What is a Foreclosure?

Foreclosure takes place when a property owner is no longer able to make mortgage payments as required. This permits the lender to take the residential or commercial property, removing the homeowner and selling the home, as specified in the mortgage contract.
amoray.com
When a foreclosure takes location, the following steps take place:

1. Notice of Election and Demand is recorded within 10 organization days of receiving a packet from the lending institution's lawyer.
2. Sale date is set in between 110 through 125 calendar days after the NED was recorded (non-ag).
3. Combined Notice is mailed within 20 calendar days after the NED was tape-recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first scheduled 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 should be received a minimum of 15 calendar days prior to the first scheduled sale date. A treatment, in the form of a cashier's check, must be paid by twelve noon the day before the sale.
7. The court order licensing the sale and the signed and made a list of quote needs to be gotten by twelve noon two (2) business 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 5 (5) company days.
11. A Notice of Intent to Redeem need to be filed by a junior lienholder within 8 (8) business days after the sale. Foreclosures started 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 sent 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 certified copy of the taped deed of trust.

1. Original promissory note or bond if original note has been lost. Some qualified foreclosing loan providers may submit 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 attorneys representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of celebrations to get Combined Notice of the sale, rights to treat and rights to redeem.
4. Additional documents needed under foreclosure statutes.
5. Payment of required charges.
   
   The above documents are sent to the Public Trustee by a Colorado-licensed attorney 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 need to be done within ten service days after getting the documents from the loan provider's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the mailing list or changed subscriber list. The newsletter or lists must 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 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 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 needed the Clear Creek County Public Trustee will make a decision right away upon the opening of the foreclosure.
6. This workplace shall accept as evidence:
   
   a. Certified copy of tape-recorded neighborhood plat b. Written declaration from city or town clerk c. Written statement from county assessor d. Statements should be dated no more than 6 months before the NED was filed
   
   3. Our decision is binding
7. Statements used in figuring out farming status no longer require to be taped
8. Cost for figuring out status might be consisted of as a portion of the charges 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 remedy amount is the amount essential to bring a foreclosed loan current. The Public Trustee's foreclosure files just include treatment figures when an Intent to Cure has actually been filed and the figures have been received from the foreclosing attorney.
   
   The only celebrations legally enabled to file an Intent to Cure consist of, but are not restricted to: residential or commercial property owners, individuals accountable, grantor of proof of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should be filed a minimum of 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 personally at the Office of the Clear Creek County Public Trustee (please call or email to verify that we received the file). There is no cost to file and does not obligate the filer. Cure funds must be received in the general public Trustees office by twelve noon on the day before the sale, and should remain in the form of cash or verifiable bank cashier's check.
   
   Please do not anticipate to get details of the quantity due instantly after submitting the form. The Public Trustee's Office must request that info from the lending institution or lender's attorney. Upon invoice of the figures from the loan provider or loan provider's lawyer, the treatment amount will be offered to you as requested. The figures may benefit just a minimal time so if you do not treat by the legitimate figure due date stated in the declaration, you will need to request an upgraded treatment statement through the Public Trustee's Office.
   
   For more information about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is offered only as an and is not meant to act as legal advice.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing beforehand:
   
   It is your obligation to do research 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 first lien - it could 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 know how to check the "condition of title" or the "chain of title" to the residential or commercial property, you might want to hire 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 workplace by roughly 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The loan provider'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 might browse our foreclosure search, sale information, quote, to see the opening quote quantity. Bids received from the lending institutions might be changed 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 encouraged: 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 starts Thursday 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 plan to bid on a residential or commercial property, you need to get to the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This information will be used for the Certificate of Purchase, please be sure it is precise and clear.
   
   Those thinking about bidding should personally go to 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 require to have actually composed permission, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered on behalf of that other individual or entity at the time the quote is made.
   
   Bidding at the sale continues in increments of $5.00 - if the lender has actually sent a quote for $150,000.00, for example, you should bid at least $150,005.00 in order to be the successful bidder.
   
   You will likewise be needed to have enough funds with you to bid on the residential or commercial property. Payment of successful quote amounts must be made in the form of a verifiable bank cashier's check. Checks need to be payable just to the "Clear Creek County Public Trustee". We can not accept third celebration 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 offered.
   
   Pursuant to laws in result on January 1, 2008 for cases started after that date, the successful bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be provided with a Receipt 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 revealed on your Bidder Information Form and tape-recorded (within 5 business days) by the Public Trustee's workplace and retained in our workplace records.
   
   As the beneficiary 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 move title to you, it simply evidences your financial investment made at the time of sale.
   
   The Redemption Process:
   
   A junior lien holder has 8 company 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 multiple 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 computed at the rate specified on the note and extra expenditures are restricted to those enabled by statute. Please be prepared to provide invoices for expenses sustained. Redemption figures should be received within 13 organization days after the sale. The declaration needs to define all sums required to redeem consisting of the amount of daily interest and the interest rate. The statement might be amended up till 2 service days before the start of the next appropriate redemption duration. Your declaration of redemption must adhere to 38-38-302 C.R.S.
   
   . If redemption happens, the Certificate of Purchase holder is paid the bid 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 must be supplied) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon composed request and payment of the required charges, the general 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 need to ask for, in writing, that our office issue your Confirmation Deed, no faster than 15 business days after the sale. You should pay a $30.00 fee, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed shall 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 acquired for more than the total owed to the lender and to all other lien holders, please contact the Public Trustee's office after the sale because you might have funds due to you.
   
   The Public Trustee's workplace does not offer legal guidance and we do not do any expulsion procedures. Once the Confirmation Deed is issued by this workplace and taped, 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 COMPLAINT WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.
   houzz.com