What is a Foreclosure? (#1) · Issues · Bennett Lock / findspace

What is a Foreclosure?

What is a Foreclosure?

Foreclosure occurs when a house owner is no longer able to make mortgage payments as needed. This permits the lending institution to seize the residential or commercial property, getting rid of the homeowner and offering the home, as specified in the mortgage agreement.

When a foreclosure takes place, the following actions take place:

1. Notice of Election and Demand is tape-recorded within 10 company days of getting a packet from the lender's attorney.
2. Sale date is set 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 tape-recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first set up sale date.
5. Combined Notice published in local paper 45-60 days prior to the first scheduled sale date.
6. Notice of Intent to Cure must be gotten a minimum of 15 calendar days prior to the very 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 quote must be received by midday 2 (2) business 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 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 taped within five (5) service days.
11. A Notification of Intent to Redeem need to be filed by a junior lienholder within eight (8) company 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 effective 1/1/2010,

In order to begin the foreclosure process, the following is sent to the Public Trustee's office in addition to a referral of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or licensed copy of the tape-recorded deed of trust. 2. Original promissory note or bond if initial note has been lost. Some qualified foreclosing loan providers may send specific documentation 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 attorneys representing holder. 3. Notice of Election and Demand for Foreclosure. 4. Mailing List, which consists of names and addresses of celebrations to get Combined Notice of the sale, rights to treat and rights to redeem. 5. Additional files required under foreclosure statutes. 6. Payment of required charges.

The above files are sent to the general public Trustee by a Colorado-licensed lawyer representing the loan provider of the loan in default. The general public Trustee tape-records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This must be done within ten business days after receiving the files from the loan provider's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties noted on the newsletter or modified newsletter. The mailing list or lists should consist of all celebrations whose interests appear in an instrument taped subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notifications are sent out to the addresses revealed on the tape-recorded instrument. If there is no address, then by statute it is not necessary to send the notice 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 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 essential the Clear Creek County Public Trustee shall make a decision immediately upon the opening of the foreclosure. 2. This workplace will accept as evidence:

a. Certified copy of tape-recorded neighborhood plat b. Written statement from city or town clerk c. Written declaration from county assessor d. Statements must be dated no greater than 6 months before the NED was filed

3. Our determination is binding 4. Statements utilized in identifying agricultural status no longer need to be taped 5. Cost for figuring out status may be included as a part of the fees and expenses charged by the attorney Please do not include copies of statutes for mailing. This is covered in the cost of postage and copies.

How to Cure a Foreclosure:

A remedy amount is the quantity necessary to bring a foreclosed loan current. The general public Trustee's foreclosure files only consist of treatment figures when an Intent to Cure has actually been filed and the figures have been received from the foreclosing lawyer.

The only celebrations lawfully permitted 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 must be submitted at least fifteen days prior to the date of the scheduled Public Trustee sale.

The Intent to Cure Form (PDF) might be filed by email, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or e-mail to confirm that we received the file). There is no cost to submit and does not obligate the filer. Cure funds need to be received in the Public Trustees office by twelve noon on the day before the sale, and must be in the kind of cash or proven bank cashier's check.

Please do not anticipate to receive details of the quantity due immediately after submitting the kind. The Public Trustee's Office should ask for that details from the lending institution or loan provider's lawyer. 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 benefit only a restricted time so if you do not cure by the legitimate figure deadline set forth in the declaration, you will need to request an updated cure statement through the Public Trustee's Office.

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

The above information is provided just as an informational tool and is not planned to act as legal advice.

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 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 understand the condition of the residential or commercial property, or if the residential or commercial property taxes or evaluations 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 might want to work with somebody to do the research for you.

You can obtain 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 roughly 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lender's written bid is needed to be supplied, in writing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public info and you might search our foreclosure search, sale details, quote, 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 agent is personally present at sale and re-executes the modified composed bid.

Be advised: The lending institution 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 till the sale starts Thursday early morning.

Sign in on sale day:

The Clear Creek County Public Trustee holds foreclosure sales on Thursday's without delay 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 get 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 certain 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 email. If you are appearing at the sale to bid on behalf of someone aside from yourself or another entity that you do not own or control, you require to have written authorization, a letter of agency 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 proceeds in increments of $5.00 - if the lending institution has actually submitted a quote for $150,000.00, for instance, you must 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 quote amounts need to be made in the kind of a verifiable bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can decline third party checks. The general public Trustee will strike and sell the residential or commercial property to the successful bidder after bidding has stopped and funds have actually been supplied.

