Public Trustee
The Revenue Manager Kim Pfeifer, is responsible for executing Releases of Deeds of Trust and handling Foreclosures.
Physical address: Municipal Center, One DesCombes
Drive, Broomfield, CO 80020
Mailing address: P. O. Box 407,
Broomfield, CO 80038-0407
Phone: (303) 464-5845
Fax: (303) 438-6252
E-mail: mkite@Broomfield.org
Foreclosure Property Search
Foreclosure
Information |
Bidding
at a Foreclosure Sale
Frequently
Asked Questions | Release
of Deed of Trust Information
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Mortgage Foreclosure Brochure
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Releases of Deeds of Trust
In the State of Colorado, the standard means of securing a loan on real estate is with a Deed of Trust. There are three parties involved with a Deed of Trust: the borrower, the lender, and the Public Trustee. When a property owner executes a Deed of Trust, they are essentially deeding the property to the Public Trustee to hold in trust for the benefit of the lender until the indebtedness is paid in full. When it is paid, the lender sends the Public Trustee a Request for Release and the Public Trustee confirms the release and re-conveys the property back to the property owner. Both the Deed of Trust and the Release of Deed of Trust are legal documents and anyone executing them should consider consulting legal counsel.
Submission Requirements
The following documents must be submitted for a Release of Deed of Trust:
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The ORIGINAL evidence of debt (note). For full Releases the note should be marked "Paid in Full", and signed by the holder or holders of the note, or their agent. If signed or marked paid by an agent, it must so indicate. If the note is lost, see the requirements listed below.
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The ORIGINAL Deed of Trust or a certified copy.
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A completed Release of Deed of Trust form, signed by the holder(s) of the indebtedness or by their attorney or agent. Signatures must be notarized.
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A fee of $21.00 for executing and recording a one-page release. The fee for recording additional pages is $5.00 per page.
What can be submitted if the note is lost.
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A corporate surety bond (lost instruments bond) submitted in the face value of the note, with the Public Trustee named as obligee.
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An indemnification agreement accompanied by a certified copy of an authorizing resolution passed by the board of directors of a bank, industrial bank, savings and loan association, FHA approved mortgagee, or federally or state chartered credit union.
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An indemnification agreement duly authorized by any agency of the federal government or federally created corporation which originates, guarantees, or purchases loans.
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An indemnification agreement from a title insurance company.
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A "(Partial) Request For Release Of Deed Of Trust And (Partial) Release (Without Production Of Evidence Of Debt Pursuant To 38-39-102(3.5), C.R.S.)" form, if applicable.
Foreclosures
If a borrower defaults on some provision of the Deed of Trust, such as not keeping the payments current, not paying the property taxes, or not keeping the property insured, the lender may elect to foreclose on the Deed of Trust. When this occurs, a sale notice is published and sent to all interested parties. If the default is not cured before the scheduled sale date, the property is auctioned off to the highest bidder. If the property is not redeemed from the sale, a deed will be issued to the buyer. Below is a timetable for a standard foreclosure.
|
Foreclosure Action |
Time Frame |
| Foreclosure filed with Public Trustee | Anytime after a default occurs |
| Foreclosure Sale Date* | Not less than 45 days nor more than 60 days from initial filing |
| Redemption from Sale (non-agricultural) | 75 days from date of sale |
| Redemption from Sale (agricultural) | 6 months from the date of sale |
| Deed issued | After the expiration of all redemption periods |
*Sales may be continued by the foreclosing party. Before any foreclosure sale may be held, an Order Authorizing Sale must be signed by a District Court Judge.
Bidding at a Foreclosure Sale
THIS BRIEF EXPLANATION IS ONLY A GUIDELINE. WE URGE YOU TO SEEK THE ADVICE OF LEGAL COUNSEL IF YOU ARE INTERESTED IN PARTICIPATING IN PUBLIC TRUSTEE SALES.
BE FAMILIAR WITH THE STATUTES UNDER TITLE 38 OF COLORADO REVISED STATUTES GOVERNING THE PUBLIC TRUSTEE AND FORECLOSURES OF DEEDS OF TRUSTS.
The information in foreclosure files is public information. However our staff does not perform research for interested parties. You will be required to come into our office to obtain details on specific files. For general information concerning active files, follow the link below.
