What is a Foreclosure?
Foreclosure happens when a house owner is no longer able to make mortgage payments as required. This permits the loan provider to take the residential or commercial property, removing the homeowner and offering the home, as stated in the mortgage agreement.
When a foreclosure takes location, the following steps take place:
1. Notice of Election and Demand is tape-recorded within 10 company days of getting a package from the loan provider's attorney.
2. Sale date is set in 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 tape-recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first set up 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 need to be received a minimum of 15 calendar days prior to the first scheduled sale date. A cure, in the kind of a cashier's check, must be paid by noon the day before the sale.
7. The court order authorizing the sale and the signed and made a list of bid needs to be gotten by twelve noon 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 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 5 (5) service days.
11. A Notice of Intent to Redeem must be filed by a junior lienholder within 8 (8) organization days after the sale. Foreclosures started 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 start the foreclosure process, the following is submitted to the Public Trustee's workplace together 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 actually been lost. Some qualified foreclosing loan providers may send particular 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 attorneys representing holder.
3. Notice of Election and Demand for Foreclosure.
4. Mailing List, that includes names and addresses of parties to get Combined Notice of the sale, rights to treat and rights to redeem.
5. Additional files needed under foreclosure statutes.
6. Payment of needed costs.
The above files are submitted to the Public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and starts the foreclosure procedures. This need to be done within 10 service days after getting the files from the lender's lawyer.
A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties noted on the subscriber list or amended subscriber list. The subscriber list or lists must 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 tape-recorded instrument. If there is no address, then by statute it is not necessary to send 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 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 will make a determination immediately upon the opening of the foreclosure.
2. This office will accept as evidence:
a. Certified copy of taped subdivision plat
b. Written statement from city or town clerk
c. Written statement from county assessor
d. Statements should be dated no more than 6 months before the NED was filed
3. Our determination is binding
4. Statements used in identifying agricultural status no longer require to be taped
5. Cost for figuring out status might be consisted of 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 expense 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 just contain treatment figures when an Intent to Cure has been submitted and the figures have actually been gotten from the foreclosing lawyer.
The only celebrations lawfully enabled to submit an Intent to Cure include, however are not restricted to: residential or commercial property owners, persons liable, grantor of evidence of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure need to be filed 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 individual at the Office of the Clear Creek County Public Trustee (please call or e-mail to validate that we got the document). There is no charge to file and does not obligate the filer. Cure funds should be received in the Public Trustees workplace by twelve noon on the day before the sale, and must remain in the kind of money or verifiable bank cashier's check.
Please do not expect to get details of the amount due instantly after filing the type. The general public Trustee's Office need to ask for that info from the lending institution or lending institution's attorney. Upon receipt of the figures from the lender or lender's lawyer, the cure amount will be supplied to you as asked for. The figures might benefit only a limited time so if you do not treat by the valid figure due date stated in the declaration, you will need to request an upgraded treatment declaration through the general public Trustee's Office.
To find out more about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
The above details is supplied just as an informative tool and is not intended to function as legal recommendations.
How to Bid at a Foreclosure Sale:
Preparing beforehand:
It is your responsibility to do research study before concerning 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 3rd lien. The Public Trustee does not know 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 know how to inspect the "condition of title" or the "chain of title" to the residential or commercial property, you might want to hire someone to do the research study for you.
You can get the foreclosure case number for the residential or commercial property by looking it up at our website, 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 lender's composed bid is needed to be supplied, in composing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public information and you might search our foreclosure search, sale info, quote, to see the opening bid amount. Bids received from the loan providers might be changed at the time of sale so long as the lending institution's agent is personally present at sale and re-executes the modified written quote.
Be encouraged: The lender or its attorney, or the general public Trustee, may pull or continue a residential or commercial property from the sale list at any time up until the sale begins Thursday early morning.
Check in on sale day:
The Clear Creek County Public Trustee holds foreclosure sales on Thursday's quickly 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 must get here at the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This info will be used for the Certificate of Purchase, please be sure it is accurate 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 besides yourself or another entity that you do not own or control, you require to have composed permission, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered upon 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 lending institution has actually sent a bid for $150,000.00, for instance, you must bid a minimum of $150,005.00 in order to be the successful bidder.
You will also be needed to have enough funds with you to bid on the residential or commercial property. Payment of successful bid quantities must be made in the type of a proven bank cashier's check. Checks need to be payable just to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The Public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually stopped and funds have been offered.
Pursuant to laws in effect on January 1, 2008 for cases began after that date, the successful bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be supplied 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 recorded (within 5 service days) by the Public Trustee's office and kept in our office records.
As the grantee 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 simply proofs your 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 organization days after the sale, but no later on than midday the last day. If numerous lien holders submit an intent to redeem, each additional lien holder will get a five day redemption period.
If you are called for redemption figures, interest is computed at the rate defined on the note and extra expenditures are restricted to those permitted by statute. Please be prepared to provide invoices for costs incurred. Redemption figures should be received within 13 organization days after the sale. The statement needs to define all sums needed to redeem including the quantity of daily interest and the rates of interest. The statement might be amended up till 2 business days before the start of the next relevant redemption duration. Your declaration of redemption need to abide by 38-38-302 C.R.S.
. If redemption happens, the Certificate of Purchase holder is paid the bid quantity, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowable costs as specified by Colorado Revised Statutes (invoices need to be provided) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon composed demand and payment of the needed charges, the Public Trustee's office will provide a Verification 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 should ask for, in writing, that our workplace issue your Confirmation Deed, no earlier than 15 organization days after the sale. You must pay a $30.00 charge, plus recording expenses, for issuance of the tape-recorded Deed. The Confirmation Deed shall be issued by the Public Trustee and tape-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 loan provider and to all other lien holders, please contact the general public Trustee's office after the sale since you may have funds due to you.
The general public Trustee's office does not offer legal guidance and we do refrain from doing any eviction proceedings. Once the Confirmation Deed is issued by this office and recorded, 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 COMPLAINT WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.
