| 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. |
All monies payable to a Public Trustee at any foreclosure sale under the provisions of Article 38 of this title shall be in the form of electronic transfer to an account of the public trustee available for such purpose or in the form of a certified check, cashier's check or a teller's check made payable to such Public Trustee, certified or issued by a federally chartered or state charter financial institution, as defined in section C.R.S. 15-5-201(4), licensed to do business in the State of Colorado. There will be an $11 fee charged for electronic funds transfer. Electronic funds
must be verified as received into the Public Trustee's account prior to sale - contact
us for information.
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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 approximately 2 p.m.. |
| Q. |
How many of my tax dollars are used to operate the office of the El Paso County Public Trustee? |
| A. |
Very minimal tax dollars are used to operate the office of the Public Trustee
and are provided for "miscellaneous office supplies" only. The office is 97% maintained
by user generated fees. Monies left over after operating expenses are deposited
into El Paso County's General Fund. |
| 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. |
| 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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It is your responsibility to contact the office of the Public Trustee for updated cure figures, as interest, late fees, attorney fees, etc., continue to accrue.
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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.
For foreclosures initiated before January 1, 2008, Colorado Revised Statute §38-38-302 makes provisions for the owner of a property in foreclosure to redeem the property after it has gone to foreclosure sale. The owner of the foreclosed property has 75 days after the sale date to redeem the property, unless the property is agricultural, in which case the redemption period is six months.
An owner intending to redeem his or her property must file with the Public Trustee an
Owner's Intent to Redeem
at least 15 days prior to the end of the owner's redemption period. Upon receipt of the completed Intent to Redeem form, the Public Trustee will request the figures for the redemption amount from the foreclosing party. This will include the amount the property sold for at sale, per diem interest at the default rate of the note, and any other expenses allowed by Colorado law. We will contact you when we receive the redemption figures from the attorney. You must present the requested amount in the form of cash or certified funds to the office of the Public Trustee on or before the final day of the owners’ redemption.
In an owner redemption, the sale is annulled and the owner retains title to the property, subject to all liens and encumbrances of record except the deed of trust that was foreclosed upon (the owner has paid off this deed upon redemption).
Some Things to Remember
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The Public Trustee cannot extend the owner redemption time.
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The Public Trustee cannot accept late redemption funds.
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It may take up to ten (10) days to receive the requested redemption figures - please file the Owner Intent to Redeem form as soon as possible.
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It is your responsibility to contact the office of the Public Trustee for updated figures for the amount to redeem. Interest, late charges, attorney fees, etc., continue to accrue during the redemption time.
Please provide a working phone or fax number where we may contact you with the figures for the amount needed to redeem the property.
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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 and -303 govern how a junior lien holder may exercise his right to redeem the property in a Public Trustee foreclosure.
If no owner redemption occurs (owner redemption is only possible in foreclosures initiated in 2007 or earlier), 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. For foreclosures whose Notice of Election and Demand was recorded before January 1, 2008, the lien must be recorded at least 15 days prior to the end of the owner redemption period in order for the lienor to have a right to redeem. For foreclosures whose Notice of Election and Demand was initiated after January 1, 2008, 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. For foreclosures prior to January 1, 2008, the Notice of Intent to Redeem must be filed no later than 15 days before the expiration of the owner's redemption period. The owner’s redemption period is determined by the Public Trustee in accordance with statutory requirements and is either 75 days or six months from the foreclosure sale date. For foreclosures after January 1, 2008, 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. For foreclosures begun before January 1, 2008, the first (most senior in priority based on the recorded documents) junior lien holder has 10 days to redeem the property after the owner redemption period ends, and each subsequent junior lien holder then has five additional days to redeem the property. For foreclosures begun after January 1, 2008, 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.
Consensual Liens - Redemptions by Consensual Lien Holders for foreclosures begun before January 1, 2008: A consensual lien for foreclosure redemption purposes is a conveyance of an interest in real property granted by the owner of the property, after the recording of a notice of election and demand, that is not an absolute conveyance of fee title in and to the property, without rights of rescission, reverter, or remainder. A consensual lien includes, but is not limited to, all deeds of trust, mortgages or other assignments, encumbrances or conveyances as security for the performance of the grantor, and all options, leases, easements, and contracts, including those specified in C.R.S. §38-38-305. Consensual liens do not include liens specified in C.R.S. §38-38-306 (judgment liens, mechanic’s liens, statutory liens) or C.R.S. §38-33.3-316 (homeowner's association liens).
A property owner may grant as many consensual liens as he or she would like. The only consensual liens that have a right to redeem are liens that have been recorded not less than 15 calendar days prior to the end of the owner's redemption period and for which the lienor has filed a timely and proper Notice of Intent to Redeem. If more than three consensual liens encumbering the sold property are recorded after the recording of the notice of election and demand, only the holders of the three most senior of such consensual liens who have filed a timely notice of intent to redeem shall have a right to redeem. The priority of redemption and right to redeem is determined by the order of recording of the consensual liens. The order of redemption is determined by the recorded date of the lien, not by the date of the lien or the date that the Notice of Intent to Redeem was filed.
Lien Affidavits
A Notice of Intent to Redeem must have attached to it an affidavit of the lienor or the lienor's attorney (not an agent) stating the amount required to redeem the lienor’s lien.
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. §38-38-303 (5) 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. These costs only include the premiums on any property, casualty, general liability, and title insurance acquired to protect the holder's interest in the property or the improvements comprising a part of such property. This affidavit must verify that such costs and expenses were actually incurred as of the last day of owner's redemption period: and the per diem amount that accrues on the total lien claimed thereafter.
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, certified funds, electronic funds transfer or cashiers check must be tendered at the time of sale. Acceptable forms of payment to the Public Trustee are set forth in C.R.S. §38-37-108. All monies payable to a Public Trustee at any foreclosure sale under the provisions of Article 38 of this title shall be in the form of electronic transfer to an account of the public trustee available for such purpose or in the form of a certified check, cashier's check or a teller's check made payable to such Public Trustee, certified or issued by a federally chartered or state charter financial institution, as defined in section C.R.S. §15-5-201(4), licensed to do business in the State of Colorado.
Some Important Facts
For foreclosures whose Notice of Election and Demand was recorded before January 1, 2008, the owner of the property at the time of sale remains the owner until the owner redemption period and any junior lienor redemption periods expire. Owner redemption periods are either 75 days or six months. There may be one or more junior lienor redemption periods after the owner redemption period. The Certificate of Purchase or Certificate of Redemption holder may have no right of access to the property being foreclosed until a Public Trustee's Deed is issued. If redemption occurs, the Certificate of Purchase holder must return the Certificate of Purchase to the Public Trustee and then 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 Public Trustee’s Deed for the property will be issued to the Certificate of Purchase holder upon expiration of all redemption periods, surrender of the Certificate of Purchase to the Public Trustee, and payment of the required fee and recording costs.
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 expiration of all redemption periods, and payment of the required fee and recording costs.
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