What is a Foreclosure? (#16) · Issues · Benito Ringrose / onshownearme

What is a Foreclosure?

pantzerproperties.com
What is a Foreclosure?

Foreclosure takes place when a house owner is no longer able to make mortgage payments as needed. This permits the lender to take the residential or commercial property, getting rid of the property owner and offering the home, as stipulated in the mortgage contract.

When a foreclosure occurs, the following actions occur:

1. Notice of Election and Demand is tape-recorded within 10 company days of getting a package from the lending institution's lawyer.
2. Sale date is set in between 110 through 125 days after the NED was taped (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 initially arranged sale date.
5. Combined Notice released in regional 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 very first scheduled sale date. A cure, in the kind 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 itemized bid must be received by midday 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 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 tape-recorded within five (5) business days.
11. A Notification of Intent to Redeem need to be filed by a junior lienholder within 8 (8) organization 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 efficient 1/1/2010,

In order to start the foreclosure procedure, the following is sent to the Public Trustee's workplace along with a referral of the case and a Certificate of the Current Owner of the debt:

1. Original or qualified copy of the taped deed of trust. 2. Original promissory note or bond if original note has been lost. Some certified foreclosing lenders 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 receive Combined Notice of the sale, rights to treat and rights to redeem. 5. Additional files needed under foreclosure statutes. 6. Payment of needed charges.

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 tapes the Notice of Election and Demand (NED) and begins the foreclosure procedures. This need to be done within ten business days after getting the files from the lender's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations listed on the newsletter or changed subscriber list. The newsletter or lists must 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 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 required the Clear Creek County Public Trustee shall make a determination immediately upon the opening of the foreclosure. 2. This workplace shall accept as proof:

a. Certified copy of taped neighborhood 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 determination is binding 4. Statements used in determining agricultural status no longer need to be taped 5. Cost for identifying status might be consisted of as a part of the charges and costs charged by the lawyer 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 treatment amount is the amount needed to bring a foreclosed loan current. The Public Trustee's foreclosure files just contain treatment figures when an Intent to Cure has been submitted and the figures have been received from the foreclosing attorney.

The only celebrations lawfully allowed to file an Intent to Cure include, but are not restricted to: residential or commercial property owners, persons responsible, grantor of proof of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure must be filed a minimum of fifteen days prior to the date of the set up Public Trustee sale.

The Intent to Cure Form (PDF) might be submitted by e-mail, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we received the file). There is no fee 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 should remain in the kind of cash or proven bank cashier's check.

Please do not anticipate to get info of the quantity due instantly after filing the type. The general public Trustee's Office must ask for that info from the lending institution or loan provider's lawyer. Upon receipt of the figures from the lender or loan provider's lawyer, the remedy amount will be offered to you as requested. The figures might benefit only a minimal time so if you do not cure by the valid figure due date stated in the statement, you will require to ask for an updated treatment statement through the Public Trustee's Office.

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

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

How to Bid at a Foreclosure Sale:

Preparing ahead of time:

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 might be a second or third lien. The General Public Trustee does not know 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 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 might want to work with 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, 2 days before sale, we will have posted in our office by around 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The loan provider's written bid is required to be provided, in writing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public info and you might search our foreclosure search, sale details, bid, to see the opening quote amount. Bids received from the loan providers may be modified at the time of sale so long as the lending institution's representative is personally present at sale and re-executes the amended composed bid.

Be encouraged: The lending institution 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.

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 complete a Bidder Registration Form (PDF) with your name, address, etc. This information will be utilized for the Certificate of Purchase, please make certain it is precise and understandable.

Those thinking about bidding should 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 someone besides yourself or another entity that you do not own or control, you need to have written permission, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered upon behalf of that other individual or entity at the time the bid is made.

Bidding at the sale continues in increments of $5.00 - if the lending institution has submitted a bid for $150,000.00, for example, you need to bid at least $150,005.00 in order to be the successful bidder.

You will also be needed to have adequate funds with you to bid on the residential or commercial property. Payment of successful bid amounts must be made in the kind of a verifiable bank cashier's check. Checks must be payable only to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The Public Trustee will strike and sell the residential or commercial property to the successful bidder after bidding has actually ceased and funds have been supplied.

