From de069058e457a338ed46de8fabfc86516b755c1c Mon Sep 17 00:00:00 2001 From: Aleisha McEvilly Date: Thu, 19 Jun 2025 21:47:55 +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..8d4e394 --- /dev/null +++ b/What-is-a-Foreclosure%3F.md @@ -0,0 +1,68 @@ +
What is a Foreclosure?
[arxiv.org](https://arxiv.org/abs/0712.0541v2) +
Foreclosure occurs when a homeowner is no longer able to make mortgage payments as required. This allows 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.
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When a foreclosure takes place, the following steps occur:
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1. Notice of Election and Demand is recorded within 10 service days of getting a package from the lender's lawyer. +
2. Sale date is set between 110 through 125 calendar days after the NED was recorded (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 arranged sale date. +
5. Combined Notice released in regional paper 45-60 calendar days prior to the 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 treatment, in the form of a cashier's check, should be paid by noon the day before the sale. +
7. The court order authorizing the sale and the signed and detailed bid needs to be received by noon 2 (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 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](https://www.cinnamongrouplimited.co.uk) is taped within five (5) organization days. +
11. A Notification of Intent to Redeem must be filed by a junior lienholder within 8 (8) organization days after the sale. Foreclosures started in 2008 and newer do not allow for owner redemptions. +
+How to Start a Foreclosure in Clear Creek County:
[arxiv.org](https://arxiv.org/abs/1201.6635) +
Pursuant to laws efficient 1/1/2010,
+
In order to start the foreclosure process, the following is sent to the general public Trustee's workplace together with a referral of the case and a Certificate of the Current Owner of the financial obligation:
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1. Original or licensed copy of the taped deed of trust. +2. Original promissory note or bond if initial note has been lost. Some qualified foreclosing loan providers may submit 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 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 documents needed under foreclosure statutes. +6. Payment of required charges.
+
The above documents are sent to the general 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 starts the foreclosure procedures. This need to be done within ten organization days after getting the documents from the lending institution's lawyer. +A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties noted on the mailing list or modified subscriber list. The mailing list or lists should include all celebrations 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 revealed on the tape-recorded instrument. If there is no address, then by statute it is not needed to send out the notice in care of the county seat. The general 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](https://www.propertyeconomics.co.za) 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 an initial deposit of $650 for all foreclosures
+
How to Determine Agricultural Status C.R.S. 38-38-108( 2( a)( I)
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1. If required the Clear Creek County Public Trustee will make a determination immediately upon the opening of the foreclosure. +2. This office shall accept as evidence:
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a. Certified copy of recorded subdivision plat +b. Written statement from city or town clerk +c. Written declaration from county assessor +d. Statements need to be dated no greater than 6 months before the NED was submitted
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3. Our determination is binding +4. Statements utilized in determining agricultural status no longer require to be taped +5. Cost for identifying status may be consisted of as a part of the charges and expenses charged by the attorney +Please do not consist of copies of [statutes](https://slinfradevelopers.com) for mailing. This is covered in the cost of and copies.
+
How to Cure a Foreclosure:
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A [treatment quantity](https://katbe.com) is the amount necessary to bring a foreclosed loan current. The Public Trustee's foreclosure files only contain treatment figures when an Intent to Cure has been submitted and the figures have been gotten from the foreclosing lawyer.
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The only celebrations legally allowed to file an Intent to Cure include, but 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 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 in individual 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 charge to submit and does not obligate the filer. Cure funds should be received in the Public Trustees office by noon on the day before the sale, and must be in the kind of money or verifiable bank cashier's check.
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Please do not anticipate to get info of the quantity due right away after [submitting](https://realestate.kctech.com.np) the form. The Public Trustee's Office must ask for that info from the lender or loan provider's attorney. Upon receipt of the figures from the loan provider or loan provider's lawyer, the cure amount will be offered to you as requested. The figures might benefit just a restricted time so if you do not cure by the legitimate figure deadline set forth in the declaration, you will need to ask for an upgraded remedy statement through the Public Trustee's Office.
