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Opened Jun 21, 2025 by Alisia Leon@alisialeon3418
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What is a Foreclosure?


What is a Foreclosure?

Foreclosure happens when a house owner is no longer able to make mortgage payments as needed. This enables the loan provider to seize the residential or commercial property, removing the homeowner and offering the home, as stipulated in the mortgage contract.

When a foreclosure occurs, the following steps take place:

1. Notice of Election and Demand is recorded within 10 organization 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 tape-recorded (non-ag).
3. Combined Notice is mailed within 20 calendar days after the NED was taped.
4. Second Combined Notice is sent by mail 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 need to be gotten at least 15 calendar days prior to the first scheduled sale date. A treatment, in the kind of a cashier's check, must be paid by twelve noon the day before the sale.
7. The court order authorizing the sale and the signed and itemized quote needs to be received by midday two (2) service 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 recorded within five (5) company days.
11. A Notice of Intent to Redeem should be filed by a junior lienholder within eight (8) business 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 effective 1/1/2010,

In order to begin 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 financial obligation:

1. Original or certified copy of the tape-recorded deed of trust. 2. Original promissory note or bond if original note has been lost. Some certified foreclosing lending institutions may send certain paperwork 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 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 cure and rights to redeem. 5. Additional files needed under foreclosure statutes. 6. Payment of needed fees.

The above files are submitted to the general public Trustee by a Colorado-licensed attorney representing the lending institution of the loan in default. The Public Trustee tapes the Notice of Election and Demand (NED) and starts the foreclosure procedures. This should be done within 10 business days after getting the files from the lender's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties listed on the mailing list or changed mailing list. The mailing list 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 notices are sent out to the addresses shown on the tape-recorded instrument. If there is no address, then by statute it is not needed 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 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 necessary the Clear Creek County Public Trustee shall make a determination right away upon the opening of the foreclosure. 2. This office shall accept as evidence:

a. Certified copy of recorded subdivision plat b. Written statement from city or town clerk c. Written statement from county assessor d. Statements must be dated no more than 6 months before the NED was submitted

3. Our decision is binding 4. Statements used in identifying agricultural status no longer need to be tape-recorded 5. Cost for identifying status may be consisted of as a portion of the costs and costs 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 amount is the quantity required to bring a foreclosed loan current. The Public Trustee's foreclosure files just consist of cure figures when an Intent to Cure has been filed and the figures have actually been received from the foreclosing attorney.

The only celebrations lawfully enabled to submit an Intent to Cure include, however are not restricted 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 need to be submitted at least fifteen days prior to the date of the arranged 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 confirm 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 workplace by twelve noon on the day before the sale, and must remain in the form of cash or proven bank cashier's check.

Please do not expect to receive details of the amount due instantly after submitting the kind. The general public Trustee's Office must request that details from the lender or lender's attorney. Upon receipt of the figures from the lending institution or lending institution's attorney, the cure amount will be supplied to you as asked for. The figures may benefit just a restricted time so if you do not cure by the valid figure due date stated in the declaration, you will require to request an updated treatment 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 details is provided just as an informative tool and is not meant to serve as legal advice.

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 first lien - it might 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 assessments have been paid or if there are any other liens versus 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 may wish to hire somebody 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 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 arranged to go to sale that week (Thursday). The loan provider's composed bid is needed to be offered, in composing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public details and you may browse our foreclosure search, sale information, quote, to see the opening quote quantity. Bids got from the lending institutions might be amended at the time of sale so long as the loan provider's agent is personally present at sale and re-executes the modified written bid.

Be encouraged: 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 starts 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 Street, Georgetown, Colorado. See Map (PDF)

If you mean to bid on a residential or commercial property, you need to come to the office about 15 to 20 minutes early to finish 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 clear.

Those thinking about bidding must personally attend 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 require to have actually written permission, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your bid is being gone into on behalf of that other individual or entity at the time the quote is made.

Bidding at the sale proceeds in increments of $5.00 - if the lending institution has submitted a quote 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 also be needed to have enough funds with you to bid on the residential or commercial property. Payment of effective bid amounts need to be made in the form of a proven bank cashier's check. Checks should be payable only 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 ceased 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 finished. A Certificate of Purchase will be issued in the name and address of the successful bidder as shown on your Bidder Information Form and taped (within 5 organization days) by the Public Trustee's office and maintained in our workplace records.

As the grantee called 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 move title to you, it simply evidences your financial 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 company days after the sale, however no behind twelve noon the final day. If multiple lien holders submit an intent to redeem, each extra lien holder will receive a 5 day redemption period.

If you are called for redemption figures, interest is computed at the rate specified on the note and additional expenditures are restricted to those enabled by statute. Please be prepared to provide receipts for expenses sustained. Redemption figures should be received within 13 organization days after the sale. The declaration needs to define all sums needed to redeem consisting of the amount of daily interest and the rates of interest. The declaration may be changed up until 2 business days before the start of the next relevant redemption duration. Your statement of redemption should adhere to 38-38-302 C.R.S.

. If redemption occurs, the Certificate of Purchase holder is paid the quote 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 must be provided) as provided in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon composed demand and payment of the needed costs, the general public Trustee's office will release a Verification Deed to convey title to the last redeeming celebration.

If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you must request, in composing, that our office issue your Confirmation Deed, no quicker than 15 organization days after the sale. You should pay a $30.00 fee, 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 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 purchased 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 because you might have funds due to you.
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The general public Trustee's office does not provide legal advice and we do not do any eviction proceedings. Once the Confirmation Deed is released by this workplace and 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 COMPLAINT WITH THE COLORADO CHIEF LAW OFFICER, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.

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Reference: alisialeon3418/roomsandhouses#27