Office of Public Trustee - Foreclosures
Foreclosure Hotline Phone: 1-877-601-HOPE (4673)
All foreclosure proceeding are mandated by article 38 of the Colorado State Statutes.
Pitkin County subscribes to GTSData for Electronic Foreclosure filing. For more information on PUSH GTS click HERE.
Foreclosure packets are submitted to the Public Trustee’s Office from the lender’s foreclosing attorney. This packet must contain all documents required by Colorado State Statute to start a foreclosure.
C.R.S. 38-38-101 and Pitkin County’s Foreclosure Packet Requirements effective September 1, 2012
- Check for the deposit of $650.00 or 1/32 of 1% of the original or outstanding principal amount, whichever is less; this deposit amount must cover the Public Trustee Fee and recording fee for the Notice of Election and Demand
- Attorney’s Cover Letter
- If Holder of Evidence of Debt is not a qualified holder per 38-38-100.3(20)
- Original Recorded Deed of Trust
- Original Recorded Modifications, endorsement or assignments, and/or partial releases
- Original Evidence of Debt (Note)
- If Holder of Evidence of Debt is a qualified holder per 38-38-100.3(20)
- Certification signed and properly acknowledged citing paragraph 38-38-100.3 (20) which holder claims to be a qualified holder
- Copy Recorded Deed of Trust
- Copy Recorded Modifications, endorsement or assignments, and/or partial releases
- Copy Evidence of Debt (Note)
- Any affidavit recorded pursuant to 38-35-109 (5) affecting the deed of trust
- Notice of Election and Demand, containing the following (38-38-101.4)
- Names of original grantors
- Name of holder of evidence of debt
- Date of the deed of trust
- Recording date and reception number of deed of trust
- Original principal balance
- Outstanding principal balance
- Legal description
- Statement if all or portion of property is being foreclosed
- Statement of violation
- Name, address, business telephone number, bar registration number of the attorney for the holder of evidence of debt
- A description of any changes made to the deed of trust described based off a scrivener error affidavit
- Combined Notice (optional since Pitkin County will create this notice based off information provided in the Notice of Election and Demand)
- Mailing, containing the following (38-38-100.3(14)(c )
- Original grantor or obligor
- Any person known or believed personally liable under the evidence of debt
- Occupant at the address of the property
- Lessee with an unrecorded possessory interest
- Statement identifying, to the best knowledge, the name and address of the current owner of the property (can be included in the attorney’s cover letter)
- A separate document stating if the property requires posting under section 38-38-802
- A statement advising that there is a loan servicer, if applicable
Once a foreclosure packet is received, the Public Trustee’s Office has 10 business days to record the Notice of Election and Demand. At this time a sale date will be set within 110-125 days after the date the Notice of Election and Demand (NED) is recorded with the Clerk and Recorder (agricultural property is has a longer timeframe).
If the property that is foreclosure is eligible for Deferment, the Affidavit of Posting must be received no later than 15 calendar days from the acceptance of the foreclosure packet.
Within 20 calendar days from the recording of the NED the Public Trustee will mail a Combined Notice to all parties on the initial mailing list provided in the foreclosure packet. A second mailing of the Combined Notice will be sent no less than 45 or more than 60 calendar days from the first scheduled sale date.
The Combined Notice will be published for five consecutive weeks in the Aspen Time Weekly no less than 45 or more than 60 calendar days from the first scheduled sale date.
The foreclosing attorney must submit the lender’s bid and Order Authorizing Sale, Rule 120 Hearing, to the Public Trustee Office no later than noon two business days prior to date of sale. If these are not received the sale is automatically continued.
Foreclosure sales are held on Wednesday at 10 a.m. on the south front step of the Pitkin County Courthouse. A Certificate of Purchase will be issued no later than five business days after the sale. A Confirmation Deed will be issued after all redemption periods have expired. If no Intent to Redeem has been filed, a Confirmation Deed will be issued no less than 9 business days from the date of sale. A written request must be made for the Confirmation Deed and any outstanding balance on the foreclosure paid in full.
Colorado State Statue 38-38-104 allows the property owner to cure the default before a foreclosure sale. An Intent to Cure must be received by the Public Trustee’s Office 15 calendar days prior to the date of sale.
Colorado State Statue 38-38-104 allows the junior lien holders to redeem after the foreclosure sale. An Intent to Redeem must be received by the Public Trustee’s Office within 8 business days from the date of sale.
Funds for Cures/Redemptions ONLY
- ACH are not accepted
- Wires must be received 24hours prior to the deadline
- Notification must be sent to the Public Trustee stating the amount, what bank the wire is coming from, and when the wire was sent
- Cashier’s Check payable to the Public Trustee
Pursuant to § 38-38-112, C.R.S., Pitkin County Public Trustee will accept the following foreclosure documents in electronic form:
- The foreclosure packet required documents; unless the current holder is not a qualified holder then the original Deed of Trust and Evidence of Debt must be submitted along with any subsequent recorded documents
- Intent to Cure
- Cure Statement
- Withdrawal of Notice of Election and Demand for Sale
- All bids
- Order Authorizing Sale
- Intent to Redeem, unless the current holder is not a qualified holder then the original intent with the lien must be submitted
- Redemption Statement
- Assignment of Certificate of Purchase
- Assignment of Certificate of Redemption
- Request for Confirmation Deed
- Continuance Request
Foreclosure sales are held on Wednesday at 10 a.m. on the south front step of the Pitkin County Courthouse. If you would like to bid at a foreclosure sale you will need register with the Public Trustee’s Office the day of sale by 9:50 a.m. Only you or an agent for you may take part in the bidding. No two persons from the same company may bid at the same sale. Bidding will go up increments of $50.00 or more. At the time of sale you must have in hand the written bid amount in certified funds. If you are the winning bidder you will have one hour to provide the overbid amount in certified funds. Not complying with any of the mentioned rules will automatically forfeit your bid. A forfeit bid will result in twelve month period that you will not be able to bid at our foreclosure sales.
It is the responsibility of the bidder to do their own research.
A foreclosure sale may be continued from the original day of sale to a later date if the attorney for the beneficiary provides the Public Trustee with a written request to continue the sale to a specific later date or for any reason deemed by the Public Trustee for good cause. On the original day and place set for sale, the information in the letter of continuance is read or the Public Trustee may continue the sale by oral announcement, informing one and all about the later sale date. The letter is kept in the official file. No re-publishing is necessary. No sales can be held later than twelve (12) months from the original date set for sale.
A Withdrawal of Notice of Election and Demand for Sale can be submitted to the Public Trustee’s Office by the foreclosing attorney. This document will be recorded and the foreclosure closed.
Fees for Sale and/or Withdrawal
All fees must be paid in full before a sale is held. If the fees are not paid in full prior to a schedule sale date, the sale will be continued.
All fees must be paid in full prior to the recording of a withdrawal.
Pursuant to CRS 38-38-109(3)(b), if no sale or a withdrawal has not been filed within forty-five calendars days after the last date of sale (no later than twelve months from the original sale date, not effected by bankruptcy proceedings) you will be notified by our office stating if there is no response received within thirty calendar days from such notice an Administrative Withdrawal of Notice of Election and Demand for Sale by Public Trustee will be recorded. Additional fees will be added to the file.
NOTICE TO AN OWNER IN FORECLOSURE
If your property goes to foreclosure auction sale and is purchased for more than the total owed to the lender and to all other lien holders, please contact the public trustee’s office after the sale because you may have funds due to you.