| Q. |
When and where is the Public Trustee Sale conducted? |
| A. |
The sale is conducted on the second floor in the building of the Office of the El Paso County Public Trustee, 105 E. Vermijo Avenue, Colorado Springs, CO 80903 every Wednesday morning at 10:00 a.m. (except when Wednesday is a holiday).
Prospective bidders should check in at the sale at approximately 9:45 a.m. to allow
time for completion of a bidder information sheet. |
| Q. |
What type of funds are needed to bid at a Public Trustee sale? |
| A. |
Per statute (C.R.S. 38-37-108), all payments made for redemption, cure, or purchase
at sale “shall be in the form of cash, electronic transfer to an account of the
public trustee available for such purpose, or certified check, cashier’s check,
teller’s check, or draft denominated as an official check that is a teller’s check
or a cashier’s check as those terms are defined in and governed by the “Uniform
Commercial Code”, title 4, C.R.S., made payable to the public trustee, and certified
or issued by a state-chartered bank, savings and loan association, or credit union
licensed to do business in the state of Colorado or a federally chartered bank,
savings bank, or credit union.”
There will be a $25 fee charged for electronic funds transfer. Electronic funds
must be verified as received into the Public Trustee's account prior to sale.
(see this form)
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| Q. |
When are the foreclosure reports updated? |
| A. |
The pre-sale foreclosure reports are updated every Tuesday by approximately
4:30 P.M. and are available for viewing either in the Public Trustee's office on Wednesday morning or on this web site Tuesday night. Post Sale foreclosure reports
are updated every Wednesday by close of business. |
| Q. |
How many of my tax dollars are used to operate the office of the El Paso County Public Trustee? |
| A. |
No tax dollars are used to operate the office of the Public Trustee. Any funds
received in excess of operating expenses are turned over to the El Paso County general
fund, after ensuring the maintenance of an operational reserve, as required by law. |
| Q. |
Does the Office of the Public Trustee conduct seminars concerning the foreclosure process? |
| A. |
The Office of the El Paso County Public Trustee does NOT conduct seminars
concerning the foreclosure process. Instead, we have compiled this web site as a
tool to provide basic information to citizens interested in learning about the foreclosure
process. If you have further questions, attend a sale
and ask your questions of the Public Trustee. |
| Q. |
Where can I obtain information about other recorded liens existing against a property? |
| A. |
Information concerning liens recorded against
the real property can be obtained by visiting or contacting the
El Paso County Clerk and Recorder
located in Centennial Hall, 200 S. Cascade Ave, Colorado Springs, CO, 719.520.6200. |
| Q. |
What is a deficiency bid? |
| A. |
A deficiency bid occurs when the foreclosing lender submits a written bid for an amount less than what is owed to that Lender. The foreclosing lender may elect
to sue the homeowner, or anyone else who signed the original promissory note (loan
papers), for the amount of the deficiency (the amount owed minus the amount of the
bid) - in that event the Lender could obtain a Court Judgement against the homeowner
(personally) or anyone else responsible for payment of the debt (personally), outside
of the foreclosure process. Bidding at the Public Trustee sale on properties begins
at fifty dollars over the lender's submitted bid amount. In most cases lenders
file deficiency bids because the adjusted fair market value of the property is less
than the amount owed to them. |
| Q. |
What happens to the funds bid in excess of the amount bid by the foreclosing lender? |
| A. |
In the event the foreclosing lender bid less than the amount due to it (a deficiency bid), the amount of the deficiency could be reduced by the funds generated by the Public Trustee sale if someone other than the foreclosing lender bids a higher amount for the property.
If the lender's bid is NOT deficient, and someone bids on the property in excess of the amount owed to the foreclosing lender at a Public Trustee sale, overbid funds are distributed in a prescribed order. The funds are held by the El Paso County Public Trustee until all periods of redemption have expired.
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Q. |
How Do I File an Intent to Cure?
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A. |
Notice of Intent to Cure
must be filed with the office of the Public Trustee at least 15 days prior to the foreclosure sale date. Upon receipt of the completed notice of intent to cure form, the Public Trustee will request the cure amount from the attorney for the foreclosing party. When cure figures are received, the Public Trustee’s office will provide them to the filing owner.
Cure funds must be paid to the office of the Public Trustee in cash or certified funds no later than noon the day before the foreclosure sale.
Some Things to Remember
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The Public Trustee cannot accept late notice of intent to cure forms.
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It is suggested that you file your notice of intent to cure as early as possible.
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Once your cure figures expire, you may request updated cure figures up until the
notice deadline.
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Please provide a phone number and either a fax number or email address where we may contact you.
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Q. |
How Do I File an Owner’s Intent to Redeem?
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A. |
There is no owner right to redeem for foreclosures initiated after January 1, 2008. If your foreclosure started before that
date, and was not restarted following a bankruptcy, contact senior deputy Pat Williams
at 520-6784 for information about redemptions.
