You are here

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 sales are conducted at the South Front Door of the Fremont County Administration Building, 615 Macon Avenue, Cañon City, every Wednesday morning at 10:00 a.m.

Foreclosure Sale Process

The foreclosing lender must produce a written bid no later than 12:00 noon two business days before the Public Trustee sale. If a written bid is not received from the lender for a property set for sale, then the property is continued for at least one week.

Parties interested in bidding must bid $5.00 over the lender's bid, which is read aloud at the time of sale. The bidding is competitive and done orally with the highest bidder winning.

Funds needed to bid at the Public Trustee Sale must be cash or certified funds tendered by 12:00 p.m. on the day of sale. Certified funds should be made payable to the Fremont County Public Trustee.

A Certificate of Purchase is issued to the highest bidder. A Certificate of Purchase is recorded with the County Clerk and Recorder within five days of the sale. The interest under the Certificate of Purchase is fully assignable.

After the Foreclosure Sale

Intents to redeem by a junior lien holder must be filed with the Public Trustee within eight business days after the sale. In junior lien holder redemptions, the junior lien holder must have a recorded interest in the property prior to the Recording of the Election and Demand. To file an intent to redeem, the junior lien holder must present a copy of the recorded interest in the foreclosed property.

A redeeming lien holder must present the redemption amount in cash or certified funds to the Public Trustee by the close of business on the final day of his redemption proceeds. A certificate of purchase holder may pass on certain expenses to a redeeming lien holder. A Certificate of Purchase holder may only include the expense of insurance for the days that he holds the property.

A Certificate of Redemption is issued to the party redeeming the property from the foreclosure. This redemption interest is fully assignable.

A Public Trustee's Deed is issued to the holder of the Certificate of Purchase if no intents to redeem were filed or the Public Trustee's Deed is issued to the last redeeming junior lien holder after the expiration of all redemption periods.

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.