Foreclosure Process
The foreclosure must be commenced with the Public Trustee in the county where the property being foreclosed is located. The following documents are submitted to the Public Trustee’s office to start the foreclosure (Please refer to CRS §38-38-101 which sets out in detail the specific documentation to be submitted to the office of the Public Trustee)
- Notice of Election and Demand (NED) signed by the holder or the holder's attorney.
- Original Evidence of Debt with all assignments/endorsements, or a copy of the Evidence of Debt along with a Certification of Qualified Holder or a Lost Instrument Bond; also copies of any modifications to the original evidence of debt.
- Original or Certified Copy of the Deed of Trust, or a copy of the Deed of Trust along with a Certification of Qualified Holder; also any recorded modifications to the Deed of Trust and/or partial releases from the Deed of Trust.
- Mailing list
- Deposit of $800.00 or an ACH agreement with the office.
- Statement regarding the current ownership of the property.
The documents must be submitted by a Colorado-licensed attorney representing the lender of the loan in default. The Public Trustee reviews the documents received, and either rejects the filing or records the Notice of Election and Demand (NED) within ten business days after receiving the documents. Recording the NED starts the foreclosure process.
The Combined Notice of Sale and Right to Cure and Redeem is sent to the parties on the Mailing List no more than 20 calendar days after recording of the NED. The Combined Notice must be mailed again to persons on the mailing list (which may have been amended) 45 to 60 calendar days prior to the first scheduled sale date. The Combined Notice is published for five consecutive weekly publications unless a longer period is specified in the Deed of Trust or other lien being foreclosed.
The Public Trustee sets the sale date to be not less than 110 calendar days and not more than 125 calendar days from the date of recording of the NED for residential properties. For agricultural properties, the sale date is set not less than 215 calendar days nor more than 230 calendar days.
A listing of all foreclosures going to sale is available for viewing at the Public Trustee office or on the El Paso County Public Trustee web site. El Paso County Public Trustee’s Online Auction will be held on Wednesdays at 10:00AM Mountain Time. The El Paso County Public Trustee has contracted with RealAuction.com to host their online auction. Visit https://elpasoco.realforeclose.com for detailed information. Cash or certified funds for the full amount of the bid must be tendered to the Public Trustee 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.”
After the Public Trustee is assured that funds are collected into its bank account, a Certificate of Purchase will be issued by the Public Trustee and recorded at the office of the El Paso County Clerk & Recorder. The original Certificate of Purchase will be retained in the Public Trustee’s office. There will be no duplicate Certificate of Purchase and the successful bidder will not receive a Certificate of Purchase from the Public Trustee office. A copy of the recorded Certificate of Purchase can be purchased at the office of the El Paso County Clerk & Recorder. After all redemption periods have expired, a Public Trustee’s Confirmation Deed will be issued upon request and the payment of all fees. The Certificate of Purchase is fully assignable up until title vests by law at the end of all redemption periods, or at the end of the 8th business day after sale if there are no redemption periods. Written Assignments of the Certificate of Purchase should be recorded prior to being provided to the Public Trustee so that an accurate Confirmation Deed may be issued.