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Q. |
How Do I File an Intent to Redeem as a Junior Lienor? |
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A. |
Colorado Revised Statutes §38-38-302 governs how a junior lien holder may exercise his right to redeem the property in a Public Trustee foreclosure.
Certain lienors with liens with priority junior to the deed of trust foreclosed (generally those liens recorded after the foreclosed trust deed) have the right to redeem. In order to redeem, a junior lienor must have a mortgage, deed of trust, a lien created or recognized by State or federal statute, or a judgment from a court of competent jurisdiction. The lien must be recorded prior to the recording of the Notice of Election and Demand.
How to File a Notice of Intent to Redeem by Junior Lienor
The holder of a junior lien must file Notice of Intent to Redeem
with the office of the Public Trustee, and pay the $50.00 fee for each Notice of Intent to Redeem. The Notice of Intent to Redeem must be filed no later than 8 business days after the sale.
The Notice of Intent to Redeem must have attached to it a copy of the recorded instrument(s) that provide evidence of the lien and any assignment of the lien with evidence of recording affixed by the county clerk and recorder's office and an affidavit of the lienor, signed by the redeeming lienor or the lienor's attorney, setting forth the amount required to redeem such lienor's lien. Please Note: An agent for the lien holder cannot sign a Notice of Intent to Redeem.
Junior lienors are entitled to redeem in the order of seniority as shown by the
County Clerk
and Recorder’s records based on the recording of the instruments demonstrating their liens. The first (most senior in priority based on the recorded documents) junior lien holder may redeem from 15 to 19 business days after the sale, and each subsequent junior lien holder then has five additional business days to redeem the property. Redemption funds, in the form of cash or certified funds, must be received by 12 noon on the final day of the redemption period.
Lien Affidavits
A lienor redeeming must deliver to the Public Trustee with the redemption payment an affidavit of the lienor or lienor’s attorney stating:
The amount owing on such lien;
Costs and expenses actually incurred which are permitted by C.R.S. §38-38-302 (6) for which such lienor has filed with the public trustee receipts or invoices evidencing such costs and expenses incurred as of the last day of the owner's redemption period.
If the amount owing under the redeeming lienor's lien as shown by the affidavit changes following the end of the owner's redemption period from the amount shown on the affidavit previously delivered to the Public Trustee, the redeeming lienor may at any time prior to such redeeming lienor's redemption submit a revised or corrected affidavit. The fee for a Lienor Redemption is $30.00, plus a recording fee of $6.00 for the first page of the Certificate of Redemption and $5.00 for each additional page. A Deed is issued to the last redeeming junior lien holder after the expiration of all redemption periods. The fee for a Deed is $30.00, plus a recording fee of $6.00 for the first page of the Deed and $5.00 for each additional page.
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Q. |
How Do I Bid at the Foreclosure Sale?
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A. |
Prepare in Advance
The Public Trustee makes no representations, warranties or promises of any kind about the physical condition or status of title of property being foreclosed. It is your responsibility to do your own research before coming to the sale. The Public Trustee does not promise that the trust deed being foreclosed is a first lien. A Public Trustee Deed contains no warranty of title. The Public Trustee does not check whether taxes have been paid or if there are other liens against the property.
You can obtain the foreclosure sale number of the property by looking it up at the Public Trustee's office, or in the Notice of Sale published in the newspaper or in this website.
Sale Instructions
Public Trustee foreclosure sales are held on Wednesdays, promptly at 10:00 a.m., on the second floor in the building of the Office of the El Paso County Public Trustee, 105 E. Vermijo Avenue, Colorado Springs, CO (except when Wednesday is a holiday). Prospective bidders should check in at the sale at approximately 9:45 a.m. to allow time for completion of a
bidder information sheet.
Your bid must start at $50.00 over the bid from the foreclosing lender.
If you are the highest bidder, funds must be tendered at the time of sale. Per statute (C.R.S. 38-37-108), all payments made for
redemption, cure, or purchase at sale “shall be in the form of cash, electronic
transfer to an account of the public trustee available for such purpose, or certified
check, cashier’s check, teller’s check, or draft denominated as an official check
that is a teller’s check or a cashier’s check as those terms are defined in and
governed by the “Uniform Commercial Code”, title 4, C.R.S., made payable to the
public trustee, and certified or issued by a state-chartered bank, savings and loan
association, or credit union licensed to do business in the state of Colorado or
a federally chartered bank, savings bank, or credit union.”
Some Important Facts
For foreclosures whose Notice of Election and Demand was recorded after January 1, 2008, the owner of the property at the time of sale has no further rights to the property. The property sold at a Public Trustee foreclosure sale can be redeemed by certain lien holders. If redemption occurs, the purchaser at sale will be paid the bid amount plus interest at the default rate specified in the evidence of debt secured by the deed of trust being foreclosed, plus certain other expenses described by Colorado Revised Statutes §38-38-301. Should there be no redemption, a Confirmation Deed for the property will be issued to the purchaser at sale upon request, the
expiration of all redemption periods, and payment of the required fee and recording
costs.
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