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 provided with a Receipt from the 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 business days) by the Public Trustee's workplace and kept in our office 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 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 file an intent to redeem. The most senior lien might redeem 15 to 19 business days after the sale, however no later than twelve noon the last day. If multiple lien holders file an intent to redeem, each extra lien holder will get a 5 day redemption duration.

If you are called for redemption figures, interest is determined at the rate specified on the note and extra expenses are restricted to those permitted by statute. Please be prepared to offer invoices for costs sustained. Redemption figures should be received within 13 company days after the sale. The declaration needs to specify all sums required to redeem including the quantity of per diem interest and the rate of interest. The statement may be changed up until 2 service days before the start of the next suitable redemption duration. Your statement of redemption need to adhere to 38-38-302 C.R.S.

. If redemption happens, the Certificate of Purchase holder is paid the quote amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowable expenses as defined 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 composed 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 celebration.

If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you should ask for, in composing, that our office concern your Confirmation Deed, no earlier than 15 service days after the sale. You need to pay a $30.00 charge, plus recording expenses, for issuance of the tape-recorded Deed. The Confirmation Deed shall be issued by the Public Trustee and taped 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 purchased for more than the overall owed to the lender and to all other lien holders, please contact the Public Trustee's office after the sale since you might have funds due to you.

The general public Trustee's workplace does not offer legal advice and we do not do any expulsion proceedings. Once the Confirmation Deed is released by this workplace and taped, the general 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 GRIEVANCE WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.
apartments.com

