Foreclosures

 

Foreclosure Hotline

Phone: 1-877-601-HOPE (4673)

All foreclosure proceeding are mandated by article 38 of the Colorado State Statutes.

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.

Required Documents to Open a Foreclosure per Colorado State Statutes

If any of the below is not received or correct we cannot open the foreclosure.

• Attorney’s Cover Letter
• Deposit of at least $650.00 and must cover the Public Trustee Fee
  • If original principal balance is under $480,000.00 the Public Trustee Fee is $150.00
  • If original principal balance is over $480,000.00 the Public Trustee Fee is 1/32 of 1% of the original principal balance amount or outstanding balance, whichever is less, but not less than $150.00
• Deed of Trust
  • Original Deed of Trust
  • Certified Copy or Copy with Certification
  • Recorded Modifications, Partial Releases, and/or Scrivener’s Error Affidavit
• Evidence of Debt
  • Original Note
  • Copy of note with certification
  • Certified copy of Monetary Judgment
  • Lost Instrument Bond
  • Modifications
• Statement of Current Owner Name and Address
• Mailing List
  • Must include Occupant, Tenant, and Lessee
  • If suppling envelopes return address must be:

                   Pitkin County Public Trustee

                   506 E Main St, Ste 201

                   Aspen CO 81611

• Notice of Election and Demand
  • Names of original grantors
  • Name of original and current holder of the evidence of debt
  • Date of the deed of trust
  • Recording date, county, and reception number of the recording of the deed of trust
  • Original and outstanding principal amount
  • Legal description
  • Statement whether property described is all or only a portion of the property being foreclosed
  • Statement of violation
  • Statement that this lien may not be a first lien
  • A description of any changes made to the deed of trust that are based on Scrivener’s Error Affidavit
  • Name, address, business phone number, and bar registration number of the attorney for the holder of the evidence of debt
• Notice of Deferment Eligibility
  • If the loan is under $480,000.00 we must have this notice or statement stating the property does not qualify.        
• Combined Notice
  • This document will be created using the information from the Notice of Election and Demand
• One Copy of the Colorado Revised State Statutes 38-7-108, 38-38-104, 38-38-301, 38-38-302, 38-38-304, 38-38-305, and 38-38-306

Foreclosures Timeframes

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.

Cures/Redemptions

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.

Electronic Documents

Pursuant to § 38-38-112, C.R.S., Pitkin County Public Trustee will accept the following foreclosure documents in electronic form:

• Notice of Election and Demand for Sale

• Copy of original evidence of debt with certification

• Copy of the original recorded deed of trust with certification

• With any modifications, partial releases, scrivener error

• All mailing list

• Combined Notice of Rights to Cure and Notice of Public Trustee Sale

• Written statement determining agricultural status from County Assessor

• Affidavit of Posting for Deferment

• Intent to Cure

• Cure Statement

• Withdrawal of Notice of Election and Demand for Sale

• All bids

• Order Authorizing Sale

• Intent to Redeem

• Redemption Statement

• Assignment of Certificate of Purchase

• Assignment of Certificate of Redemption

• Request for Confirmation Deed

• Continuance Request

Pitkin County subscribes to GTSData for Electronic Foreclosure filing. For more information on PUSH GTS click HERE.

Foreclosure Sales

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.

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.

Withdrawal

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.

For additional information please contact:
Chief Deputy
Tiffany Wancura
(970) 920-5170
treasurer@co.pitkin.co.us