As a homeowner in foreclosure, the Public Trustee’s office is available to answer questions you may have regarding foreclosure proceedings. Our role in the foreclosure process is to ensure procedures are performed according to state statutory guidelines. Although we oversee the foreclosure process and all parties involved, our communication is typically with the attorney representing the foreclosing lender and is limited to the active foreclosure itself. Our office has no knowledge of loan modification, work out plans, trial payment periods or verbal agreements between a borrower and lender. Questions regarding those topics should be directed to the lender.
You may check the status of your foreclosure file at any time by accessing our foreclosure database. If you have not previously used the database, you may view our website tutorial.
Timeline
If a loan is in default and the lender chooses to foreclose, they submit a foreclosure packet to the Public Trustee. Once received, our office has ten business days to review the file for completeness and accuracy. If the file is correct we will start the foreclosure by recording a Notice of Election and Demand (NED). Within twenty calendar days of recording the NED we will mail the Combined Notice, which includes the Notice of Sale and Notice of Rights, to all interested parties. As a homeowner, you will receive a copy in the mail.
The Combined Notice will include the scheduled sale date and publication dates for the property. The scheduled sale date will be set between 110 to 125 calendar days from the date the NED was recorded. The first publication in the Eagle Valley Enterprise will occur between 45 and 60 calendar days prior to the first scheduled foreclosure sale date. Publications will be done for five consecutive weeks. Near the time of the first publication, a second Combined Notice will be sent to all interested parties.
If the required sale documents are received from the foreclosing attorney (and no postponement notification is received from the foreclosing attorney), the sale will occur as listed on the Combined Notice.
Homeowner Rights
As a homeowner you have the right to Cure, or bring current, the amount of the loan in default. You can do so by filing a Notice of Intent to Cure with the Public Trustee’s office. When the notice is received in our office, we request the lender’s representative to provide the amount needed to bring the loan current. Upon receiving the cure figures, our office forwards them to the homeowner. The cure figures will have an expiration date.
A Notice of Intent to Cure must be received in the Public Trustee’s Office at least 15 days prior to the scheduled foreclosure sale date. If the Notice of Intent to Cure is filed in a timely manner, the homeowner has until 12 p.m. (noon) the day before the scheduled sale to cure the foreclosure by paying the amount due. Payment must be in certified funds made payable to the Eagle County Public Trustee.
Foreclosure Sale
Colorado no longer has an Owner Redemption period, so when a home is sold at foreclosure sale the homeowner no longer has ownership in the property. Once the sale is complete, the Public Trustee’s role is concluded. Our office cannot offer advice regarding vacating the home or the eviction process.
Resources
In addition to calling or emailing our office, we can offer the following resources: