What is a Foreclosure?
Foreclosure happens when a homeowner is no longer able to make mortgage payments as required. This allows the loan provider to take the residential or commercial property, getting rid of the homeowner and selling the home, as stipulated in the mortgage agreement.
When a foreclosure happens, the following steps take place:
1. Notice of Election and Demand is taped within 10 company days of getting a packet from the lending institution's lawyer.
2. Sale date is set 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 mailed with 45-60 calendar days prior to first set up 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 need to be gotten a minimum of 15 calendar days prior to the first scheduled sale date. A cure, in the type of a cashier's check, should be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and itemized quote should be received by midday 2 (2) company days prior to sale day.
8. The Pre-sale List is made 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) organization days.
11. A Notification of Intent to Redeem should be filed by a junior lienholder within eight (8) organization days after the sale. Foreclosures began in 2008 and more recent do not permit for owner redemptions.
How to Start a Foreclosure in Clear Creek County:
Pursuant to laws efficient 1/1/2010,
In order to start the foreclosure process, the following is sent to the general 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 recorded deed of trust.
2. Original promissory note or bond if original note has been lost. Some certified foreclosing lenders might submit certain 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 celebrations to receive Combined Notice of the sale, rights to cure and rights to redeem.
5. Additional files needed under foreclosure statutes.
6. Payment of required costs.
The above files are sent 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 procedures. This should be done within ten service days after getting the documents from the loan provider's attorney.
A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations listed on the newsletter or modified newsletter. The mailing list or lists must include 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 notices are sent to the addresses shown on the tape-recorded instrument. If there is no address, then by statute it is not needed to send out 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 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 needed the Clear Creek County Public Trustee shall make a determination right away upon the opening of the foreclosure.
2. This office shall accept as evidence:
a. Certified copy of recorded neighborhood plat
b. Written statement from city or town clerk
c. Written declaration from county assessor
d. Statements must be dated no greater than 6 months before the NED was submitted
3. Our determination is binding
4. Statements used in identifying farming status no longer require to be recorded
5. Cost for determining status may be included as a portion of the costs and expenses charged by the attorney
Please do not include 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 general public Trustee's foreclosure files only include cure figures when an Intent to Cure has been filed and the figures have actually been received 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, individuals accountable, grantor of evidence of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should 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 filed by email, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we received the document). There is no fee to submit and does not obligate the filer. Cure funds must be received in the general public Trustees workplace by noon on the day before the sale, and should remain in the form of money or verifiable bank cashier's check.
Please do not anticipate to get info of the amount due instantly after filing the form. The general public Trustee's Office must request that information from the loan provider or lender's lawyer. Upon receipt of the figures from the lender or loan provider's attorney, the treatment amount will be supplied to you as asked for. The figures might benefit just a restricted time so if you do not cure by the valid figure deadline stated in the statement, you will need to request an upgraded cure statement through the general public Trustee's Office.
To read more about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
The above info is offered just as an educational tool and is not intended to work as legal guidance.
How to Bid at a Foreclosure Sale:
Preparing ahead of time:
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 3rd 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 against the residential or commercial property. If you do not know how to inspect the "condition of title" or the "chain of title" to the residential or commercial property, you might wish to hire somebody to do the research study 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 approximately 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The loan provider's composed bid is required to be provided, in writing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public information and you might search our foreclosure search, sale info, quote, to see the opening quote quantity. Bids received from the loan providers might be modified at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the changed composed bid.
Be advised: The lending institution or its lawyer, or the general public Trustee, might pull or continue a residential or commercial property from the sale list at any time up until the sale starts Thursday 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, Colorado. See Map (PDF)
If you plan to bid on a residential or commercial property, you ought to come to the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This details will be used for the Certificate of Purchase, please be sure it is precise and readable.
Those thinking about bidding should personally participate in 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 somebody aside from yourself or another entity that you do not own or control, you require to have actually written authorization, 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 individual or entity at the time the quote is made.
Bidding at the sale proceeds in increments of $5.00 - if the lending institution has actually submitted a quote for $150,000.00, for instance, you need to 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 effective quote quantities must be made in the type of a proven bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can not accept third party checks. The Public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has actually ceased and funds have actually been provided.
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 completed. A Certificate of Purchase will be issued in the name and address of the successful bidder as shown on your Bidder Information Form and recorded (within 5 company days) by the Public Trustee's office and maintained in our office records.
As the beneficiary 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 move title to you, it merely proofs your financial 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 company days after the sale, however no behind noon the final day. If numerous lien holders submit an intent to redeem, each additional lien holder will get a five day redemption duration.
If you are called 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 costs incurred. Redemption figures should be gotten within 13 organization days after the sale. The declaration should define all sums needed to redeem consisting of the quantity of per diem interest and the rates of interest. The statement may be amended up till 2 company days before the start of the next appropriate redemption period. Your statement of redemption must abide by 38-38-302 C.R.S.
. If redemption takes place, the Certificate of Purchase holder is paid the quote amount, 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 supplied in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon composed demand and payment of the needed fees, the general public Trustee's office will issue a Confirmation Deed to communicate title to the last redeeming party.
If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you should request, in writing, that our office problem your Confirmation Deed, no sooner than 15 business days after the sale. You must pay a $30.00 cost, plus recording expenses, for issuance of the tape-recorded Deed. The Confirmation Deed shall be provided 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 acquired 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 since you might have funds due to you.
The general public Trustee's office does not provide legal suggestions and we do refrain from doing any eviction proceedings. Once the Confirmation Deed is issued by this workplace 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 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.
