and more recent do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:
Pursuant to laws efficient 1/1/2010,
In order to begin the foreclosure process, the following is sent to the general public Trustee's office together with a recommendation of the case and a Certificate of the Current Owner of the financial obligation:
1. Original or qualified copy of the taped deed of trust.
2. Original promissory note or bond if initial note has actually been lost. Some qualified foreclosing lenders may submit particular paperwork in lieu of the note if they fall under the guidelines 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.
3. Notice of Election and Demand for Foreclosure.
4. Mailing List, that includes names and addresses of parties to get Combined Notice of the sale, rights to treat and rights to redeem.
5. Additional files required under foreclosure statutes.
6. Payment of required fees.
The above documents are sent to the general public Trustee by a Colorado-licensed attorney 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 must be done within ten company days after receiving the documents from the lender's attorney.
A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the newsletter or modified newsletter. The newsletter or lists need to consist of all celebrations whose interests appear in an instrument tape-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 needed to send out the notification 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 farming 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 essential the Clear Creek County Public Trustee will make a decision instantly upon the opening of the foreclosure.
2. This workplace 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 need to 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 require to be taped
5. Cost for figuring out status may be consisted of as a part of the costs and expenses 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 treatment quantity is the amount needed to bring a foreclosed loan current. The Public Trustee's foreclosure files only contain cure figures when an Intent to Cure has been submitted and the figures have been received from the foreclosing lawyer.
The only parties lawfully allowed to submit an Intent to Cure consist of, however are not limited to: residential or commercial property owners, individuals liable, grantor of proof of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure need to be submitted a minimum of fifteen days prior to the date of the scheduled Public Trustee sale.
The Intent to Cure Form (PDF) may be filed by e-mail, fax, mail or in person at the Office of the Clear Creek County Public Trustee (please call or email to verify that we received the document). There is no cost to file and does not obligate the filer. Cure funds must be received in the Public Trustees office by noon on the day before the sale, and need to remain in the type of money or verifiable bank cashier's check.
Please do not expect to get info of the amount due immediately after submitting the type. The Public Trustee's Office need to request that details from the loan provider or lending institution's lawyer. Upon invoice of the figures from the loan provider or loan provider's lawyer, the treatment quantity will be offered to you as asked for. The figures might benefit just a minimal time so if you do not treat by the valid figure deadline stated in the statement, you will need to ask for an upgraded remedy declaration through the general public Trustee's Office.
To read more about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.
The above details is offered just as an informational tool and is not intended to act as legal recommendations.
How to Bid at a Foreclosure Sale:
Preparing in advance:
It is your obligation to do research study before concerning 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 might be a second or third 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 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 hire 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, 2 days before sale, we will have published in our office by approximately 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lending institution's composed quote is required to be supplied, in composing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public information and you may search our foreclosure search, sale information, quote, to see the opening bid amount. Bids got from the loan providers might 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 quote.
Be advised: The loan provider or its attorney, or the general public Trustee, might pull or continue a residential or commercial property from the sale list at any time up till the sale starts 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 mean to bid on a residential or commercial property, you need to reach the office about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, etc. This info will be used for the Certificate of Purchase, please be sure it is accurate and clear.
Those thinking about bidding should 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 composed authorization, a letter of firm 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 must bid at least $150,005.00 in order to be the successful 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 need to be made in the form of a verifiable 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 sell the residential or commercial property to the effective bidder after bidding has ceased and funds have been supplied.
Pursuant to laws in result 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 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 revealed on your Bidder Information Form and tape-recorded (within 5 service days) by the Public Trustee's office and retained in our office records.
As the grantee 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 merely evidences your investment made at the time of sale.
The Redemption Process:
A junior lien holder has 8 service days after the sale to file an intent to redeem. The most senior lien might redeem 15 to 19 service days after the sale, however no behind twelve noon the final day. If multiple 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 computed at the rate specified on the note and additional expenditures are restricted to those enabled by statute. Please be prepared to supply receipts for costs sustained. Redemption figures need to be gotten within 13 organization days after the sale. The statement should specify all sums needed to redeem including the amount of per diem interest and the rate of interest. The declaration might be modified up till 2 business days before the start of the next applicable redemption duration. Your statement of redemption must comply with 38-38-302 C.R.S.
. If redemption takes place, the Certificate of Purchase holder is paid the quote quantity, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other allowed expenses as defined by Colorado Revised Statutes (invoices must be supplied) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed demand and payment of the required charges, the Public Trustee's workplace will provide a Confirmation Deed to convey title to the last redeeming celebration.
If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you need to request, in composing, that our workplace problem your Confirmation Deed, no earlier than 15 company days after the sale. You should pay a $30.00 charge, plus recording costs, for issuance of the taped Deed. The Confirmation Deed shall be released by the Public Trustee and tape-recorded with the Clerk & Recorder's office. 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 total owed to the lender and to all other lien holders, please contact the general public Trustee's workplace after the sale because you may have funds due to you.
The general public Trustee's workplace does not offer legal suggestions and we do not do any expulsion procedures. Once the Confirmation Deed is released by this office and taped, 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 CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.