Pursuant to laws in impact on January 1, 2008 for cases started after that date, the effective bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be supplied with an Invoice from the Public Trustee after the sale is finished. A Certificate of Purchase will be provided in the name and address of the successful bidder as shown on your Bidder Information Form and tape-recorded (within 5 organization days) by the Public Trustee's office and retained in our workplace records.

As the grantee named 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 transfer title to you, it simply proofs your 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 organization days after the sale, however no later on than noon the last day. If several lien holders submit an intent to redeem, each additional lien holder will receive a five day redemption period.

If you are contacted for redemption figures, interest is determined at the rate specified on the note and extra costs are restricted to those allowed by statute. Please be prepared to supply invoices for expenses incurred. Redemption figures must be received within 13 business days after the sale. The statement must specify all amounts required to redeem including the amount of daily interest and the rate of interest. The declaration may be amended up until 2 service days before the start of the next suitable redemption duration. Your declaration of redemption must adhere to 38-38-302 C.R.S.

. If redemption takes place, the Certificate of Purchase holder is paid the bid amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowed expenses as specified by Colorado Revised Statutes (invoices should be supplied) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon written demand and payment of the needed charges, the Public Trustee's office will release a Confirmation 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 need to request, in composing, that our office problem your Confirmation Deed, no quicker than 15 service days after the sale. You need to pay a $30.00 cost, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed shall be provided 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 acquired for more than the total owed to the lender and to all other lien holders, please contact the general public Trustee's office after the sale since you might have funds due to you.

The Public Trustee's workplace does not offer legal suggestions and we do refrain from doing any eviction procedures. Once the Confirmation Deed is issued 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 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.

