What is the difference between a Deed of Trust and a Warranty or Quit Claim Deed?
A warranty deed or a quitclaim deed is executed and recorded at the time of sale thereby placing title to the property purchased in the buyer’s name. Also, a quitclaim deed may be executed whenever a person or entity on the title is removed or added.
A Deed of Trust represents the loan you made and used the property as collateral for that loan. The Deed of Trust creates a lien on the property that is removed by a Release of Deed of Trust after the loan has been paid off. The signed and recorded Release of Deed of Trust is the official record that shows the loan was paid off and the title cleared from that encumbrance.
Why do I have to pay a fee? I pay property taxes?
The Public Trustee Office is funded by user fees. No tax money is used by this office. Fees for this office are defined in C.R.S. 38-37-101(1).
Why can’t I get my recording information immediately?
The Public Trustee’s Office has a process whereby Release of Deeds of Trust are reviewed, checked for accuracy, and executed (signed by an officer of this office). These releases are then sent to the Clerk and Recorder for recording.
Why do you need to see the original note? Can’t I give you a copy or have the lender sign a statement?
According to the Colorado Revised Statutes, the Public Trustee must be presented with the original note in order to process a Request for Release of Deed of Trust unless the lender is a federally or state-chartered financial institution. See 38-38-100.3 (20) CRS.
I paid off my loan and my mortgage company has not released the lien. What can you do?
Your mortgage company or lender has a legal obligation to provide the Public Trustee with the proper documents to release the lien from your property within ninety days of the debt being satisfied.
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 every day. Therefore, there is no way for us to determine if your release was received on any given day. Please be assured that your release will be processed in the order it was received.
I have received the recorded release but not the Note and Deed of Trust. Why would you return these documents to the mortgage company?
Our policy is to return documents to the entity that submitted them unless otherwise instructed.
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 by visiting.
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.
How can I get my home out of foreclosure?
If you feel you may be able to obtain sufficient funds to cure the default (get caught up to date on your payments), you may file a Notice of Intent to Cure. The Public Trustee will notify the attorney for the lender and they will provide an amount necessary to cure the default. We will notify you immediately when we receive the information from the attorney. Also, you should contact the Douglas County Housing Partnership at 303.784.7856 or your lender to determine if foreclosure mitigation/loan modification services are available to you.