|
FORECLOSURE INFORMATION
What is a foreclosure? A foreclosure is the act of selling real property at public auction in the event of default. A foreclosure occurs when a borrower defaults on a loan that is secured by a Deed of Trust. The procedure for conducting a foreclosure is set by Colorado State Statute and must be followed precisely.
The Public Trustee’s Office receives a foreclosure packet from the lender’s foreclosing attorney containing all documents required by the Colorado State Statute to start a foreclosure. The Public Trustee’s Office will set a sale date within 110-125 days after the date the Notice of Election and Demand is recorded with the Clerk and Recorder (longer if the property is assessed as agricultural).
A foreclosure is officially started when the Public Trustee’s Office records the Notice of Election and Demand.
Colorado is unique in its foreclosure process. It is the only state with a public trustee system. In Colorado the governor appoints a “Public Trustee” for each county in the state. The law that controls the public trustee system requirements can be found here.
|
.jpg)
.jpg)