redfin.com
What is a Foreclosure?

Foreclosure takes place when a homeowner is no longer able to make mortgage payments as required. This allows the loan provider to seize the residential or commercial property, getting rid of the property owner and offering the home, as stated in the mortgage agreement.

When a foreclosure occurs, the following actions take place:

1. Notice of Election and Demand is recorded within 10 organization days of receiving a packet from the lender's attorney.
2. Sale date is set between 110 through 125 calendar days after the NED was tape-recorded (non-ag).
3. Combined Notice is sent by mail within 20 calendar days after the NED was taped.
4. Second Combined Notice is sent by mail 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 very first scheduled sale date. A treatment, in the type of a cashier's check, should be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and itemized quote should be received by twelve noon two (2) service 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 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 recorded within 5 (5) organization days.
11. A Notification of Intent to Redeem must be filed by a junior lienholder within eight (8) business days after the sale. Foreclosures began in 2008 and more recent do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws effective 1/1/2010,

In order to begin the foreclosure process, the following is sent to the Public Trustee's office in addition to a recommendation of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or certified copy of the tape-recorded deed of trust.

1. Original promissory note or bond if original note has actually 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.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of celebrations to receive Combined Notice of the sale, rights to treat and rights to redeem.
4. Additional documents required under foreclosure statutes.
5. Payment of needed fees.
   
   The above documents are sent to the Public Trustee by a Colorado-licensed lawyer representing the lending institution of the loan in default. The Public Trustee tape-records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This must be done within 10 business days after the files from the lending institution's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the subscriber list or changed subscriber list. The subscriber list or lists must 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 notifications are sent out 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 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 shall make a decision immediately upon the opening of the foreclosure.
6. This workplace shall accept as proof:
   
   a. Certified copy of recorded neighborhood plat b. Written statement 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
7. Statements used in identifying agricultural status no longer need to be tape-recorded
8. Cost for figuring out status might be included as a part of the charges and costs charged by the lawyer 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 quantity needed to bring a foreclosed loan current. The general public Trustee's foreclosure files only include treatment figures when an Intent to Cure has actually been submitted and the figures have actually been received from the foreclosing attorney.
   
   The only celebrations legally permitted to file an Intent to Cure include, however are not restricted to: residential or commercial property owners, persons accountable, grantor of proof of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must 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 submitted by email, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or email to validate that we received the document). There is no charge to file and does not obligate the filer. Cure funds should be gotten in the Public Trustees workplace by noon on the day before the sale, and need to remain in the form of cash or proven bank cashier's check.
   
   Please do not anticipate to get details of the amount due immediately after filing the kind. The general public Trustee's Office need to ask for that details from the lending institution or lender's attorney. Upon receipt of the figures from the lending institution or lender's lawyer, the remedy quantity will be supplied to you as asked for. The figures may benefit just a minimal time so if you do not cure by the legitimate figure due date stated in the statement, you will need to ask for an upgraded treatment statement through the Public Trustee's Office.
   
   To find out more about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above information is supplied only as an educational tool and is not planned to function as legal guidance.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing ahead of time:
   
   It is your duty to do research study 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 could be a second or 3rd lien. The 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 against the residential or commercial property. If you do not understand how to inspect the "condition of title" or the "chain of title" to the residential or commercial property, you may 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 roughly 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lender's composed quote is required to be provided, in composing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public details and you may search our foreclosure search, sale details, bid, to see the opening bid amount. Bids got from the lenders might be changed at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the modified written quote.
   
   Be encouraged: The lender 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 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 mean to bid on a residential or commercial property, you need to come to the office 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 understandable.
   
   Those interested in bidding needs to personally attend 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 other than yourself or another entity that you do not own or control, you need to have actually written permission, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered upon 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 actually sent 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 likewise be required to have enough funds with you to bid on the residential or commercial property. Payment of successful bid quantities should 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 sell the residential or commercial property to the successful bidder after bidding has actually stopped and funds have been provided.
   
   Pursuant to laws in effect on January 1, 2008 for cases started after that date, the successful bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be supplied with an Invoice 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 recorded (within 5 company days) by the Public Trustee's office and maintained in our workplace records.
   
   As the beneficiary 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 evidences 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 business days after the sale, however no behind midday 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 contacted for redemption figures, interest is determined at the rate defined on the note and additional expenditures are restricted to those enabled by statute. Please be prepared to offer invoices for expenditures sustained. Redemption figures must be received within 13 company days after the sale. The declaration must specify all sums needed to redeem including the quantity of per diem interest and the interest rate. The declaration may be amended up till 2 organization days before the start of the next appropriate redemption duration. Your declaration of redemption must abide by 38-38-302 C.R.S.
   
   . If redemption happens, the Certificate of Purchase holder is paid the bid amount, 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 supplied) as offered in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon written demand and payment of the required charges, the general public Trustee's workplace will provide a Confirmation Deed to communicate title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you need to ask for, in writing, that our workplace concern your Confirmation Deed, no quicker than 15 service days after the sale. You should pay a $30.00 cost, plus recording costs, for issuance of the taped Deed. The Confirmation Deed shall be provided by the Public Trustee and taped 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 lender and to all other lien holders, please contact the Public Trustee's office after the sale because you may have funds due to you.
   
   The general public Trustee's office does not offer legal recommendations and we do not do any expulsion proceedings. Once the Confirmation Deed is issued by this office and taped, 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 PROBLEM 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.