PRIOR TO THE SALE
Notices of Sale are published as Legal Notices (classified section) in the Wednesday or Saturday editions of the Broomfield Enterprise. The ads run for five consecutive weeks before the sale. The sale date shown in the ad is the FIRST SCHEDULED sale date for the property; the property will not be sold before this date. However, sale dates can be postponed (or "continued") at the discretion of the foreclosing party. Notices of continuance are not published in the paper. This information is announced on the scheduled sale dates and is normally available in our files after 2:00 p.m. on Tuesday afternoons. The initial bid, submitted by the foreclosing lender, is also available in our files after 1:00 p.m. the day before the sale.
THE PUBLIC TRUSTEE SALE
Sales are held promptly at 10:00 a.m. each Wednesday in the City Council Chambers in the Municipal Center at One DesCombes Drive, Broomfield, CO 80020. The bidding begins with the initial bid offered by the foreclosing lender. Bid information is available in our office after 2:00 p.m. each Tuesday afternoon.
At the sale, once the published notice is read and the initial bid and bidder announced, the Public Trustee will entertain verbal bids. The sale will conclude when a final bid is accepted, pending payment of the bid amount.
If you are the highest bidder on a foreclosure, you must tender funds for the TOTAL AMOUNT OF YOUR BID to our office by 2:00 p.m. that same afternoon. Funds must be in the form of a Cashier's Check payable to the City and County of Broomfield.
Title to the property does NOT transfer at the time of the sale. The highest bidder is issued a Certificate of Purchase, which grants the holder rights to a Public Trustee's Deed AT THE END OF ALL REDEMPTION PERIODS. A Duplicate Certificate of Purchase will be recorded at the Clerk and Recorder's office and held in our file.
A Certificate of Purchase is an assignable document so it should be kept in a secure place. If a Certificate of Purchase is assigned, please notify the Public Trustee. The assignment should be recorded with the Clerk and Recorder of the City and County of Broomfield. The ORIGINAL certificate (and any assignments) must be surrendered to the Public Trustee in order to receive a Public Trustee's Deed or redemption funds.
If you attend the sale, place a bid, but are not the highest bidder, be advised that bidding may continue at the office of the Public Trustee at 2:00 p.m. the afternoon of the sale, IF THE HIGHEST BIDDER AT THE SALE DOES NOT TENDER FUNDS BY THAT TIME. The property will be offered to the party giving the next highest bid from the 10:00 sale. If the highest bidder does not bring in the money and no other interested parties are present to continue bidding, the Certificate of Purchase will be issued to the foreclosing party.
THE REDEMPTION PERIOD
The day following the sale date is the first day of the owner redemption period. Non-agricultural property (i.e., anything located in a subdivision or platted) has a 75-day owner redemption period while agricultural (and mining) property has a 6-month owner redemption period. Intents to Redeem must be filed at least fifteen (15) days prior to the end of the redemption period. If the Public Trustee receives a Notice of Intent to Redeem from the owner or any junior lienor, the holder of the Certificate of Purchase will be contacted to compute a redemption figure, based on the bid amount. The interest rate that may be charged is the default rate stated on the Promissory Note secured by the foreclosed Deed of Trust. If no default rate is stated, the interest rate stated on the Note is the allowable rate. The redemption calculation must be in writing, and must specify a per diem interest amount. Other allowable redemption charges are specified in Section 38-38-301 of the Colorado Revised Statutes, as amended, and may only be accepted by the Public Trustee if paid receipts for the expenses are submitted with the written redemption calculation.
At the end of all redemption periods, if no redemptions have been made, the Original Certificate of Purchase may be surrendered to the Public Trustee for a Public Trustee Deed. The current fee for executing and recording a Public Trustee's Deed is $36.00. A Public Trustee's Deed transfers title, SUBJECT TO PRIOR LIENS. A "prior lien" refers to any lien against the property that was recorded prior to the recording of the Deed of Trust that was foreclosed. Information on prior liens is NOT available from the Public Trustee. You can research this information at the Central Records Office at the City and County of Broomfield, One DesCombes Drive, Broomfield, CO 80020, phone 303-464-5819. This information may also be available from a Title Company.