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. $500.00 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 or a Lost Instrument Bond for one and one-half times the face amount of the promissory note, if the note is lost.
4. The original Deed of Trust or a certified copy thereof.
5. Two originally signed Notice of Election and Demand forms which state whether all or a portion of the property is being foreclosed and which further states the outstanding principal balance. Please include assignments, releases and merger agreements, if appropriate.
6. A notarized affidavit stating the outstanding principal balance.
7. A certificate stating the name and address of the current owner of the property.
8. One copy of the Notice of Public Trustee Sale which states whether all or a portion of the property is being foreclosed and which further states the outstanding principal balance. Our sales are held at the South front door of the Pitkin County Courthouse, 506 East Main Street in Aspen, Colorado.
9. One copy of the Cure and Redemption Rights Notice which includes the name of the owner of the evidence of debt and as many legible copies of the statutes as we need to mail. The names, addresses and telephone numbers of the attorneys representing the foreclosing lienor should be on the Notice.
10. Two copies of each mailing list with pre-addressed envelopes with the Public Trustee's return address on them. Please include "Occupant" (CRS 38-38-101(7)(a)). Also, please include an envelope addressed to the Public Trustee and one to the foreclosing attorney. If you enclose two different mailing lists with the orginal foreclosure packet, please label each list and each set of envelopes distinctly.


At least by noon of the day before the sale, please provide us with:
Bid Letter
Order Authorizing Sale
Balance of our fees
If in bankruptcy, the Lift of Stay

At the time a Deed is requested, please provide us with:
Cover letter requesting Deed
The original Certificate of Purchase
Any Assignments, if applicable
$36.00 for a one page deed and $5.00 for each extra page

Bradford Publishing Company has the new forms. Please contact them at (970) 292-2500 or at 1743 Wazee Street, Denver, Colorado 80202.

Special rules that apply to Public Trustee Foreclosures

1. 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 above 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.
2. 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 6 months from the original date set for sale. CRS 38-38-109 as amended.
3. Certificate of Purchase. A Certificate of Purchase is an assignable instrument; therefore only the current holder of the Certificate of Purchase may request a Public Trustee's Deed.
4. A Certificate of Redemption is assignable. but only the current holder of that certificate may request the Public Trustee's Deed. Should transfer of title be desired, the person getting the Deed may deed to whomever he wishes.
5. Lienor Redemptions. To redeem property a lienor must submit an Intent to Redeem form or statement to the Public Trustee at least 15 days before the expiration date of the owner's redemption period along with a fee of $50.00 for filing the Intent to Redeem. Without the letter of Intent he is not entitled to redeem. If a lienor files an Intent he must supply the Public Trustee with a certified copy of the document that evidences his right to redeem, and a notarized affidavit as to the amount due on this lien, (CRS 38-38-302 (6)) by the time of payment of redemption costs. The order of interest is determined by the recording dates of the liens.
   
   If the redemption is to be made by an assignee of a lien, the assignment must be recorded before the end of the owner's redemption time in order to be valid.
   
   If only one lienor files an Intent to Redeem, he has 10 days following the last day of the owner's redemption period to bring in the redemption money in the form of cash, certified check or cashier's check.
   
   If two or more Intents are filed, the order of interest is usually determined by the recording dates of the liens. The senior lienor has 10 days in which to redeem and the lienors in order behind him have five days each in which to redeem the property by paying the sale price or the amount paid by the lienor ahead, provided the senior lienor has actually redeemed and paid the amounts due.
   
   A Certificate of Redemption is issued to each lienor redeeming and a Public Trustee's Deed is then issued to the last lienor redeeming, after the end of all the redemption periods.
6. Redemption Periods. 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 a Notice of Intent to Redeem during the owner's redemption period to be eligible for redemption.

For Additional Questions, please contact:

PITKIN COUNTY PUBLIC TRUSTEE
Tiffany Wancura, Chief Deputy Public Trustee
506 East Main Street
Suite 201
Aspen, Colorado 81611
Telephone (970) 920-5170
Fax (970) 920-5175