What is a Foreclosure? (#2) · Issues · Sal Lombardo / onshownearme

What is a Foreclosure?

infinitedesignhouse.com
What is a Foreclosure?

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

When a foreclosure happens, the following actions happen:

1. Notice of Election and Demand is taped within 10 organization days of getting a packet from the lending institution's attorney.
2. Sale date is set in 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 recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially arranged sale date.
5. Combined Notice published in local paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure need to be received a minimum of 15 calendar days prior to the very first scheduled sale date. A remedy, in the form of a cashier's check, should be paid by noon the day before the sale.
7. The court order licensing the sale and the signed and made a list of quote should be received by midday 2 (2) company 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 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 taped within 5 (5) company days.
11. A Notice of Intent to Redeem need to be submitted by a junior lienholder within eight (8) organization 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 efficient 1/1/2010,

In order to begin the foreclosure process, the following is sent to the general public Trustee's office in addition to 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 initial note has actually been lost. Some qualified foreclosing lending institutions 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 initial 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 needed under foreclosure statutes. 6. Payment of required costs.

The above documents are sent 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 should be done within 10 business days after getting the documents from the lending institution's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations listed on the subscriber list or changed mailing list. The mailing list or lists must include all parties whose interests appear in an instrument tape-recorded subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notifications are sent to the addresses shown on the tape-recorded instrument. If there is no address, then by statute it is not required to send out 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 agricultural 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 needed the Clear Creek County Public Trustee will make a determination immediately upon the opening of the foreclosure. 2. This office will accept as proof:

a. Certified copy of recorded subdivision plat b. Written declaration from city or town clerk c. Written statement 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 determining farming status no longer require to be recorded 5. Cost for figuring out status may be consisted of as a portion of the charges 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 needed to bring a foreclosed loan current. The general public Trustee's foreclosure files only consist of cure figures when an Intent to Cure has been submitted and the figures have been received from the foreclosing attorney.

The only celebrations legally enabled to submit an Intent to Cure include, however are not limited to: residential or commercial property owners, persons accountable, 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) may be filed by e-mail, fax, mail or personally 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 fee to submit and does not obligate the filer. Cure funds must 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 anticipate to receive details of the amount due instantly after submitting the form. The general public Trustee's Office should request that info from the lending institution or lending institution's lawyer. Upon receipt of the figures from the lending institution or lending institution's attorney, the cure quantity will be supplied to you as asked for. The figures may be great for only a limited time so if you do not treat by the legitimate figure due date stated in the declaration, you will need to request an updated treatment statement through the Public Trustee's Office.

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

The above information is only as an informational tool and is not planned to act as legal recommendations.

How to Bid at a Foreclosure Sale:

Preparing in advance:

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 first lien - it could be a second 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 assessments have been paid or if there are any other liens versus the residential or commercial property. If you do not know how to examine the "condition of title" or the "chain of title" to the residential or commercial property, you might wish to hire someone to do the research 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, two days before sale, we will have posted in our workplace by approximately 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lender's composed bid is needed to be offered, in writing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public information and you may search our foreclosure search, sale details, bid, to see the opening quote quantity. Bids received from the loan providers may be changed at the time of sale so long as the loan provider's agent is personally present at sale and re-executes the modified composed quote.

Be recommended: The lending institution or its attorney, or the Public Trustee, may pull or continue a residential or commercial property from the sale list at any time up till the sale begins Thursday early 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 Argentine Street, Georgetown, Colorado. See Map (PDF)

If you intend to bid on a residential or commercial property, you must show up at 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 used for the Certificate of Purchase, please make sure it is precise and legible.

Those interested in bidding needs to 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 aside from yourself or another entity that you do not own or control, you need to have written authorization, 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 person or entity at the time the quote 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 example, you need to 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 successful quote quantities should be made in the kind of a proven bank cashier's check. Checks must be payable only 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 actually stopped and funds have been supplied.

Pursuant to laws in result 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 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 company days) by the Public Trustee's workplace and kept in our office records.

