From 2f6f51fdc1461b61ed4e05f8fe268f7b327fffb6 Mon Sep 17 00:00:00 2001 From: Cheryl Loureiro Date: Thu, 19 Jun 2025 14:18:57 +0800 Subject: [PATCH] Add 'What is a Foreclosure?' --- What-is-a-Foreclosure%3F.md | 68 +++++++++++++++++++++++++++++++++++++ 1 file changed, 68 insertions(+) create mode 100644 What-is-a-Foreclosure%3F.md diff --git a/What-is-a-Foreclosure%3F.md b/What-is-a-Foreclosure%3F.md new file mode 100644 index 0000000..9e20045 --- /dev/null +++ b/What-is-a-Foreclosure%3F.md @@ -0,0 +1,68 @@ +
What is a Foreclosure?
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Foreclosure takes place when a house owner is no longer able to make mortgage payments as required. This allows the lender to take the residential or commercial property, getting rid of the house owner and offering the home, as stated in the mortgage agreement.
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When a foreclosure occurs, the following steps take place:
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1. Notice of Election and Demand is recorded within 10 business days of receiving a package from the loan provider's lawyer. +
2. Sale date is set between 110 through 125 calendar 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 mailed with 45-60 calendar days prior to initially scheduled sale date. +
5. Combined Notice released in local paper 45-60 calendar days prior to the very first [scheduled sale](https://inngoaholidays.com) date. +
6. Notice of Intent to Cure should be gotten a minimum of 15 calendar days prior to the first scheduled sale date. A cure, in the kind of a cashier's check, need to be paid by midday the day before the sale. +
7. The court order licensing the sale and the signed and detailed bid must be received by noon 2 (2) company 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 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 5 (5) service days. +
11. A Notice of Intent to Redeem must be filed by a junior lienholder within 8 (8) service days after the sale. Foreclosures began in 2008 and more recent do not enable owner redemptions. +
+How to Start a Foreclosure in Clear Creek County:
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Pursuant to laws reliable 1/1/2010,
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In order to start the foreclosure procedure, the following is submitted to the Public Trustee's workplace along with a recommendation of the case and a Certificate of the Current Owner of the debt:
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1. Original or qualified copy of the taped deed of trust. +2. Original promissory note or bond if original note has actually been lost. Some qualified foreclosing loan providers may send specific documents 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 get Combined Notice of the sale, rights to treat and rights to redeem. +5. Additional documents needed under foreclosure statutes. +6. Payment of needed fees.
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The above documents are sent to the general public Trustee by a Colorado-licensed attorney representing the lender of the loan in default. The general public Trustee tapes the Notice of Election and Demand (NED) and begins the foreclosure procedures. This should be done within 10 [company](https://akarat.ly) 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 subscriber list or modified subscriber list. The subscriber list or lists should 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 notifications are sent out to the addresses revealed on the tape-recorded instrument. If there is no address, then by statute it is not required 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 needs an initial deposit of $650 for all foreclosures
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How to Determine Agricultural Status C.R.S. 38-38-108( 2( a)( I)
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1. If essential the Clear Creek County Public Trustee will make a determination right away upon the opening of the foreclosure. +2. This office will accept as proof:
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a. Certified copy of recorded neighborhood plat +b. Written declaration from city or town clerk +c. Written statement from county assessor +d. Statements should be dated no more than 6 months before the NED was submitted
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3. Our determination is binding +4. Statements utilized in determining farming status no longer need to be recorded +5. Cost for determining status might be consisted of as a part of the charges 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.
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How to Cure a Foreclosure:
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A treatment quantity is the quantity needed to bring a foreclosed loan current. The Public Trustee's [foreclosure](https://inmocosta.com) files just contain treatment figures when an Intent to Cure has been filed and the figures have actually been gotten from the foreclosing lawyer.
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The only celebrations lawfully enabled to submit an Intent to [Cure consist](https://laculracilor.ro) of, but are not restricted to: residential or commercial property owners, persons responsible, grantor of evidence of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should be filed a minimum of fifteen days prior to the date of the set up Public Trustee sale.
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The Intent to Cure Form (PDF) might be submitted by e-mail, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or email to verify that we got the document). There is no cost to file and does not obligate the filer. Cure funds should be gotten in the general public Trustees office by midday on the day before the sale, and need to remain in the kind of money or verifiable bank cashier's check.