What is a Foreclosure? 
 Foreclosure occurs when a house owner is no longer able to make mortgage payments as needed. This permits the lending institution to seize the residential or commercial property, getting rid of the homeowner and offering the home, as specified in the mortgage agreement. 
 When a foreclosure takes place, the following actions take place: 
 1. Notice of Election and Demand is tape-recorded within 10 [company](https://homes.lc) days of getting a packet from the lender's attorney.
 2. Sale date is set 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 tape-recorded.
 4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first set up sale date.
 5. Combined Notice published in local paper 45-60 days prior to the first scheduled sale date.
 6. Notice of Intent to Cure must be gotten a minimum of 15 calendar days prior to the very 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 quote must be received by midday 2 (2) business 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 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 taped within five (5) service days.
 11. A [Notification](http://dowlingproperties.com) of Intent to Redeem need to be filed by a junior lienholder within eight (8) company 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 effective 1/1/2010, 
 In order to begin the foreclosure process, the following is sent to the Public Trustee's office in addition to a referral of the case and a Certificate of the Current Owner of the financial obligation: 
 1. Original or licensed copy of the tape-recorded deed of trust.
2. Original promissory note or bond if initial note has been lost. Some qualified foreclosing loan providers may send specific documentation 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](https://stayonrent.in) Holder, signed by [attorneys representing](https://www.greencastlebnb.com) holder.
3. Notice of Election and Demand for Foreclosure.
4. Mailing List, which consists of names and addresses of celebrations to get Combined Notice of the sale, rights to treat and rights to redeem.
5. Additional files required under foreclosure statutes.
6. Payment of required charges. 
 The above files are sent to the general public Trustee by a Colorado-licensed lawyer representing the loan provider of the loan in default. The general public Trustee tape-records the Notice of Election and Demand (NED) and starts the foreclosure proceedings. This must be done within ten business days after receiving the files from the loan provider's attorney.
A Combined Notice of Sale, Rights to Cure and Redeem is sent out to parties noted on the newsletter or modified newsletter. The mailing list or lists should consist of all celebrations whose interests appear in an instrument taped subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notifications are sent out to the addresses revealed on the tape-recorded instrument. If there is no address, then by statute it is not necessary to send the notice 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 requires a preliminary deposit of $650 for all foreclosures 
 How to [Determine Agricultural](https://pointlandrealty.com) Status C.R.S. 38-38-108( 2( a)( I) 
 1. If essential the Clear Creek County Public Trustee shall make a decision immediately upon the opening of the foreclosure.
2. This workplace will accept as evidence: 
 a. Certified copy of tape-recorded neighborhood plat
b. Written statement from city or town clerk
c. Written declaration from county assessor
d. Statements must be dated no greater than 6 months before the NED was filed 
 3. Our determination is binding
4. Statements utilized in identifying agricultural status no longer need to be taped
5. Cost for figuring out status may be included as a part of the fees and expenses charged by the attorney
Please do not include copies of statutes for mailing. This is covered in the cost of postage and copies. 
 How to Cure a Foreclosure: 
 A remedy amount is the quantity necessary to bring a foreclosed loan [current](https://atflat.ge). The general public Trustee's foreclosure files only consist of treatment figures when an Intent to Cure has actually been filed and the figures have been received from the foreclosing lawyer. 
 The only celebrations lawfully permitted 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 must be submitted at least fifteen days prior to the date of the scheduled Public [Trustee](https://basha-vara.com) sale. 
 The Intent to Cure Form (PDF) might be filed by email, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or e-mail to confirm that we [received](https://michiganhorseproperty.com) the file). There is no cost to submit and does not obligate the filer. Cure funds need to be received in the Public Trustees office by twelve noon on the day before the sale, and must be in the kind of cash or proven bank cashier's check. 
 Please do not anticipate to receive details of the quantity due immediately after submitting the kind. The Public Trustee's Office should ask for that details from the lending institution or loan provider's lawyer. 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 benefit only a restricted time so if you do not cure by the legitimate figure deadline set forth in the declaration, you will need to request an updated cure statement through the Public Trustee's Office. 
 To get more information about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673. 
 The above information is provided just as an informational tool and is not planned to act as legal advice. 
 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 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 understand the condition of the residential or commercial property, or if the residential or commercial property taxes or evaluations 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 might want to work with somebody to do the research for you. 
 You can obtain 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 roughly 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lender's written bid is needed to be supplied, in writing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public info and you might search our foreclosure search, sale details, quote, 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 agent is personally present at sale and re-executes the modified composed bid. 
 Be advised: The lending institution 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 till the sale starts Thursday early morning. 
 Sign in on sale day: 
 The Clear Creek County Public Trustee holds foreclosure sales on Thursday's without delay 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 get 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 certain it is precise and readable. 
 Those interested in bidding must personally participate in the sale. We do not take [over-bids](https://www.22401414.com) by phone, fax or email. If you are appearing at the sale to bid on behalf of someone aside from yourself or another entity that you do not own or control, you require to have written authorization, a letter of [agency notarized](https://mountisaproperty.com) 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 proceeds in increments of $5.00 - if the lending institution has actually submitted a quote for $150,000.00, for instance, you must 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 quote amounts need to be made in the kind of a verifiable bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can decline third party checks. The general public Trustee will strike and sell the residential or commercial property to the successful bidder after bidding has stopped and funds have actually been [supplied](https://northwaveasia.com). 
 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 provided with a Receipt from the 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 business days) by the Public Trustee's workplace and kept in our office 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 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 file an intent to redeem. The most senior lien might redeem 15 to 19 business days after the sale, however no later than twelve noon the last day. If multiple lien holders file an intent to redeem, each extra lien holder will get a 5 day redemption duration. 
 If you are called for redemption figures, interest is determined at the rate specified on the note and extra expenses are restricted to those permitted by statute. Please be prepared to offer invoices for costs sustained. Redemption figures should be received within 13 company days after the sale. The declaration needs to specify all sums required to redeem including the quantity of per diem interest and the rate of interest. The statement may be changed up until 2 service days before the start of the next suitable redemption duration. Your statement of redemption need to adhere to 38-38-302 C.R.S. 
 . If redemption happens, the Certificate of Purchase holder is paid the quote amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowable expenses as defined 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 composed demand and payment of the needed costs, the general public Trustee's office will [provide](https://www.machinelinker.com) a Confirmation Deed to communicate title to the last redeeming celebration. 
 If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you should ask for, in composing, that our office concern your Confirmation Deed, no earlier than 15 service days after the sale. You need to pay a $30.00 charge, plus recording expenses, for issuance of the tape-recorded Deed. The Confirmation Deed shall be issued by the Public Trustee and taped 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 purchased for more than the overall owed to the lender and to all other lien holders, please contact the Public Trustee's office after the sale since you might have funds due to you. 
 The general public Trustee's workplace does not offer legal advice and we do not do any expulsion proceedings. Once the Confirmation Deed is released by this workplace and taped, the general 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 GRIEVANCE WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS. [apartments.com](https://www.apartments.com/elk-grove-village-il/)