As the grantee 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 transfer 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 may redeem 15 to 19 organization days after the sale, however no behind twelve noon the last day. If numerous lien holders submit an intent to redeem, each additional lien holder will receive a five day redemption period.

If you are called for redemption figures, interest is computed at the rate specified on the note and additional expenses are limited to those allowed by statute. Please be prepared to supply receipts for costs sustained. Redemption figures should be gotten within 13 company days after the sale. The declaration needs to define all sums needed to redeem consisting of the quantity of per diem interest and the interest rate. The statement may be modified up till 2 service days before the start of the next suitable redemption period. 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 bid quantity, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowed expenses as defined by Colorado Revised Statutes (invoices should be supplied) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed demand and payment of the required charges, the Public Trustee's workplace will provide 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 anyone, you should ask for, in writing, that our workplace concern your Confirmation Deed, no earlier than 15 organization days after the sale. You need to pay a $30.00 fee, plus recording expenses, for issuance of the taped Deed. The Confirmation Deed will be released by the Public Trustee and recorded 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 purchased for more than the overall owed to the loan provider and to all other lien holders, please contact the general public Trustee's workplace after the sale since you may have funds due to you.

The Public Trustee's workplace does not supply legal suggestions 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 PROBLEM 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.
zivakrealtygroup.com

