What is a Foreclosure?
What is a Foreclosure?
Foreclosure occurs when a property owner is no longer able to make mortgage payments as required. This permits the lending institution to take the residential or commercial property, removing the property owner and offering the home, as stipulated in the mortgage agreement.
When a foreclosure happens, the following steps take place:
1. Notice of Election and Demand is tape-recorded within 10 company days of receiving a package from the lender'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 sent by mail within 20 calendar days after the NED was recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first scheduled sale date.
5. Combined Notice released in local paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure need to be gotten a minimum of 15 calendar days prior to the very first scheduled sale date. A treatment, in the form of a cashier's check, must be paid by midday the day before the sale.
7. The court order authorizing the sale and the signed and itemized quote should be received by midday two (2) business 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 carried out 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 5 (5) service days.
11. A Notice of Intent to Redeem must 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.
What is a Foreclosure?
Foreclosure occurs when a property owner is no longer able to make mortgage payments as required. This permits the lending institution to take the residential or commercial property, removing the property owner and offering the home, as stipulated in the mortgage agreement.
When a foreclosure happens, the following steps take place:
1. Notice of Election and Demand is tape-recorded within 10 company days of receiving a package from the lender'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 sent by mail within 20 calendar days after the NED was recorded.
4. Second Combined Notice is sent by mail with 45-60 calendar days prior to first scheduled sale date.
5. Combined Notice released in local paper 45-60 calendar days prior to the very first scheduled sale date.
6. Notice of Intent to Cure need to be gotten a minimum of 15 calendar days prior to the very first scheduled sale date. A treatment, in the form of a cashier's check, must be paid by midday the day before the sale.
7. The court order authorizing the sale and the signed and itemized quote should be received by midday two (2) business 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 carried out 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 5 (5) service days.
11. A Notice of Intent to Redeem must 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.