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 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 8 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 go back to Foreclosure Property Search.
PRIOR TO THE SALE
Combined Notices are published as Legal Notices (classified section) in the Sunday 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 2 p.m. the Monday before the sale.
IF THE BORROWER BELIEVES THAT A LENDER OR SERVICER HAS VIOLATED THE REQUIREMENTS FOR A SINGLE POINT OF CONTACT IN SECTION 38-38-103.1 OR THE PROHIBITION ON DUAL TRACKING IN SECTION 38-38-103.2, THE BORROWER MAY FILE A COMPLAINT WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.