Foreclosure of Deeds of Trust

Foreclosure Process Prior to Sale

After the required documentation is received by the Office of the Fremont County Public Trustee, the Public Trustee files a Notice of Election and Demand with the Clerk and Recorder. The foreclosure sale is set between 110 and 125 days after the recorded date of the Notice of Election and Demand. The foreclosure sale is published in a general circulation newspaper for five consecutive weeks.

The combined Rights to Cure and Redeem and Notice of Sale are mailed to each individual on the mailing list provided. When filing an Intent to Cure with the Public Trustee's office, the intent to cure must be filed 15 days prior to the sale. We cannot accept late intent forms without the permission of the foreclosing party. The owner must cure the default on the property by 12:00 noon on the day before the foreclosure sale.

Often, a property will not go to sale on its originally scheduled date because the foreclosing attorney has not filed a bid or because an owner has filed bankruptcy. Filing of a bankruptcy by the owner of the property stops the foreclosure until the automatic stay is lifted or the bankruptcy case is dismissed or closed. The foreclosure sale date extends week to week until the bankruptcy court takes action.

A property that has not gone to sale on its originally scheduled date is listed as being continued. A list of properties that are being sold or continued is posted each Monday afternoon by our office.

A property can be continued for up to 12 months by the foreclosing attorney at which time the attorney must withdraw the foreclosure. Properties that are part of a bankruptcy proceeding can be continued indefinitely.

Foreclosure Sale Processes

• POSTING OF UPCOMING FORECLOSURE SALE
  New list to be posted by 1:00 pm on Thursday
  Foreclosing attorneys have until noon two business days prior to the sale to submit to the Public Trustee their written bid, or the foreclosure will be continued for at least 1 week.
  Initial sale information to by posted at 3:00 pm on Monday (Will contain bids, withdrawn, continued to dates and bankruptcy)
  Bids can be amended and/or pulled by 10:00 am on Wednesday
  Only variances of this process will be due to office scheduled closures, i.e. Holidays
• AFTER POSTING AND BEFORE SALE
  It is not the responsibility of the Public Trustee or Treasurer’s Office to tell you whether this is a first or subsequent lien.
  It is not the responsibility of the Public Trustee or Treasurer’s Office to tell you whether this is agricultural property, or if there is taxes owing.
  It is the responsibility of a prospective bidder to do your own research. 
• FORECLOSURE SALE PROCEDURE
  Bidders do need to preregister. (Please see the Foreclosure Sale Bidding Policy effective 10-24-19).
  If authorizing someone to bid on their behalf, we require a written, notarized statement to this effect. 
  NO CELL PHONE USE IS ALLOWED DURING THE SALE.
  Starting bid is provided by the foreclosing attorney, and each subsequent bid must be a minimum of $5.00 and not to exceed $500.00 over the starting bid.
  The bidding is competitive and is done verbally until the bidding is completed.
  Immediately following the sale, the successful bidder will return to the Public Trustee office to complete the necessary paperwork.
  The successful bidder will be given the amount that is due back to the FREMONT COUNTY PUBLIC TRUSTEE by noon.
  If the successful bidder fails to comply with the timeline, the Public Trustee office will then contact the second highest bidder and offer them the property at their bid.
  When returning with the Certified Funds (Cashier’s Check, processed wire transaction or bank transfer.  The successful bidder will be given a receipt and a copy of the Certificate of Purchase.  (The Certificate of Purchase is fully assignable.)
• AFTER THE FORECLOSURE SALE
  Successful bidder’s Certificate of Purchase will be recorded with the County Clerk and Recorder Office no more than 5 days after the sale date by the Public Trustee’s Office.
  Intents to redeem by a junior lien holder must be filed with the Public Trustee within 8 Fremont County business days.
  The junior lien holder must have had a recorded interest in the property prior to the date that the Notice of Election and Demand is recorded.
  The junior lien holder must provide to the Public Trustee a copy of the recorded interest, with the required documents and fee.
  A redeeming lien holder must present the redemption amount in certified funds to the Public Trustee by the close of business on the final day of the redemption period.
  The successful bidder may include certain expenses to a redeeming lien holder, i.e. pro-rated insurance, costs of securing the property, etc.
  A Certificate of Redemption is issued to the party redeeming the property from the successful bidder.  (The Certificate of Redemption is full assignable.)
  A Confirmation Deed will be issued either to the holder of the Certificate of Purchase or Redemptions after 8 of the Public Trustee’s business days.
  In both instances, title vests free and clear of all lien and encumbrances junior to the foreclosed lien excepted omitted parties. (Parties that were not notified of the foreclosure but who have an interest in the property.)

