Foreclosures

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Public Trustee Foreclosures


Before filing papers with the Public Trustee, you should have completed the following items:

  • 1. Comply with the FHA, VA, PMI, and investor requirements and default provisions of the deed of trust.

  • 2. Check with the Bankruptcy Court. The Rule 601 (a) automatic stay may be in effect if the debtor has filed a petition in Bankruptcy.

  • 3. Order Foreclosure Certificate. The foreclosure certificate is a supplemental abstract, certified to the Public Trustee and the secured party. It contains copies of all documents recorded subsequent to the deed of trust being foreclosed.

  • 4. Obtain a Certificate of Taxes Due/Paid from the County Treasurer.

  • 5. Updates. The title work needs to be updated at least twice - once after the Notice of Election and Demand has been recorded and once 30 days prior to sale.

Each county Public Trustee may have slightly different procedures, but the requirements of each Trustee should be much the same. Our office refers to foreclosures by our Public Trustee Sale Number or the name of the original grantor. The following documents are required to commence a foreclosure with the Public Trustee of Pitkin County, Colorado To initiate or commence a foreclosure in Pitkin County, you must submit the following:

  • 1. Cover letter

  • 2. $650.00 deposit payable to the Pitkin County Public Trustee. If the note amount is greater than $480,000.00 or the legal description is lengthy, please call for the deposit amount.

  • 3. The original evidence of debt with all assignments and endorsements, or Corporate Surety Bond in one and one-half (1½) times face value, or copy and certification citing 38-38-100.30(20) signed by the foreclosing attorney or the holder of Evidence of Debt (holder's signature must be notarized).

  • 4. The original Deed of Trust, or a certified copy, or copy and certification citing 38-38-100.3(20) signed by the foreclosing attorney or the holder of Evidence of Debt (holder's signature must be notarized).

  • 5. One originally signed Notice of Election and Demand signed by the foreclosing attorney or the holder of Evidence of Debt (holder's signature must be notarized).

  • 6. One Combined Notice with legible copies of the statutes procedures.

  • 7. Initial Mailing List and Envelopes for Recipients.

  • 8. Supplemental Mailing List (must be submitted no less than sixty (60) days prior to the first sale date) and Envelopes for Recipients.

 

  • 9. Letter of Foreclosure Deferment Eligibility

At least by noon two (2) business days prior to the sale, please provide us with:

  • Bid Letter
  • Order Authorizing Sale
  • If in bankruptcy, the Lift of Stay

 

To view a Current List of Properties in foreclosure:  Pitkin County Foreclosure Listing.xls

Spreadsheet is update every Thursday.

   

Foreclosure Hotline



 


Special rules that apply to Public Trustee Foreclosures


  • 1. Electronic Documents. Pursuant to § 38-38-112, C.R.S., as amended, any document or record to a foreclosure may be accepted by the public trustee in an electronic format or may be made available to the public by the Public Trustee in an electronic format. Also, the Public Trustee shall establish and uniformly apply policies determining whether and the extent to which the Public Trustee shall accept documents or records in electronic form. Therefore, it is the policy of the Pitkin County Public Trustee to accept the following foreclosure documents in electronic form:

  • All mailing lists (Word or WordPerfect format only)
  • The combined notice of rights to cure and redeem (Word or WordPerfect format only)
  • The Notice of Sale (Word or WordPerfect format only)
  • A Notice of Intent to Cure
  • A Cure Statement
  • Initial Sale Bid
  • Amended Sale Bid
  • Notice of Continuation of Sale for which a bid has not been submitted.
  • The Order Authorizing Sale
  • A request for excess funds
  • A redemption statement

  • 2. Foreclosure Sales. 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.


Other information on Foreclosures


  • Continued Sales. 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.

  • Certificate of Purchase. A Certificate of Purchase is an assignable instrument; therefore only the current holder of the Certificate of Purchase may request a Confirmation Deed.

  • Redemptions. There is no longer an owner redemption period. To redeem property a lienor must submit an Intent to Redeem to the Public Trustee within eight (8) business days after the sale along with a fee of $50.00 for filing the Intent to Redeem. If a lienor files an Intent he must supply the Public Trustee with the original or a certified copy of the lien and any assignments along with a statement showing the amount due on the lien signed by the Holder or their attorney, including per diem interest through the end of the lienor's redemption period. The order of interest is determined by the recording dates of the liens. The most senior lien may redeem fifteen (15) to nineteen (19) business days after the sale. Each subsequent redeemer is allowed an additional five (5) business days. The deadline on the final day to redeem is noon. The United States government has one year to redeem by Federal Code; and the Internal Revenue Service has 120 days, by Code. The Federal Government and the Internal Revenue Service must file an Intent to Redeem to be eligible for redemption.

  • Certificate of Redemption. A Certificate of Redemption is issued to each lienor redeeming. A Certificate of Redemption is assignable by endorsement or by separate assignment, but only the current holder of that certificate may request the Confirmation Deed. Should transfer of title be desired, the person getting the Deed may deed to whomever he wishes.

  • Confirmation Deed. A Confirmation Deed will not be issued until all outstanding fees have been paid to the Public Trustee. The Confirmation Deed is issued eight (8) business days after the sale, or upon expiration of all redemption periods. The title will be vest in the holder of the Certificate of Purchase or Certificate of Redemption.



For additional information please contact


Chief Deputy
Tiffany Wancura
970.920-5170
treasurer@co.pitkin.co.us