[infinitedesignhouse.com](https://infinitedesignhouse.com/blog/) What is a Foreclosure? 
 Foreclosure occurs when a house owner is no longer able to make mortgage payments as needed. This allows the lending institution to seize the residential or commercial property, getting rid of the homeowner and offering the home, as stated in the mortgage agreement. 
 When a foreclosure happens, the following actions happen: 
 1. Notice of Election and Demand is taped within 10 organization days of getting a packet from the lending institution's attorney.
 2. Sale date is set in 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 recorded.
 4. Second Combined Notice is mailed with 45-60 calendar days prior to initially arranged sale date.
 5. Combined Notice published in local paper 45-60 calendar days prior to the very first scheduled sale date.
 6. Notice of Intent to Cure need to be received a minimum of 15 calendar days prior to the very first scheduled sale date. A remedy, in the form of a cashier's check, should be paid by noon the day before the sale.
 7. The court order licensing the sale and the signed and made a list of quote should be received by midday 2 (2) company 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 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 taped within 5 (5) company days.
 11. A Notice of Intent to Redeem need to be submitted by a junior lienholder within eight (8) organization 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 efficient 1/1/2010, 
 In order to begin the foreclosure process, the following is sent to the general public Trustee's office in addition to 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 initial note has actually been lost. Some qualified foreclosing lending institutions 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 initial 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 needed under foreclosure statutes.
6. Payment of required costs. 
 The above documents are sent 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 should be done within 10 business days after getting the documents from the lending institution's attorney.
A Combined Notice of Sale, Rights to Cure and Redeem is sent to celebrations listed on the subscriber list or changed mailing list. The mailing list or lists must include all parties whose interests appear in an instrument tape-recorded subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notifications are sent to the addresses shown on the tape-recorded instrument. If there is no address, then by statute it is not required to send out 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 agricultural residential or [commercial properties](https://www.holiday-homes-online.com).
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 needed the Clear Creek County Public Trustee will make a determination immediately upon the opening of the foreclosure.
2. This office will accept as proof: 
 a. Certified copy of recorded subdivision plat
b. Written declaration from city or town clerk
c. Written statement 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 determining farming status no longer require to be recorded
5. Cost for figuring out status may be consisted of as a portion of the charges 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 needed to bring a foreclosed loan current. The general public Trustee's foreclosure files only consist of cure figures when an Intent to Cure has been submitted and the figures have been received from the foreclosing attorney. 
 The only celebrations legally enabled to submit an Intent to Cure include, however are not limited to: residential or commercial property owners, persons accountable, 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) may be filed by e-mail, fax, mail or personally 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 fee to submit and does not obligate the filer. Cure funds must 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 anticipate to receive details of the amount due instantly after submitting the form. The general public Trustee's Office should [request](https://inmobiliariasantander.com.mx) that info from the lending institution or lending institution's lawyer. Upon receipt of the figures from the lending institution or lending institution's attorney, the cure quantity will be supplied to you as asked for. The figures may be great for only a limited time so if you do not treat by the legitimate figure due date stated in the declaration, you will need to request an updated treatment statement through the Public Trustee's Office. 
 For more information about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673. 
 The above information is only as an informational tool and is not planned to act as legal recommendations. 
 How to Bid at a Foreclosure Sale: 
 Preparing in advance: 
 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 first lien - it could be a second 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 assessments have been paid or if there are any other liens versus the residential or commercial property. If you do not know how to examine the "condition of title" or the "chain of title" to the residential or commercial property, you might wish to hire someone to do the research 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, two days before sale, we will have posted in our workplace by approximately 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lender's composed bid is needed to be offered, in writing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List ([foreclosure](https://leonisinmobiliaria.com) search, foreclosure reports). The bids are public information and you may search our foreclosure search, sale details, bid, to see the opening quote quantity. Bids [received](https://housesites.in) from the loan providers may be changed at the time of sale so long as the loan provider's agent is personally present at sale and re-executes the modified composed quote. 
 Be recommended: The lending institution or its attorney, or the Public Trustee, may pull or continue a residential or commercial property from the sale list at any time up till the sale begins Thursday early morning. 
 Check in on sale day: 
 The Clear Creek County Public Trustee holds [foreclosure sales](https://areafada.com) on [Thursday's](https://www.jukiwa.co.ke) 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 show up at 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 used for the Certificate of Purchase, please make sure it is precise and legible. 
 Those interested in bidding needs to personally attend the sale. We do not take [over-bids](https://bauerwohnen.com) by phone, fax or e-mail. 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 need to have written authorization, a letter of company notarized pursuant to CRS 15-14-607, and [verbally](https://jghills.com) state that your bid is being entered upon behalf of that other person or entity at the time the quote 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 example, you need to 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 successful quote quantities should be made in the kind of a proven bank cashier's check. Checks must be payable only 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 actually stopped and funds have been supplied. 
 Pursuant to laws in result on January 1, 2008 for cases began after that date, the successful bidder will not get an original Certificate of [Purchase](https://starzijproperties.ng) 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 provided in the name and address of the successful bidder as shown on your Bidder Information Form and tape-recorded (within 5 company days) by the Public Trustee's workplace and kept in our office records. 
 As the grantee 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 transfer 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](https://casaduartelagos.com) days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 organization days after the sale, however no behind twelve noon the last day. If numerous lien holders submit an intent to redeem, each additional lien holder will receive a five day [redemption period](https://akarat.ly). 
 If you are called for redemption figures, interest is computed at the rate specified on the note and additional expenses are limited to those allowed by statute. Please be prepared to supply receipts for costs sustained. Redemption figures should be gotten within 13 company days after the sale. The declaration needs to define all sums needed to redeem consisting of the quantity of per diem interest and the interest rate. The statement may be modified up till 2 service days before the start of the next suitable redemption period. 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 bid quantity, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowed expenses as defined by Colorado Revised Statutes (invoices should be supplied) as offered in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon composed demand and payment of the required charges, the Public Trustee's workplace will provide 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 anyone, you should ask for, in writing, that our workplace concern your Confirmation Deed, no earlier than 15 organization days after the sale. You need to pay a $30.00 fee, plus recording expenses, for issuance of the [taped Deed](https://kate.com.qa). The Confirmation Deed will be released by the Public Trustee and recorded 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 [purchased](https://pricelesslib.com) for more than the overall owed to the loan provider and to all other lien holders, please contact the general public Trustee's workplace after the sale since you may have funds due to you. 
 The Public Trustee's workplace does not supply legal suggestions 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](https://lucasluxurygroups.com) 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 ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS. [zivakrealtygroup.com](https://www.zivakrealtygroup.com/blog/)