What is a Foreclosure?
ca.gov
Foreclosure occurs when a property owner is no longer able to make mortgage payments as required. This permits the lending institution to take the residential or commercial property, getting rid of the property owner and selling the home, as specified in the mortgage agreement.
When a foreclosure occurs, the following actions occur:
1. Notice of Election and Demand is recorded within 10 organization days of getting a package from the lending institution'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 recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to initially arranged sale date.
5. Combined Notice released in local paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure must be gotten at least 15 calendar days prior to the first scheduled sale date. A cure, in the form of a cashier's check, need to be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and itemized bid must be gotten by 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 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 five (5) company days.
11. A Notice of Intent to Redeem need to be submitted by a junior lienholder within 8 (8) organization days after the sale. Foreclosures began in 2008 and more recent do not permit 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 sent 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 qualified copy of the tape-recorded deed of trust.
2. Original promissory note or bond if initial note has actually been lost. Some qualified foreclosing lending institutions may submit certain documents 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 lawyers representing holder.
3. Notice of Election and Demand for Foreclosure.
4. Mailing List, which includes names and addresses of celebrations to receive Combined Notice of the sale, rights to treat and rights to redeem.
5. Additional documents required under foreclosure statutes.
6. Payment of needed fees.
The above documents are sent to the general public Trustee by a Colorado-licensed attorney representing the loan provider of the loan in default. The general public Trustee tape-records the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This should be done within ten business days after getting the documents from the loan provider's lawyer.
A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the subscriber list or modified mailing list. The mailing list or lists need to include all parties whose interests appear in an instrument taped subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notices are sent to the addresses revealed 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 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 required the Clear Creek County Public Trustee shall make a decision instantly upon the opening of the foreclosure.
2. This office will accept as proof:
a. Certified copy of taped neighborhood plat
b. Written statement from city or town clerk
c. Written declaration from county assessor
d. Statements should be dated no greater than 6 months before the NED was submitted
3. Our determination is binding
4. Statements used in determining agricultural status no longer need to be recorded
5. Cost for figuring out status might be consisted of as a part of the fees 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 cure quantity is the amount necessary to bring a foreclosed loan current. The general public Trustee's foreclosure files only include remedy figures when an Intent to Cure has been submitted and the figures have actually been received from the foreclosing attorney.
The only parties legally enabled to file an Intent to Cure include, however are not limited to: residential or commercial property owners, persons responsible, grantor of proof of debt and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must be submitted a minimum of fifteen days prior to the date of the arranged Public Trustee sale.
The Intent to Cure Form (PDF) might be submitted by email, fax, mail or in person at the Office of the Clear Creek County Public Trustee (please call or e-mail to verify that we received the file). There is no charge to file and does not obligate the filer. Cure funds need to be received in the Public Trustees workplace by twelve noon on the day before the sale, and need to remain in the kind of cash or proven bank cashier's check.
Please do not expect to get details of the quantity due immediately after filing the kind. The Public Trustee's Office must request that info from the loan provider or loan provider's attorney. Upon invoice of the figures from the lender or loan provider's attorney, the cure amount will be provided to you as requested. The figures might be good for only a limited time so if you do not cure by the legitimate figure due date set forth in the statement, you will need to request an upgraded treatment statement through the general public Trustee's Office.
To read more about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
The above information is offered just as an educational tool and is not meant to work as legal recommendations.
How to Bid at a Foreclosure Sale:
Preparing in advance:
It is your duty to do research before pertaining 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 very first lien - it could be a 2nd or third 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 actually been paid or if there are any other liens against the residential or commercial property. If you do not know how to check the "condition of title" or the "chain of title" to the residential or commercial property, you might wish to work with someone 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 website, Foreclosure Search.
On Tuesday, two days before sale, we will have posted in our workplace by approximately 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lender's composed quote is needed to be offered, in writing, to the 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 information, quote, to see the opening quote quantity. Bids received from the lenders might be changed at the time of sale so long as the lender's agent is personally present at sale and re-executes the changed composed quote.
Be advised: The lender or its lawyer, or the Public Trustee, may pull or continue a residential or commercial property from the sale list at any time up until the sale begins Thursday 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 plan to bid on a residential or commercial property, you should get here at the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, and so on. This info will be utilized for the Certificate of Purchase, please make sure it is precise and understandable.
Those thinking about bidding needs to personally attend 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 somebody other than 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 quote is being entered upon behalf of that other person or entity at the time the quote is made.
Bidding at the sale proceeds in increments of $5.00 - if the loan provider has actually sent a bid for $150,000.00, for instance, you need to bid a minimum of $150,005.00 in order to be the effective bidder.
You will likewise be needed to have sufficient funds with you to bid on the residential or commercial property. Payment of successful bid amounts must be made in the type of a proven 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 sell the residential or commercial property to the effective bidder after bidding has ceased and funds have been provided.
Pursuant to laws in effect on January 1, 2008 for cases began after that date, the effective bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be provided with a Receipt from the general public Trustee after the sale is finished. A Certificate of Purchase will be provided in the name and address of the effective bidder as on your Bidder Information Form and recorded (within 5 organization days) by the Public Trustee's workplace and retained in our office 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 transfer title to you, it simply proofs 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 business days after the sale, but no later than noon the last day. If multiple lien holders file an intent to redeem, each additional lien holder will get a 5 day redemption duration.
If you are called 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 provide invoices for costs incurred. Redemption figures should be gotten within 13 service days after the sale. The statement needs to define all amounts required to redeem consisting of the quantity of daily interest and the rates of interest. The statement may be modified up till 2 business days before the start of the next appropriate redemption duration. Your declaration of redemption must comply with 38-38-302 C.R.S.
. If redemption occurs, the Certificate of Purchase holder is paid the bid quantity, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other allowable expenses as defined by Colorado Revised Statutes (invoices need to 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 needed costs, the general public Trustee's office will provide a Confirmation Deed to communicate title to the last redeeming party.
If no Notice of Intent to Redeem is submitted and no redemption is made by anyone, you should ask for, in composing, that our workplace problem your Confirmation Deed, no earlier than 15 business days after the sale. You need to pay a $30.00 charge, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed shall be issued by the Public Trustee and recorded 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 total owed to the loan provider and to all other lien holders, please contact the Public Trustee's workplace after the sale since you may have funds due to you.
The general public Trustee's workplace does not offer legal advice and we do refrain from doing 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 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 GRIEVANCE WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.
1
What is a Foreclosure?
Hermelinda Llanas edited this page 6 days ago