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Please do not expect to get details of the amount due right away after submitting the type. The general public Trustee's Office need to request that info from the loan provider or lender's lawyer. Upon invoice of the figures from the loan provider or lending institution's attorney, the remedy amount will be supplied to you as requested. The figures may benefit just a restricted time so if you do not cure by the legitimate figure deadline stated in the statement, you will require to request an updated cure declaration through the general public Trustee's Office.
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For more information about your foreclosure alternatives, please call the Colorado Foreclosure Hotline at (877) 601-4673.
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The above details is supplied just as an educational tool and is not meant to act as legal recommendations.
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How to Bid at a Foreclosure Sale:
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Preparing ahead of time:
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It is your responsibility to do research study before pertaining to the sale to bid on a residential or commercial property. The Public Trustee can not and does not [guaranty](https://betnet.et) that the deed of trust being foreclosed is a first lien - it might be a second or third lien. The General Public Trustee does not understand the condition of the residential or commercial property, or if the residential or commercial property taxes or assessments have actually been paid or if there are any other liens against the residential or commercial property. If you do not know how to check the "condition of title" or the "chain of title" to the residential or commercial property, you may want to employ someone to do the research for you.
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You can obtain the foreclosure case number for the residential or commercial property by looking it up at our website, Foreclosure Search.
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On Tuesday, two days before sale, we will have posted in our office by approximately 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lending institution's composed bid is required to be supplied, in composing, to the general public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public information and you might search our [foreclosure](https://avitotanger.com) search, sale info, bid, to see the opening bid amount. Bids got from the lending institutions might be amended at the time of sale so long as the loan provider's agent is [personally](https://sikkimclassified.com) present at sale and re-executes the modified written bid.
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Be recommended: The lending institution or its lawyer, or the Public Trustee, might pull or continue a residential or commercial property from the sale list at any time up until the sale begins Thursday morning.
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Check in on sale day:
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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)
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If you plan to bid on a residential or commercial property, you need to reach 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 be sure it is precise and understandable.
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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 gotten in on behalf of that other person or entity at the time the bid is made.
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Bidding at the sale proceeds in increments of $5.00 - if the loan provider has sent a bid for $150,000.00, for instance, you should bid a minimum of $150,005.00 in order to be the effective bidder.
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You will likewise be needed to have sufficient funds with you to bid on the residential or commercial property. Payment of effective bid quantities need to be made in the type of a verifiable bank cashier's check. Checks should be payable just to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The general public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has actually ceased and funds have been supplied.
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Pursuant to laws in impact on January 1, 2008 for cases started after that date, the successful bidder will not get an original Certificate of Purchase at the time of sale. [Successful bidders](https://lilypadpropertiesspain.co.uk) will be offered with a Receipt from the general public Trustee after the sale is completed. A [Certificate](https://mrajhi.com.sa) 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 business days) by the Public Trustee's office and maintained in our office records.
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As the grantee called in the Certificate of Purchase, you do not have instant right of access to the residential or commercial property. A of Purchase does not transfer title to you, it simply evidences your investment made at the time of sale.
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The Redemption Process:
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A junior lien holder has 8 service days after the sale to submit an intent to redeem. The most senior lien may redeem 15 to 19 company days after the sale, but no behind midday the last day. If multiple lien holders submit an intent to redeem, each additional lien holder will receive a five day redemption duration.
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If you are called for redemption figures, interest is determined at the rate specified on the note and extra costs are restricted to those permitted by statute. Please be prepared to provide invoices for expenditures sustained. Redemption figures need to be received within 13 organization days after the sale. The statement should define all sums needed to redeem consisting of the amount of per diem interest and the rates of interest. The declaration might be changed up until 2 company days before the start of the next appropriate redemption duration. Your declaration of redemption must abide by 38-38-302 C.R.S.
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. If redemption happens, 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 permitted expenses as defined by Colorado Revised Statutes (invoices should be supplied) as supplied in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon composed request and payment of the required costs, the general public Trustee's workplace will release a Confirmation Deed to communicate title to the last [redeeming party](https://lewisandcorealty.ca).
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If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you must ask for, in writing, that our office problem your Confirmation Deed, no sooner than 15 company days after the sale. You need to pay a $30.00 cost, plus recording expenses, for issuance of the recorded Deed. The Confirmation Deed shall be provided 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.
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Notice to an owner in foreclosure:
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If your residential or commercial property goes to foreclosure auction sale and is bought 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.
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The general public Trustee's workplace does not provide legal guidance and we do refrain from doing any expulsion procedures. Once the Confirmation Deed is released by this office and recorded, the general public Trustee's file is closed.
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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 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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