GitLab

What is a Foreclosure?

Foreclosure occurs 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, getting rid of the property owner and offering the home, as stipulated in the mortgage contract.

When a foreclosure happens, the following actions happen:

1. Notice of Election and Demand is taped within 10 business days of getting a package from the loan provider'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 sent by mail within 20 calendar days after the NED was taped.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first scheduled sale date.
5. Combined Notice published in regional paper 45-60 calendar days prior to the first scheduled sale date.
6. Notice of Intent to Cure should be received at least 15 calendar days prior to the first scheduled sale date. A cure, in the form of a cashier's check, should be paid by twelve noon the day before the sale.
7. The court order authorizing the sale and the signed and made a list of quote must be received by twelve noon two (2) company 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 performed 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 Notice of Intent to Redeem need to be submitted by a junior lienholder within eight (8) business days after the sale. Foreclosures began in 2008 and newer do not allow for 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 submitted to the general public Trustee's workplace in addition to a referral of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or qualified copy of the tape-recorded deed of trust. 2. Original promissory note or bond if original note has been lost. Some certified foreclosing lenders might send 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 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 includes names and addresses of celebrations to receive Combined Notice of the sale, rights to treat and rights to redeem. 5. Additional documents needed under foreclosure statutes. 6. Payment of required charges.

The above files are sent to the general public Trustee by a Colorado-licensed attorney representing the lender of the loan in default. The general public Trustee tapes the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This must be done within 10 company days after receiving the documents from the lender's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties noted on the mailing list or modified subscriber list. The newsletter or lists should consist of 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 out to the addresses shown on the tape-recorded instrument. If there is no address, then by statute it is not essential 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 required the Clear Creek County Public Trustee will make a determination immediately upon the opening of the foreclosure. 2. This workplace will accept as proof:

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

3. Our decision is binding 4. Statements utilized in determining agricultural status no longer require to be tape-recorded 5. Cost for figuring out status may be included as a portion of the costs and expenses charged by the attorney Please do not consist of copies of statutes for mailing. This is covered in the cost 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 just contain treatment figures when an Intent to Cure has actually been filed and the figures have actually been received from the foreclosing lawyer.

The only celebrations legally permitted to file an Intent to Cure include, however are not restricted 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 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 personally at the Office of the Clear Creek County Public Trustee (please call or email to verify that we received the document). There is no charge to submit and does not obligate the filer. Cure funds must be received in the Public Trustees workplace by midday on the day before the sale, and must be in the kind of cash or proven bank cashier's check.

Please do not expect to receive details of the amount due right away after submitting the type. The general public Trustee's Office should ask for that info from the lender or loan provider's lawyer. Upon receipt of the figures from the loan provider or lender's lawyer, the remedy amount will be offered to you as asked for. The figures might benefit only a restricted time so if you do not cure by the legitimate figure deadline set forth in the statement, you will require to ask for an upgraded cure statement through the general public Trustee's Office.

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

The above info is supplied only as an informational tool and is not meant to act as legal suggestions.

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 general public Trustee can not and does not guaranty that the deed of trust being foreclosed is a very first lien - it could be a second 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 evaluations have 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 wish to employ somebody to do the research study 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 posted in our office by roughly 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lending institution's written quote is needed to be provided, in writing, to the general public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public info and you may browse our foreclosure search, sale info, bid, to see the opening bid quantity. Bids received from the loan providers may be changed at the time of sale so long as the lender's agent is personally present at sale and re-executes the changed composed bid.

Be advised: The lending institution or its attorney, or the Public Trustee, may pull or continue a residential or commercial property from the sale list at any time up until the sale starts Thursday early 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 intend to bid on a residential or commercial property, you ought to reach the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This information will be utilized for the Certificate of Purchase, please make certain 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 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 written permission, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gotten in on 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 loan provider has actually sent a quote for $150,000.00, for example, you need to bid a minimum of $150,005.00 in order to be the successful bidder.

You will likewise be required to have sufficient funds with you to bid on the residential or commercial property. Payment of successful bid amounts should be made in the kind of a proven bank cashier's check. Checks need to be payable just to the "Clear Creek County Public Trustee". We can decline third party checks. The Public Trustee will strike and sell the residential or commercial property to the successful bidder after bidding has actually stopped and funds have been provided.

Pursuant to laws in result on January 1, 2008 for cases started after that date, the effective bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be offered with an Invoice from the Public Trustee after the sale is completed. A Certificate of Purchase will be provided in the name and address of the successful bidder as revealed on your Bidder Information Form and recorded (within 5 company days) by the Public Trustee's workplace and maintained in our workplace records.

As the beneficiary named 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 investment made at the time of sale.

The Redemption Process:

A junior lien holder has 8 organization days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 organization days after the sale, however no behind twelve noon the final day. If numerous lien holders file an intent to redeem, each extra lien holder will get a 5 day redemption period.

If you are gotten in touch with for redemption figures, interest is determined at the rate defined on the note and additional expenditures are limited to those permitted by statute. Please be prepared to supply invoices for expenditures sustained. Redemption figures need to be received within 13 company days after the sale. The declaration needs to define all sums needed to redeem including the quantity of per diem interest and the rates of interest. The declaration may be changed up until 2 service days before the start of the next applicable redemption duration. Your statement of redemption need to abide by 38-38-302 C.R.S.

. If redemption occurs, the Certificate of Purchase holder is paid the bid quantity, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other permitted expenses as specified by Colorado Revised Statutes (invoices need to be supplied) as supplied in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon written demand and payment of the needed fees, the Public Trustee's workplace will issue a Verification Deed to convey title to the last .

If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you should ask for, in composing, that our workplace concern your Confirmation Deed, no sooner than 15 business days after the sale. You must pay a $30.00 fee, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed will be issued 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 overall owed to the lending institution 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 guidance and we do not do any eviction proceedings. Once the Confirmation Deed is released by this workplace and tape-recorded, the 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 ATTORNEY GENERAL OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.
kayak.com