1 What is a Foreclosure?

Malcolm Hobson edited this page 2025-06-20 18:36:16 +08:00

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What is a Foreclosure?

Foreclosure occurs when a property owner is no longer able to make mortgage payments as needed. This enables the lending institution to seize the residential or commercial property, removing the property owner and selling the home, as specified in the mortgage agreement.
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When a foreclosure takes place, the following steps take place:

1. Notice of Election and Demand is taped within 10 business days of getting a packet from the loan provider's attorney.
2. Sale date is set in 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 recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially scheduled sale date.
5. Combined Notice released in regional 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 first scheduled sale date. A cure, in the form 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 detailed quote must be gotten by midday two (2) service 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 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 five (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 began in 2008 and newer do not enable 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 financial obligation:

1. Original or licensed copy of the tape-recorded deed of trust. 2. Original promissory note or bond if original 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 original promissory note and Certification of Qualified Holder, signed by lawyers representing holder. 3. Notice of Election and Demand for Foreclosure. 4. Mailing List, which consists of names and addresses of parties to receive 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 documents are submitted to the Public Trustee by a Colorado-licensed lawyer representing the loan provider of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This must be done within ten organization days after getting the documents from the loan provider's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations noted on the mailing list or modified newsletter. The newsletter or lists must include all parties whose interests appear in an instrument taped 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 needed to send the notice 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 agricultural residential or commercial properties. Clear Creek County needs an initial 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 decision immediately upon the opening of the foreclosure. 2. This office will accept as proof:

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

3. Our decision is binding 4. Statements utilized in determining agricultural status no longer need to be tape-recorded 5. Cost for figuring out status might be included as a portion of the costs and costs 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 remedy amount is the amount required to bring a foreclosed loan current. The general public Trustee's foreclosure files only include remedy figures when an Intent to Cure has actually been filed and the figures have been received from the foreclosing lawyer.

The only celebrations lawfully permitted to submit an Intent to Cure consist of, but are not restricted to: residential or commercial property owners, persons liable, grantor of proof of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure need to be filed a minimum of fifteen days prior to the date of the arranged Public Trustee sale.

The Intent to Cure Form (PDF) may be submitted by e-mail, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or e-mail to confirm that we got the file). There is no fee to submit and does not obligate the filer. Cure funds must be gotten in the general public Trustees office by twelve noon on the day before the sale, and need to be in the form of money or verifiable bank cashier's check.

Please do not anticipate to get info of the quantity due right away after filing the form. The general public Trustee's Office should request that info from the lending institution or loan provider's lawyer. Upon receipt of the figures from the lender or loan provider's lawyer, the cure amount will be offered to you as asked for. The figures may benefit only a limited time so if you do not treat by the valid figure deadline stated in the declaration, you will need to request an updated cure declaration 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 info is provided only as an educational tool and is not meant to act as legal recommendations.

How to Bid at a Foreclosure Sale:

Preparing beforehand:

It is your obligation 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 first lien - it could be a 2nd 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 been paid or if there are any other liens versus 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 may wish to work with 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 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 scheduled to go to sale that week (Thursday). The loan provider's written bid 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 quotes are public information and you may search our foreclosure search, sale details, quote, to see the opening bid amount. Bids received from the lending institutions may be changed at the time of sale so long as the lender's representative is personally present at sale and re-executes the modified composed quote.

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

Check in on sale day:

The Clear Creek County Public Trustee holds foreclosure sales on Thursday's promptly 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 arrive at the workplace about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This information will be used for the Certificate of Purchase, please make certain it is precise and readable.

Those thinking about 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 other than yourself or another entity that you do not own or control, you require to have written authorization, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gotten in on behalf of that other person 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 quote for $150,000.00, for instance, you must bid a minimum of $150,005.00 in order to be the effective bidder.

You will likewise be required to have sufficient funds with you to bid on the residential or commercial property. Payment of successful bid quantities need to 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 3rd party checks. The Public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has stopped and funds have been offered.

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 issued in the name and address of the successful bidder as revealed on your Bidder Information Form and taped (within 5 company days) by the Public Trustee's office and maintained 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 simply evidences your 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 might redeem 15 to 19 business 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 get a 5 day redemption duration.

If you are gotten in touch with for redemption figures, interest is computed at the rate defined on the note and extra costs are restricted to those enabled by statute. Please be prepared to supply receipts for costs incurred. Redemption figures should be received within 13 organization days after the sale. The statement must define all amounts required to redeem including the amount of daily interest and the rate of interest. The declaration may be amended up until 2 organization days before the start of the next suitable redemption period. Your statement of redemption need to adhere to 38-38-302 C.R.S.

. If redemption occurs, 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 costs as specified by Colorado Revised Statutes (invoices must be provided) as supplied in C.R.S. 38-38-107 and as consisted of in your . Thereafter, upon composed request and payment of the required costs, the general public Trustee's workplace will release a Verification Deed to communicate title to the last redeeming party.

If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you should ask for, in writing, that our office issue your Confirmation Deed, no quicker than 15 company days after the sale. You must pay a $30.00 cost, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed will 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 bought for more than the overall owed to the loan provider and to all other lien holders, please contact the general public Trustee's workplace after the sale since you may have funds due to you.

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