What is a Foreclosure?
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Foreclosure takes place when a house owner 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 offering the home, as stated in the mortgage agreement.
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When a foreclosure occurs, the following actions occur:

1. Notice of Election and Demand is recorded within 10 business days of getting a package 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 mailed within 20 calendar days after the NED was tape-recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first set up sale date.
5. Combined Notice published in local paper 45-60 calendar days prior to the first scheduled sale date.
6. Notice of Intent to Cure should be received a minimum of 15 calendar days prior to the very first scheduled sale date. A cure, in the form of a cashier's check, must be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and made a list of bid needs to be received by noon 2 (2) service days prior to sale day.
8. The Pre-sale List is made available 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 taped within 5 (5) organization days.
11. A Notice of Intent to Redeem need to be submitted by a junior lienholder within 8 (8) service days after the sale. Foreclosures started in 2008 and newer do not permit owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws effective 1/1/2010,

In order to start the foreclosure procedure, the following is submitted to the general public Trustee's workplace along with a recommendation of the case and a Certificate of the Current Owner of the debt:

1. Original or licensed copy of the recorded deed of trust.

1. Original promissory note or bond if original note has been lost. Some certified foreclosing loan providers may submit specific 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 original promissory note and Certification of Qualified Holder, signed by attorneys representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, which consists of names and addresses of celebrations to get Combined Notice of the sale, rights to treat and rights to redeem.
4. Additional documents needed under foreclosure statutes.
5. Payment of required charges.
   
   The above documents are submitted to the general 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 begins the foreclosure procedures. This need to be done within 10 company days after getting the documents from the lender's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties noted on the mailing list or modified newsletter. The subscriber list or lists need to consist of 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 out to the addresses revealed on the taped instrument. If there is no address, then by statute it is not needed to send out 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 needs 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 shall make a determination instantly upon the opening of the foreclosure.
6. This workplace 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 greater than 6 months before the NED was filed
   
   3. Our determination is binding
7. Statements used in figuring out farming status no longer need to be tape-recorded
8. Cost for identifying status might be consisted of as a portion 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 treatment quantity is the amount essential to bring a foreclosed loan current. The Public Trustee's foreclosure files only consist of treatment figures when an Intent to Cure has been submitted and the figures have actually been received from the foreclosing lawyer.
   
   The only parties legally allowed to file an Intent to Cure consist of, however are not limited to: residential or commercial property owners, individuals responsible, grantor of evidence of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should be filed at least fifteen days prior to the date of the arranged Public Trustee sale.
   
   The Intent to Cure Form (PDF) may be submitted 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 verify that we got the file). There is no charge to submit and does not obligate the filer. Cure funds need to be gotten in the Public Trustees office by midday on the day before the sale, and must be in the type of money or proven bank cashier's check.
   
   Please do not anticipate to get information of the quantity due right away after filing the kind. The general public Trustee's Office must request that info from the lending institution or loan provider's lawyer. Upon receipt of the figures from the lender or lender's attorney, the remedy amount will be supplied to you as asked for. The figures might be great for only a restricted time so if you do not cure by the valid figure due date set forth in the declaration, you will require to ask for an updated remedy declaration through the Public Trustee's Office.
   
   To find out more about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is provided just as an informative tool and is not intended to function as legal suggestions.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing in advance:
   
   It is your duty to do research 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 might be a second 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 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 check the "condition of title" or the "chain of title" to the residential or commercial property, you might wish to employ somebody to do the research study 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, 2 days before sale, we will have posted in our office by approximately 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lending institution's written quote is required 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 quotes are public info and you may search our foreclosure search, sale details, bid, to see the opening quote amount. Bids received from the lending institutions 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 changed composed quote.
   
   Be advised: The lending institution or its lawyer, or the general public Trustee, may pull or continue a residential or commercial property from the sale list at any time up till the sale begins Thursday morning.
   
   Sign 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 intend to bid on a residential or commercial property, you must reach the office about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This details will be used for the Certificate of Purchase, please make sure it is precise and understandable.
   
   Those thinking about 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 other than yourself or another entity that you do not own or control, you require to have actually composed permission, 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 loan provider has submitted a quote for $150,000.00, for example, you should bid at least $150,005.00 in order to be the successful bidder.
   
   You will likewise be needed to have adequate funds with you to bid on the residential or commercial property. Payment of successful bid amounts should be made in the type 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 sell the residential or commercial property to the effective bidder after bidding has ceased and funds have actually been provided.
   
   Pursuant to laws in result on January 1, 2008 for cases started 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 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 organization days) by the Public Trustee's workplace and retained in our office 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 merely proofs your financial 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 might redeem 15 to 19 company days after the sale, however no later on than twelve noon the last day. If multiple lien holders submit an intent to redeem, each additional lien holder will get a 5 day redemption period.
   
   If you are called for redemption figures, interest is determined at the rate specified on the note and additional costs are restricted to those allowed by statute. Please be prepared to supply invoices for expenses incurred. Redemption figures should be received within 13 business days after the sale. The statement must specify all amounts required to redeem consisting of the quantity of per diem interest and the rate of interest. The declaration may be amended up till 2 days before the start of the next applicable redemption duration. Your declaration of redemption need to comply with 38-38-302 C.R.S.
   
   . If redemption occurs, 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 should be supplied) as offered in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon composed request and payment of the needed fees, the general public Trustee's office will release a Verification Deed to communicate title to the last redeeming party.
   
   If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you should ask for, in writing, that our workplace issue your Confirmation Deed, no quicker than 15 business days after the sale. You need to pay a $30.00 cost, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed shall be issued by the Public Trustee and taped with the Clerk & Recorder's office. 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 lender and to all other lien holders, please contact the Public Trustee's workplace after the sale due to the fact that you might have funds due to you.
   
   The Public Trustee's office does not provide legal recommendations and we do not do any expulsion proceedings. Once the Confirmation Deed is provided by this office and recorded, the general 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 PROBLEM 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.