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Douglas County Government offices closed Monday, July 4.  Visit DoItOnlineDouglas.com for dozens of services offered online.   Enjoy the 4th of July but remember Stage 1 Fire Restrictions are in place. 

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Public Trustee

Foreclosure Sale Process

To Attend/Participate in the Foreclosure Sale:
Please Note:  Judicial foreclosures are not conducted through a Public Trustee Foreclosure Sale.  A Judicial foreclosure is conducted through the court system on a mortgage, deed of trust, or judgment and is employed when no power of sale clause (Public Trustee) is included in the security instrument. In Colorado, if the Public Trustee is not included in the Deed of Trust, the lender must sue the borrower and obtain a court order to foreclose. Once the court orders a foreclosure, the court orders the Sheriff to conduct the foreclosure sale in accordance with the foreclosure laws.
How do I know if there will be properties available and if the auction will take place this week?

No later than 12 noon on Monday before the sale (or the previous Friday if the Monday is a holiday)  the foreclosing lender must produce a written bid to purchase the property. This becomes the lender’s minimum bid for the Public Trustee auction. Lenders may amend their bids in writing until Tuesday at noon or in person at the time of the sale. If a bid is not received from the lender for the property set for sale, the sale on that property is continued for at least one week.

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Foreclosure After the Sale

Title to the property vests with either the Certificate of Purchase holder or the final Certificate of Redemption holder on the 9th business day following the sale or the day after the last redemption period, whichever is later.

The Redemption provisions allow a junior lienholder to purchase the property either from the buyer that holds the certificate of purchase or the previous certificate of redemption holder if there is one.  For all junior lienholder redemptions, the junior lienholder must have a recorded interest in the property prior to the Notice of Election and Demand recording date and must submit the original or a certified copy of the recorded lien as part of the Intent to Redeem process.

Special Requirements for HOA Lien Holders

Douglas County requires the following documentation for all HOA lien holders wanting to redeem an HOA lien:

  • Intent to redeem specifying the amount of the lien, minus the senior portion, plus any interest amount.
  • The HOA general ledger for the property address in foreclosure.
  • Copy of the first page of the HOA covenant declarations showing the recording stamp and the page regarding lien provisions.
  • Recorded Lien Statement, if there is one.

Federal Liens

If there is an Internal Revenue Service (IRS) or U.S. Government agency (i.e. Small Business Administration or U.S. Treasury) lien against the property, the agency may file an intent to redeem with the Public Trustee and must follow the junior lienholder redemption process outlined in the state statutes.  In addition, under federal law, the IRS may redeem independently of Colorado law up to 120 days, but the Public Trustee office is not involved in the redemption.

Redeeming Statement

After an Intent to Redeem has been filed with the Public Trustee, the Certificate of Purchase holder must prepare a Redemption Statement that specifies all sums necessary to redeem including:  the amount of the purchase price from the foreclosure sale, the interest rate and amount through the 19th business day post-sale, costs and expenses actually incurred which are permitted by C.R.S. 38-38-107 which usually costs to secure the property, insurance, inspections, immediate repairs, etc. with receipts or invoices evidencing the costs and expenses incurred.

The statement shall be submitted to the Public Trustee no later than 13 days after the sale.  A statement may be amended no later than two business days prior to the start of the redemption payoff period.

A redeeming lienholder must present the redemption amount in cash, certified funds, or federal wire transfer to the Public Trustee by the close of business before 12 noon on the final day of the redemption period.  The Public Trustee cannot accept late redemption proceeds.  A Certificate of Redemption is issued to the party redeeming the property from foreclosure.

Confirmation Deed (Transfer of Title)

Title does not transfer until the end of the 8th business day after the sale, or at the conclusion of all established redemptions periods.  Until that time, the owner prior to sale remains the owner with full right to continue occupying the property.

 

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Foreclosure FAQs

What types of funds are necessary to bid on foreclosures at the Public Trustee Sale?

Cash or certified funds must be tendered at the time of sale. The lender’s bid,which is the opening bid, is available after 5:00 p.m. on Monday the week of the sale.

Where can I obtain information about other liens against properties in foreclosure?

Information concerning liens recorded against a property can be obtained by contacting the Douglas County Clerk and Recorder’s Office at 303.660.7446 or emailing [email protected].  The Public Trustee’s office does not have information regarding recorded liens against a property.  Please be aware that there may be other liens outside of Douglas County.