yandex.comWhat is a Foreclosure?
Foreclosure occurs when a property owner is no longer able to make mortgage payments as needed. This permits the loan provider to take the residential or commercial property, eliminating the homeowner and selling the home, as stated in the mortgage contract.
When a foreclosure happens, the following steps occur:
- Notice of Election and Demand is taped within 10 organization days of getting a package from the lender's lawyer.
- Sale date is set in between 110 through 125 calendar days after the NED was recorded (non-ag).
- Combined Notice is mailed within 20 calendar days after the NED was taped.
- Second Combined Notice is sent by mail with 45-60 calendar days prior to first arranged sale date.
- Combined Notice released in regional paper 45-60 calendar days prior to the first scheduled sale date.
- Notice of Intent to Cure must be gotten at least 15 calendar days prior to the first scheduled sale date. A remedy, in the kind of a cashier's check, must be paid by twelve noon the day before the sale.
- The court order licensing the sale and the signed and detailed quote must be received by noon 2 (2) organization days prior to sale day.
- The Pre-sale List is provided by 2:00 p.m. on Tuesday before Thursday's sale.
- The sale is carried out at the Clear Creek County Courthouse, Office of the Treasurer & Public Trustee at 11:00 a.m. on Thursdays
- The Certificate of Purchase is tape-recorded within five (5) company days.
- A Notice of Intent to Redeem need to be filed by a junior lienholder within 8 (8) service days after the sale. Foreclosures started in 2008 and more recent do not permit for owner redemptions.
How to Start a Foreclosure in Clear Creek County:
Pursuant to laws effective 1/1/2010,
In order to begin the foreclosure procedure, the following is submitted to the general public Trustee's office together with a recommendation of the case and a Certificate of the Current Owner of the debt:
- Original or qualified copy of the tape-recorded deed of trust.
- Original promissory note or bond if initial note has been lost. Some certified foreclosing lending institutions may send certain documentation 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 attorneys representing holder.
- Notice of Election and Demand for Foreclosure.
- Mailing List, that includes names and addresses of celebrations to receive Combined Notice of the sale, rights to treat and rights to redeem.
- Additional files required under foreclosure statutes.
- Payment of needed costs.
The above documents are submitted to the Public Trustee by a Colorado-licensed attorney representing the loan provider of the loan in default. The general public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This need to 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 changed mailing list. The subscriber list or lists should include 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 taped instrument. If there is no address, then by statute it is not required 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 an initial deposit of $650 for all foreclosures
How to Determine Agricultural Status C.R.S. 38-38-108( 2( a)( I)
- If needed the Clear Creek County Public Trustee shall make a decision immediately upon the opening of the foreclosure.
- This office shall accept as proof:
a. Certified copy of taped neighborhood plat
b. Written statement from city or town clerk
c. Written statement from county assessor
d. Statements must be dated no greater than 6 months before the NED was filed
- Our determination is binding
- Statements used in determining farming status no longer require to be recorded
- Cost for determining status might be consisted of 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 quantity is the quantity essential to bring a foreclosed loan current. The general public Trustee's foreclosure files just contain treatment figures when an Intent to Cure has been submitted and the figures have been received from the foreclosing attorney.
The only parties lawfully enabled to submit an Intent to Cure include, however are not limited to: residential or commercial property owners, individuals liable, grantor of proof of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must be submitted at least fifteen days prior to the date of the scheduled Public Trustee sale.
The Intent to Cure Form (PDF) might be filed by e-mail, fax, mail or in person 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 cost to submit and does not obligate the filer. Cure funds should be gotten in the Public Trustees office by noon on the day before the sale, and need to remain in the type of cash or verifiable bank cashier's check.
Please do not anticipate to get information of the quantity due immediately after filing the type. The general public Trustee's Office should ask for that details from the lender or loan provider's attorney. Upon receipt of the figures from the lending institution or lending institution's lawyer, the cure quantity will be supplied to you as requested. The figures may benefit only a limited time so if you do not cure by the legitimate figure deadline stated in the statement, you will require to ask for an updated treatment statement through the general public Trustee's Office.
To get more information about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
The above info is offered just as an informative tool and is not intended to function as legal guidance.
How to Bid at a Foreclosure Sale:
Preparing ahead of time:
It is your obligation to do research before coming 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 might be a second or third lien. The General Public Trustee does not know the condition of the residential or commercial property, or if the residential or commercial property taxes or evaluations have actually been paid or if there are any other liens against 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 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 posted 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 written quote is required to be supplied, 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 details and you may browse our foreclosure search, sale details, bid, to see the opening bid amount. Bids received from the loan providers may be amended at the time of sale so long as the lender's agent is personally present at sale and re-executes the amended written bid.
Be encouraged: The loan provider or its attorney, or the Public Trustee, may pull or continue a residential or commercial property from the sale list at any time up till the sale begins Thursday morning.
Sign 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 should reach the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This info will be used for the Certificate of Purchase, please make sure it is accurate and clear.
Those interested in bidding should 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 aside from yourself or another entity that you do not own or control, you need to have actually written 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 person or entity at the time the quote 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 also be required to have sufficient funds with you to bid on the residential or commercial property. Payment of successful bid amounts need to be made in the kind 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 Public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has actually stopped and funds have been supplied.
Pursuant to laws in effect on January 1, 2008 for cases began after that date, the successful 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 completed. A Certificate of Purchase will be released in the name and address of the successful bidder as revealed on your Bidder Information Form and taped (within 5 service days) by the Public Trustee's workplace and kept in our workplace records.
As the grantee called 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 simply 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 submit an intent to redeem. The most senior lien may redeem 15 to 19 company days after the sale, but no later on than twelve noon the last day. If several lien holders file an intent to redeem, each extra lien holder will receive a 5 day redemption duration.
If you are called for redemption figures, interest is determined at the rate defined on the note and additional costs are limited to those permitted by statute. Please be prepared to provide invoices for costs sustained. Redemption figures must be received within 13 organization days after the sale. The statement needs to specify all amounts required to redeem including the quantity of per diem interest and the interest rate. The declaration may be changed up till 2 company days before the start of the next relevant redemption duration. Your statement of redemption need to adhere to 38-38-302 C.R.S.
. If redemption happens, the Certificate of Purchase holder is paid the quote amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowed expenses as defined by Colorado Revised Statutes (invoices need to be supplied) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon written demand and payment of the needed charges, the Public Trustee's office will issue 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 should ask for, in writing, that our office problem your Confirmation Deed, no faster than 15 company days after the sale. You need to pay a $30.00 charge, plus recording costs, for issuance of the tape-recorded Deed. The Confirmation Deed will be provided 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 purchased for more than the overall owed to the loan provider and to all other lien holders, please contact the Public Trustee's workplace after the sale because you may have funds due to you.
The Public Trustee's workplace does not offer legal advice and we do refrain from doing any eviction procedures. Once the Confirmation Deed is provided by this office 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 COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.