Foreclosure Sale Bidding Policy, Effective October 24, 2019

The Fremont County Public Trustee holds a foreclosure sale every Wednesday at 10:00 a.m. at 615 Macon Ave, Canon City, CO 81212.  Fremont County receives beginning bids from the foreclosing lender by 12:00 noon, two business days prior to the sale and will post the beginning bids on our website no later than 3:00 p.m. two days prior to the sale.

Registration
To bid at the foreclosure sale, bidders must register prior to the start of the sale to receive a bidder number at the Public Trustee Office (Room 104).

Bidding
NO CELLPHONE use is allowed during the sale.  If a bidder or observer is using a cell phone or is otherwise disruptive during the sale, they may be asked to leave.  If the Public Trustee suspects any kind of fraud, collusion or abuse of the bidding process, she reserves the right to stop the sale and contact the property’s foreclosing attorney to postpone the sale to the following week.  Bid rigging is a class 5 felony under Colorado law and punishable by up to 3 years in prison and/or a fine up to $100,000.  Any occurrence of bid rigging will be reported to the Colorado Attorney General’s office for further investigation.  The Public Trustee also reserves the right to ban abusers of the bidding process from future sales.

The sale begins promptly at 10:00 a.m., and once it begins the foreclosing lender’s beginning bid amount will be read aloud and we will ask for other bids.  Bidding will begin at $5 over the lender’s beginning bid.  Further bidding must be in increments of no more than $500.  If you bid without a bidder number, your bid will not be accepted.   Once a bid has ben entered, it is considered final.

Payment
If you are the successful bidder, payment is due by noon the day of the sale.  Payment must be in the form of certified funds (Cashier’s Check or wire transfer-instructions will be given upon request after the sale). If you are the successful bidder and you fail to remit payment, the Public Trustee reserves the right to bar you from participation in future foreclosure sales.

Successful Bidders
A Certificate of Purchase is issued and recorded with the Fremont County Clerk and Recorder and a copy will be either mailed or emailed to the successful bidder. 

Post Sale
Valid junior lien holders have the right to redeem the foreclosure sale.  If there is not redemption, a Confirmation Deed will be issued to the holder of the Certificate of Purchase 10-15 days following the foreclosure sale and a recorded copy will be either mailed or emailed to the Certificate of Purchase holder.

Foreclosure Sale Frequently Asked Questions

When and where is the foreclosure sale held?

The sale is held every Wednesday at 10:00 a.m.; however, there is not a physical auction unless there are bidders.  Bidders should register in the Public Trustee’s office (located in the Treasurer’s office) by 9:45 a.m., and must be registered by 10:00 a.m. (so that we may proceed with the sale promptly at 10:00 a.m.), on the date of sale.  The auction typically takes place on the 1st floor of the Administration Building just inside the front doors.

What is needed to bid at the sale?

A bidder number which you will receive once you are registered.  Certified Funds or wire transfer confirmation are due to us by noon the day of sale if you are the successful bidder.         

Can I register early for the sale?

All registration needs to be done in the Public Trustee’s Office the day of sale.  We do not offer early registration.

Can I bid for someone else?

This will only be allowed with a Notarized Letter of Authorization provided to the Public Trustee’s Office prior to the start of the sale.  The authorized individual will need to register as a bidder.

Does the Public Trustee have information about other possible liens on the foreclosed property?

No.  Our office only has information concerning the lien being foreclosed.

What happens if no one shows up to the sale?

All properties are struck off to the Lender placing the starting bid.

How do I know what is going to sale?

A “Pre-Sale List” is posted on the Public Trustee’s Page every week.  This list is generally available by 3:00 p.m. on the Monday before the sale.

Can I see the property before the sale?

No.  Foreclosure sales are buyer beware and the Public Trustee does not know any information about a property – there is no express or implied warranty/guarantee.   

What happens if the highest successful bidder fails to provide funds after the sale?

The Public Trustee office will contact the second highest bidder and offer them the opportunity to provide the funds equal to their bid. 

How does bidding at the foreclosure sale work?

Please see “Foreclosure Sale Bidding Policy, Effective 10/24/2019”.