What is a Foreclosure?
Foreclosure occurs when a homeowner is no longer able to make mortgage payments as required. This enables the lender to take the residential or commercial property, getting rid of the homeowner and selling the home, as stated in the mortgage contract.
When a foreclosure happens, the following steps take place:
1. Notice of Election and Demand is taped within 10 organization days of getting a package from the loan provider's attorney.
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 recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first scheduled sale date.
5. Combined Notice published in local paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure should be gotten a minimum of 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.
7. The court order licensing the sale and the signed and detailed quote must be gotten by midday 2 (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 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 taped within 5 (5) organization days.
11. A Notification of Intent to Redeem need to be submitted by a junior lienholder within 8 (8) service days after the sale. Foreclosures began in 2008 and newer do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:
Pursuant to laws reliable 1/1/2010,
In order to begin the foreclosure procedure, the following is sent to the general 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 taped deed of trust.
2. Original promissory note or bond if initial note has been lost. Some qualified foreclosing lending institutions might send particular documents in lieu of the note if they fall under the standards 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 receive Combined Notice of the sale, rights to cure and rights to redeem.
5. Additional files needed under foreclosure statutes.
6. Payment of needed costs.
The above files are submitted to the general public Trustee by a Colorado-licensed lawyer representing the loan provider of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure procedures. This need to be done within ten service days after getting the documents from the loan provider's attorney.
A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations listed on the mailing list or amended newsletter. The subscriber list or lists need to include all parties whose interests appear in an instrument tape-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 recorded instrument. If there is no address, then by statute it is not required 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 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 necessary the Clear Creek County Public Trustee shall make a decision instantly upon the opening of the foreclosure.
2. This workplace will accept as evidence:
a. Certified copy of taped subdivision plat
b. Written declaration 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 figuring out agricultural status no longer require to be tape-recorded
5. Cost for determining 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 amount necessary 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 filed and the figures have actually been received from the foreclosing lawyer.
The only celebrations lawfully permitted to submit an Intent to Cure consist of, but are not limited to: residential or commercial property owners, persons liable, grantor of proof of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should be submitted a minimum of fifteen days prior to the date of the set up Public Trustee sale.
The Intent to Cure Form (PDF) might be filed by email, fax, mail or face to face 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 need to be received in the general public Trustees office by twelve noon on the day before the sale, and should be in the kind of cash or proven bank cashier's check.
Please do not anticipate to receive details of the quantity due right away after filing the form. The general public Trustee's Office need to ask for that info from the lending institution or lender's attorney. Upon invoice of the figures from the lending institution or lender's attorney, the treatment amount will be supplied to you as asked for. The figures may be great for only a restricted time so if you do not cure by the legitimate figure deadline set forth in the declaration, you will require to request an upgraded cure declaration through the general public Trustee's Office.
To learn more about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.
The above information is provided just as an informative tool and is not planned to act as legal suggestions.
How to Bid at a Foreclosure Sale:
Preparing ahead of time:
It is your obligation 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 very first lien - it might be a second or 3rd 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 assessments have been paid or if there are any other liens versus 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 may want to work with 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 workplace by roughly 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The loan provider's written quote is required to be supplied, 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 information and you may search our foreclosure search, sale info, bid, to see the opening quote amount. Bids got from the loan providers might be modified at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the amended composed quote.
Be recommended: The lending institution or its lawyer, or the 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 immediately 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 plan to bid on a residential or commercial property, you need to arrive at the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This information will be utilized for the Certificate of Purchase, please make sure it is precise and readable.
Those interested in bidding must 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 besides yourself or another entity that you do not own or control, you require to have written permission, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gone into on behalf of that other individual or entity at the time the quote is made.
Bidding at the sale continues in increments of $5.00 - if the lender 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 also be needed to have adequate funds with you to bid on the residential or commercial property. Payment of effective quote quantities need to be made in the kind of a verifiable bank cashier's check. Checks need to 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 stopped and funds have been provided.
Pursuant to laws in impact 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 offered with an Invoice from the Public Trustee after the sale is completed. A Certificate of Purchase will be issued in the name and address of the effective bidder as revealed on your Bidder Information Form and tape-recorded (within 5 service days) by the Public Trustee's workplace and kept in our workplace records.
As the beneficiary called 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 company days after the sale to submit an intent to redeem. The most senior lien might redeem 15 to 19 service days after the sale, but no later on than noon the final day. If numerous lien holders submit an intent to redeem, each extra lien holder will receive a five day redemption duration.
If you are gotten in touch with for redemption figures, interest is calculated at the rate specified on the note and additional costs are limited to those permitted by statute. Please be prepared to supply receipts for costs incurred. Redemption figures should be gotten within 13 business days after the sale. The statement should define all amounts needed to redeem consisting of the quantity of daily interest and the interest rate. The declaration might be changed up until 2 business days before the start of the next relevant redemption period. Your statement of redemption should abide by 38-38-302 C.R.S.
. If redemption happens, the Certificate of Purchase holder is paid the quote quantity, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowed costs as specified by Colorado Revised Statutes (invoices need to be provided) as provided in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon written request and payment of the needed fees, the general public Trustee's workplace will provide a Confirmation Deed to communicate title to the last redeeming party.
If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you must request, in writing, that our workplace problem your Confirmation Deed, no quicker than 15 service days after the sale. You should pay a $30.00 cost, plus recording expenses, for issuance of the recorded Deed. The Confirmation Deed will be issued by the Public Trustee and 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 acquired 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 due to the fact that you may have funds due to you.
The general public Trustee's workplace does not supply legal suggestions and we do not do any expulsion procedures. 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 GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.