[pantzerproperties.com](http://www.pantzerproperties.com/) What is a Foreclosure? 
 Foreclosure takes place when a house owner is no longer able to make mortgage payments as needed. This permits the lender to take the residential or commercial property, getting rid of the property owner and offering the home, as stipulated in the mortgage contract. 
 When a foreclosure occurs, the following actions occur: 
 1. Notice of Election and Demand is tape-recorded within 10 company days of getting a package from the lending institution's lawyer.
 2. Sale date is set in between 110 through 125 days after the NED was taped (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 initially arranged sale date.
 5. Combined Notice released in regional 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 very first scheduled sale date. A cure, in the kind 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 itemized bid must be received by midday 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 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 tape-recorded within five (5) business days.
 11. A Notification of Intent to Redeem need to be filed by a junior lienholder within 8 (8) organization 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 efficient 1/1/2010, 
 In order to start the foreclosure procedure, the following is sent to the Public Trustee's workplace along with a referral of the case and a Certificate of the Current Owner of the debt: 
 1. Original or qualified copy of the taped deed of trust.
2. Original promissory note or bond if original note has been lost. Some certified foreclosing lenders 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](https://homes.lc) of names and addresses of celebrations to [receive Combined](https://www.aws-properties.com) Notice of the sale, rights to treat and rights to redeem.
5. Additional files needed under foreclosure statutes.
6. Payment of needed charges. 
 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 tapes the Notice of Election and Demand (NED) and begins the foreclosure procedures. This need to be done within ten business days after getting the files from the lender's attorney.
A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations listed on the newsletter or changed subscriber list. The newsletter or lists must include all parties whose interests appear in an instrument taped subsequent to the [foreclosed deed](https://muigaicommercial.com) of trust and prior to the [recording](https://roussepropiedades.cl) 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 needed to send the [notification](https://jacorealty.com) 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 required the Clear Creek County Public Trustee shall make a determination immediately upon the opening of the foreclosure.
2. This workplace shall accept as proof: 
 a. Certified copy of taped neighborhood 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 determination is binding
4. Statements used in determining agricultural status no longer need to be taped
5. Cost for identifying status might be [consisted](https://propertybaajaar.com) of as a part of the charges and costs charged by the lawyer
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 treatment amount is the amount needed to bring a foreclosed loan current. The Public Trustee's foreclosure files just contain treatment figures when an Intent to Cure has been submitted and the figures have been received from the foreclosing attorney. 
 The only celebrations lawfully allowed to file an Intent to Cure include, but are not restricted to: residential or commercial property owners, persons responsible, grantor of proof of financial obligation and junior lien holders [pursuant](https://novavistaholdings.com) to C.R.S. 38-38-104( 1 ). An Intent to Cure must be filed a minimum of fifteen days prior to the date of the set up Public Trustee sale. 
 The Intent to Cure Form (PDF) might be submitted by e-mail, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or email to confirm that we received the file). There is no fee 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 should remain in the kind of cash or proven bank cashier's check. 
 Please do not anticipate to get info of the quantity due instantly after filing the type. The general public Trustee's Office must ask for that info from the lending institution or loan provider's lawyer. Upon receipt of the figures from the lender or loan provider's lawyer, the remedy amount will be offered to you as requested. The figures might benefit only a minimal time so if you do not cure by the valid figure due date stated in the statement, you will require to ask for an updated treatment statement through the Public Trustee's Office. 
 To read more about your foreclosure options, please call the Colorado Foreclosure Hotline at (877) 601-4673. 
 The above information is provided just as an informational tool and is not meant to act as legal advice. 
 How to Bid at a Foreclosure Sale: 
 Preparing ahead of time: 
 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 might be a second or third lien. The General Public Trustee does not know 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 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 might want to work with 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, 2 days before sale, we will have posted in our office by around 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The loan provider's written bid is required to be provided, in writing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public info and you might search our foreclosure search, sale details, bid, to see the opening quote amount. Bids received from the loan providers may be modified at the time of sale so long as the lending institution's representative is personally present at sale and re-executes the amended composed bid. 
 Be encouraged: The lending institution 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. 
 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 complete a Bidder Registration Form (PDF) with your name, address, etc. This information will be utilized for the Certificate of Purchase, please make certain it is precise and understandable. 
 Those thinking about bidding should 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 someone besides yourself or another entity that you do not own or control, you need to have written permission, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered upon behalf of that other individual or entity at the time the bid is made. 
 Bidding at the sale continues in increments of $5.00 - if the lending institution has submitted a bid for $150,000.00, for example, you need to bid at least $150,005.00 in order to be the successful bidder. 
 You will also be needed to have adequate funds with you to bid on the residential or commercial property. Payment of successful bid amounts must be made in the kind of a verifiable bank cashier's check. Checks must be payable only to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The Public Trustee will strike and sell the residential or commercial property to the successful bidder after bidding has actually ceased and funds have been supplied. 
 Pursuant to laws in impact on January 1, 2008 for cases started after that date, the effective bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be supplied with an Invoice from the Public Trustee after the sale is finished. A Certificate of Purchase will be provided in the name and address of the successful bidder as shown on your Bidder Information Form and tape-recorded (within 5 organization days) by the Public Trustee's office and retained in our workplace records. 
 As the grantee named 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 transfer title to you, it simply proofs your 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 organization days after the sale, however no later on than noon the last day. If several lien holders submit an intent to redeem, each additional lien holder will receive a five day redemption period. 
 If you are contacted for redemption figures, interest is [determined](https://vision-constructors.com) at the rate specified on the note and extra costs are restricted to those allowed by statute. Please be prepared to supply invoices for expenses incurred. Redemption figures must be received within 13 business days after the sale. The statement must specify all amounts required to redeem including the amount of daily interest and the rate of interest. The declaration may be amended up until 2 [service](https://realestate.kctech.com.np) days before the start of the next suitable redemption duration. Your declaration of redemption must adhere to 38-38-302 C.R.S. 
 . If redemption takes place, the Certificate of Purchase holder is paid the bid amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowed expenses as specified by Colorado Revised Statutes (invoices should be supplied) as provided in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon written demand and payment of the needed charges, the Public Trustee's office will release a [Confirmation Deed](https://hauntley.com) 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 need to request, in composing, that our office problem your Confirmation Deed, no quicker than 15 service days after the sale. You need to pay a $30.00 cost, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed shall be provided 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 acquired for more than the total owed to the lender and to all other lien holders, please contact the general public Trustee's office after the sale since you might have funds due to you. 
 The Public Trustee's workplace does not offer legal suggestions and we do refrain from doing any eviction procedures. Once the Confirmation Deed is issued by this office and recorded, the general [public Trustee's](https://apnaplot.com) 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 GRIEVANCE WILL NOT STOP THE FORECLOSURE PROCESS.