What Is A Foreclosure

What is a Foreclosure?


Foreclosure takes place when a property owner is no longer able to make mortgage payments as required. This permits the loan provider to take the residential or commercial property, eliminating the house owner and selling the home, as stipulated in the mortgage agreement.


When a foreclosure takes location, the following steps occur:


1. Notice of Election and Demand is tape-recorded within 10 service 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 recorded (non-ag).

3. Combined Notice is sent by mail within 20 calendar days after the NED was taped.

4. Second Combined Notice is mailed with 45-60 calendar days prior to first set up 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 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, need to be paid by noon the day before the sale.

7. The court order authorizing the sale and the signed and made a list of quote needs to be received by noon two (2) service days prior to sale day.

8. The Pre-sale List is made offered by 2:00 p.m. on Tuesday before Thursday's sale.

9. The sale is performed 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 5 (5) company days.

11. A Notice of Intent to Redeem need to be submitted by a junior lienholder within 8 (8) company days after the sale. Foreclosures started in 2008 and more recent do not permit 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 submitted to the Public Trustee's workplace together with a recommendation of the case and a Certificate of the Current Owner of the debt:


1. Original or certified copy of the taped deed of trust.
2. Original promissory note or bond if initial note has been lost. Some certified foreclosing lending institutions might send certain documentation 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 initial promissory note and Certification of Qualified Holder, signed by lawyers representing holder.
3. Notice of Election and Demand for Foreclosure.
4. Mailing List, that includes names and addresses of celebrations to receive Combined Notice of the sale, rights to treat and rights to redeem.
5. Additional files required under foreclosure statutes.
6. Payment of required 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 tape-records the Notice of Election and Demand (NED) and begins the foreclosure procedures. This must be done within 10 company days after getting the files from the lending institution's lawyer.
A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties noted on the mailing list or changed subscriber list. The subscriber list or lists must consist of 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 notices are sent out to the addresses shown on the tape-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 agricultural residential or commercial properties.
Clear Creek County requires an initial 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 office will accept as proof:


a. Certified copy of tape-recorded 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 submitted
myrtlebeachcondoforsale.net

3. Our decision is binding
4. Statements utilized in determining agricultural status no longer require to be taped
5. Cost for determining status may be included as a portion of the fees and costs charged by the attorney
Please do not include 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 essential to bring a foreclosed loan current. The Public Trustee's foreclosure files just contain remedy figures when an Intent to Cure has actually been filed and the figures have actually been received from the foreclosing attorney.


The only parties legally allowed to file an Intent to Cure consist of, but are not limited to: residential or commercial property owners, individuals liable, grantor of proof of debt and 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 set up Public Trustee sale.


The Intent to Cure Form (PDF) might be filed by e-mail, 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 cost to file and does not obligate the filer. Cure funds need to be received in the Public Trustees office by noon on the day before the sale, and need to remain in the form of money or verifiable bank cashier's check.


Please do not expect to receive info of the amount due immediately after filing the kind. The Public Trustee's Office need to ask for that information from the loan provider or lending institution's attorney. Upon invoice of the figures from the loan provider or lending institution's lawyer, the treatment amount will be supplied to you as requested. The figures may benefit just a restricted time so if you do not cure by the valid figure due date set forth in the declaration, you will require to request an upgraded remedy statement through the general public Trustee's Office.


To read more about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673.


The above info is provided just as an informational tool and is not meant to act as legal guidance.


How to Bid at a Foreclosure Sale:


Preparing ahead of time:


It is your obligation to do research before coming 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 very first lien - it could be a second or third lien. The General Public Trustee does not understand the condition of the residential or commercial property, or if the residential or commercial property taxes or assessments have actually 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 may wish to hire someone to do the research 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 posted in our workplace by around 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The loan provider's written bid is needed to be provided, 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 info, bid, to see the opening bid amount. Bids received from the lending institutions may be amended at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the modified composed bid.


Be recommended: The loan provider or its attorney, 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 morning.


Sign 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 mean to bid on a residential or commercial property, you must reach the office about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This details will be utilized for the Certificate of Purchase, please make sure it is precise and legible.


Those thinking about bidding should personally go to 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 besides yourself or another entity that you do not own or control, you need to have composed permission, a letter of company 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 submitted a quote for $150,000.00, for instance, you must 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 effective bid amounts must be made in the type of a verifiable bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can not accept third celebration 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 supplied.


Pursuant to laws in impact on January 1, 2008 for cases began after that date, the effective bidder will not get an original 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 provided 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 retained in our workplace records.


As the beneficiary named 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 proofs your investment made at the time of sale.


The Redemption Process:


A junior lien holder has 8 business days after the sale to file an intent to redeem. The most senior lien might redeem 15 to 19 service days after the sale, however no behind twelve noon the final day. If numerous lien holders file an intent to redeem, each extra lien holder will receive a 5 day redemption period.


If you are gotten in touch with for redemption figures, interest is determined at the rate specified on the note and extra costs are restricted to those enabled by statute. Please be prepared to provide receipts for expenditures sustained. Redemption figures must be received within 13 service days after the sale. The declaration should specify all amounts needed to redeem consisting of the amount of per diem interest and the interest rate. The statement may be amended up until 2 service days before the start of the next applicable redemption period. Your statement of redemption must comply with 38-38-302 C.R.S.


. If redemption takes place, 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 (receipts should be provided) as offered in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon written demand and payment of the needed charges, the Public Trustee's workplace will issue a Verification Deed to communicate title to the last redeeming party.


If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you need to request, in writing, that our office concern your Confirmation Deed, no sooner than 15 service days after the sale. You must 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 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 bought 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 because you might have funds due to you.


The general public Trustee's workplace does not supply legal recommendations and we do not do any eviction proceedings. Once the Confirmation Deed is issued by this office and tape-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.