FAQ Regarding Releases of Deeds of Trust
Where can I learn everything about the release process in one place?
In this brochure: Releases brochure
Why isn't my name on the release when I am the person who paid off the loan?
A warranty deed or quit claim deed is executed and recorded at the time of sale. Title to real estate is held subject to the Deed of Trust, which is released from the records when it is paid off. If the mortgage loan was assumed from another party, the previous owner's name(s) is listed on the original security instrument (a deed of trust or mortgage); therefore, the lien on record with the local recording jurisdiction is listed in their name(s). Since the release documents provided are to release the lien with the local jurisdiction, it is necessary to list the original borrower on the documents. Please be assured that recording these documents will release the lien from the property.
I received the recorded release but not the note and deed of trust. Why do you return these documents to the mortgage company?
Our policy is to return documents to the entity that submitted them to us unless otherwise instructed. If we mail your released deed of trust and note to the lender, it will be necessary for you to contact the lender to determine the location of the documents.
Why do I have to pay a fee?
The Public Trustee's Office is funded by user fees that are set by Colorado Revised Statutes. No tax money is used by this office.
Why can't I get my recording information immediately?
The Public Trustee's Office has a process whereby Releases of Deeds of Trust are reviewed, checked for accuracy, and executed. These releases are then sent to the Clerk and Recorder for recording. Usually the release of deed of trust is recorded within a few days after the Public Trustee's office receives it from the lender.
Why do you need to see the original note?
The duties of the Public Trustee are set by state statute. If the original promissory note has been lost, a Lost Instrument Bond must be furnished as a replacement. The Public Trustee may accept a release of deed of trust without production of the original note only when the owner of the evidence of debt meets the requirements provided by the Colorado Revised Statutes.
I paid off my loan and my mortgage company has not released the lien. What can you do?
Colorado Revised Statutes Section 38-35-124 states that the "creditor or holder of the indebtedness shall, within ninety days after the satisfaction of the indebtedness and receipt from the debtor of the reasonable costs of procuring and recording the release documents... file with the Public Trustee the documents required for a release as prescribed by section 38-39-102." If your lender fails to comply with Colorado law in this regard, please contact your legal advisor. This office does not have the authority to enforce this law.
Can you tell me if my mortgage company has sent in the documents to release my deed of trust?
The Public Trustee's Office receives many Releases of Deed of Trust daily. All requests are processed in order by the date they arrived in our office. There is no way for us to determine if your release documents have been received on any given day.