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To read more about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
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The above details is provided only as an informative tool and is not intended to serve as legal suggestions.
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How to Bid at a Foreclosure Sale:
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Preparing in advance:
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It is your responsibility to do research before pertaining 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 might be a second or 3rd 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 actually been paid or if there are any other liens versus the residential or commercial property. If you do not understand how to inspect the "condition of title" or the "chain of title" to the residential or commercial property, you might wish to hire somebody to do the research study 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 site, Foreclosure Search.
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On Tuesday, 2 days before sale, we will have posted in our workplace by around 2:00 p.m. listing of residential or commercial properties scheduled to go to sale that week (Thursday). The lending institution's composed quote is required to be provided, in writing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public details and you might browse our foreclosure search, sale information, bid, to see the opening quote amount. Bids received from the lending institutions may be changed at the time of sale so long as the lender's representative is personally present at sale and re-executes the changed composed quote.
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Be recommended: The lender or its lawyer, or the general public Trustee, might pull or continue a residential or commercial property from the sale list at any time up until the sale begins Thursday early morning.
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Sign in on sale day:
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The Clear Creek County Public Trustee holds foreclosure sales on Thursday's immediately 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 ought to reach the office about 15 to 20 minutes early to complete a [Bidder Registration](https://www.propertyeconomics.co.za) Form (PDF) with your name, address, and so on. This information will be used for the Certificate of Purchase, please make certain it is precise and readable.
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Those thinking about bidding needs to personally go to 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 composed authorization, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered upon behalf of that other individual or entity at the time the bid is made.
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Bidding at the sale continues in increments of $5.00 - if the lender has submitted 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 also be required to have sufficient funds with you to bid on the residential or commercial property. Payment of successful bid amounts must be made in the kind of a proven bank [cashier's](https://www.propertyeconomics.co.za) check. Checks must be payable just to the "Clear Creek County Public Trustee". We can decline 3rd celebration checks. The general public Trustee will strike and offer the residential or commercial property to the successful bidder after bidding has stopped and funds have been supplied.
+
Pursuant to laws in impact on January 1, 2008 for cases began after that date, the effective bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be supplied with an Invoice from the Public Trustee after the sale is completed. A Certificate of Purchase will be issued in the name and address of the successful bidder as revealed on your Bidder Information Form and tape-recorded (within 5 service days) by the Public Trustee's office and maintained in our workplace records.
+
As the [grantee](https://cabana.villas) 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 move title to you, it merely proofs your financial investment made at the time of sale.
+
The Redemption Process:
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A junior lien holder has 8 company days after the sale to file an intent to redeem. The most senior lien may redeem 15 to 19 business days after the sale, but no later on than noon the final day. If multiple 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 computed at the rate defined on the note and extra expenses are restricted to those enabled by statute. Please be prepared to provide invoices for costs sustained. Redemption figures should be gotten within 13 organization days after the sale. The declaration must define all sums needed to redeem consisting of the [quantity](https://inmobiliariasantander.com.mx) of daily interest and the rate of interest. The statement may be changed up till 2 company days before the start of the next relevant redemption period. Your declaration of redemption should abide by 38-38-302 C.R.S.
+
. If redemption occurs, the Certificate of [Purchase holder](https://vipnekretnine.hr) is paid the bid quantity, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other permitted costs as defined by Colorado Revised Statutes (invoices must be provided) as supplied in C.R.S. 38-38-107 and as included in your redemption declaration. Thereafter, upon written request and payment of the needed costs, the general public Trustee's office will release a Verification Deed to convey title to the last redeeming celebration.
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If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you must request, in writing, that our workplace issue your Confirmation Deed, no quicker than 15 service days after the sale. You must pay a $30.00 charge, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed will be issued by the Public Trustee and tape-recorded 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.
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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 acquired for more than the overall owed to the lender and to all other lien holders, please contact the general public Trustee's office after the sale because you may have funds due to you.
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The Public Trustee's workplace does not offer legal suggestions and we do not do any eviction proceedings. Once the Confirmation Deed is released by this office and taped, 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 ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.
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