What is a Foreclosure?
Foreclosure occurs when a homeowner is no longer able to make mortgage payments as needed. This permits the loan provider to take the residential or commercial property, getting rid of the homeowner and offering the home, as stipulated in the mortgage agreement.
When a foreclosure happens, the following steps occur:
1. Notice of Election and Demand is tape-recorded within 10 service days of receiving a packet from the loan provider's lawyer.
2. Sale date is set 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 tape-recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to initially set up 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 need to be received a minimum of 15 calendar days prior to the very first scheduled sale date. A treatment, in the kind of a cashier's check, need to be paid by twelve noon the day before the sale.
7. The court order authorizing the sale and the signed and itemized bid should be received by midday two (2) organization 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 tape-recorded within five (5) service days.
11. A Notice of Intent to Redeem should be submitted by a junior lienholder within 8 (8) service days after the sale. Foreclosures began in 2008 and newer do not permit owner redemptions.
How to Start a Foreclosure in Clear Creek County:
Pursuant to laws reliable 1/1/2010,
In order to start the foreclosure procedure, the following is submitted to the Public Trustee's office in addition to a recommendation of the case and a Certificate of the Current Owner of the debt:
1. Original or certified 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 submit 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.
3. Notice of Election and Demand for Foreclosure.
4. Mailing List, that includes names and addresses of celebrations to get Combined Notice of the sale, rights to treat and rights to redeem.
5. Additional files required under foreclosure statutes.
6. Payment of needed fees.
The above documents are sent to the general public Trustee by a Colorado-licensed lawyer representing the lender of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and starts the foreclosure procedures. This need to be done within 10 service days after receiving the files from the lender's attorney.
A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties listed on the subscriber list or changed mailing 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 notifications are sent out to the addresses revealed on the tape-recorded instrument. If there is no address, then by statute it is not necessary to send 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 requires a preliminary deposit of $650 for all foreclosures
How to Determine Agricultural Status C.R.S. 38-38-108( 2( a)( I)
1. If essential the Clear Creek County Public Trustee will make a determination right away upon the opening of the foreclosure.
2. This workplace will accept as proof:
a. Certified copy of tape-recorded neighborhood plat
b. Written statement from city or town clerk
c. Written declaration 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 figuring out agricultural status no longer require to be tape-recorded
5. Cost for determining status may be included as a part of the charges and expenses charged by the lawyer
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 essential to bring a foreclosed loan current. The general public Trustee's foreclosure files only include cure figures when an Intent to Cure has been submitted and the figures have been gotten from the foreclosing lawyer.
The only celebrations legally enabled to submit an Intent to Cure consist of, but are not restricted to: residential or commercial property owners, persons responsible, 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 submitted at least fifteen days prior to the date of the set up Public Trustee sale.
The Intent to Cure Form (PDF) might be submitted by e-mail, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we got the file). There is no fee to submit and does not obligate the filer. Cure funds must be received in the general public Trustees office by noon on the day before the sale, and must be in the kind of money or proven bank cashier's check.
Please do not anticipate to get details of the amount due instantly after submitting the type. The general public Trustee's Office should request that info from the lender or lender's lawyer. Upon invoice of the figures from the lending institution or loan provider's lawyer, the cure amount will be provided to you as requested. The figures might benefit only a minimal time so if you do not cure by the valid figure deadline stated in the statement, you will require to ask for an upgraded treatment statement through the Public Trustee's Office.
To read more about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
The above details is provided only as an informational tool and is not meant to function as legal suggestions.
How to Bid at a Foreclosure Sale:
Preparing in advance:
It is your duty 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 might 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 versus 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 might wish to employ 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 site, Foreclosure Search.
On Tuesday, two days before sale, we will have published 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 lender's written quote is needed to be provided, in writing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public details and you might search our foreclosure search, sale details, quote, 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 representative is personally present at sale and re-executes the amended written quote.
Be advised: The lending institution 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 till the sale starts 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 ought to get to the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This details will be utilized for the Certificate of Purchase, please make certain it is accurate and legible.
Those interested in bidding needs to 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 somebody aside from yourself or another entity that you do not own or control, you need to have written authorization, a letter of firm 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 bid is made.
Bidding at the sale continues in increments of $5.00 - if the lender has actually submitted a bid for $150,000.00, for instance, you should bid at least $150,005.00 in order to be the effective bidder.
You will also be needed to have enough funds with you to bid on the residential or commercial property. Payment of successful quote quantities need to be made in the form 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 general public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has actually stopped and funds have actually been provided.
Pursuant to laws in effect 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 provided with a Receipt from the 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 organization days) by the Public Trustee's workplace 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 transfer title to you, it simply evidences your investment made at the time of sale.
The Redemption Process:
A junior lien holder has 8 business days after the sale to submit an intent to redeem. The most senior lien may redeem 15 to 19 organization days after the sale, but no behind midday the final day. If several lien holders file an intent to redeem, each additional 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 specified on the note and additional costs are restricted to those allowed by statute. Please be prepared to supply receipts for expenditures incurred. Redemption figures must be gotten within 13 service days after the sale. The declaration must define all amounts needed to redeem including the quantity of daily interest and the rate of interest. The declaration may be changed up until 2 organization days before the start of the next appropriate redemption period. Your declaration of redemption should adhere to 38-38-302 C.R.S.
. If redemption happens, 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 expenses as defined 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 office will release 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 anyone, you must request, in writing, that our workplace problem your Confirmation Deed, no sooner than 15 business days after the sale. You must pay a $30.00 cost, plus recording expenses, for issuance of the recorded Deed. The Confirmation Deed shall be provided by the Public Trustee and tape-recorded with the Clerk & Recorder's workplace. If you are the beneficiary 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 total owed to the loan provider and to all other lien holders, please contact the general public Trustee's office after the sale due to the fact that you may have funds due to you.
The Public Trustee's workplace does not provide legal recommendations and we do refrain from doing any expulsion procedures. Once the Confirmation Deed is provided by this office and tape-recorded, the 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 OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.
