Public Trustee
The Revenue Manager Kim Pfeifer, is responsible for executing Releases of Deeds of Trust and handling Foreclosures.
Physical address: City and County Building, 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
|
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 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 110 days nor more than 125 days from initial filing |
| Lienor Redemption from Sale (non-agricultural) | 15 to 19 business days from date of sale |
| Each subsequent Lienor has 5 business days to redeem | |
| Deed issued | After the expiration of all redemption periods or 15 business days whichever is longer |
*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
Combined Notices are published as Legal Notices (classified section) in the Thursday edition 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 p.m. on Monday afternoon. The initial bid, submitted by the foreclosing lender, is also available in our files after 1 p.m. the Monday before the sale.
THE PUBLIC TRUSTEE SALE
Sales are held promptly at 10 a.m. each Wednesday in the City Council Chambers in the City and County Building 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 p.m. each Monday 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 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. A Certificate of Purchase, which grants the holder rights to a Public Trustee's Deed AT THE END OF ALL REDEMPTION PERIODS is issued and recorded. It is held in our file.
If a Certificate of Purchase is assigned, please notify the Public Trustee. The ORIGINAL assignment must be surrendered to the Public Trustee in order to receive a Confirmation 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
There is no longer an owner redemption period. The most senior lien may redeem fifteen (15) to nineteen (19) business days after the sale but no later than noon on the final day. Each subsequent redeemer is allowed an additional five (5) business days but must redeem by noon of the final day. Redemption shall include the amount paid by the purchaser or last redeemer, interest, the amount due on the prior redeemer's lien or amounts paid by the purchaser and the per diem amount.
If the redeemer is the same person as
the prior redeemer or CP holder, they only need to pay the Officer's
fees and costs in order to redeem.
The Officer may accept a "short" redemption with written
authorization
Does not alter any deficiency bid.
Constitutes a full redemption.
Officer shall set the redemption dates on the 9th business day after the
sale.
The redemption periods shall not change if someone redeems early.
REDEMPTION
Upon receipt of a redemption payment, the Officer shall execute and record a Certificate of Redemption. Upon expiration of each redemption period, the Officer shall disburse the applicable redemption proceeds. Along with the redemption payment, the lienor or their attorney shall file a statement of the amount due on their lien, per diem interest, and allowable fees and costs.
At the end of all redemption periods, a confirmation Deed will be issued. The current fee for executing and recording a Confirmation Deed is $36.00. A 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.