Foreclosure Frequently Asked Questions (FAQs)

Following is a list of questions frequently asked of the Office of the Public Trustee. Select your question and you will be linked to the answer. These Questions and Answers apply to the current law and process prior to January 1, 2008.

1. When and where is the Public Trustee sale conducted?
2. What type of funds are necessary to bid at the Public Trustee sale?
3. When are the foreclosure reports updated?
4. Where can I obtain information about other liens against properties?
5. Does the Office of the Public Trustee conduct seminars concerning the foreclosure process?
6. What is a deficiency bid?
7. What happens to the funds bid in excess of the amount bid by the foreclosing lender?
8. If a Public Trustee's Deed is issued for a foreclosure on a second or third (etc.) mortgage, does that remove all other liens?
9. What are the other types of sales on properties?
10. Is there a Pre-Foreclosure list available to the public?
11. What is a Notice of Election & Demand?
12. Is there a redemption period in 2008?
13. Does the homeowner still own the home? 

1. Q: When and where is the Public Trustee sale conducted?
   A: The sale is conducted in the Office of the Public Trustee, 100 Jefferson County Parkway, Suite 1540, Golden, CO, every Wednesday at 10:00 a.m. 
   
   
2. Q: What type of funds are necessary to bid at the Public Trustee Sale?
   A: Cash, certified funds or verifiable wire transfer must be tendered at the time of sale.  (C.R.S. 38-37-108).
   
   
3. Q: When are the foreclosure reports updated?
   A: The foreclosure reports are updated regularly depending on the type of report.  
   The foreclosure reports are available for viewing and printing from our search site under reports at: http://gts.co.jefferson.co.us/ or for viewing only in our office Monday-Friday, 7:30 a.m. to 5:30 p.m. (excluding legal holidays).
   
   
4. Q: Where can I obtain information about other liens against properties?
   A: Information concerning liens recorded against a property can be obtained by contacting the Jefferson County Clerk and Recorder's office, 100 Jefferson County Parkway, Suite 2530, Golden, CO, 80419, 303-271-8121, or visit the Clerk and Recorder's Web page via the county Web site http://jeffco.us.
   
   
5. Q: Does the Office of the Public Trustee conduct seminars concerning the foreclosure process?
   A: The Office of the Public Trustee does not conduct public seminars concerning the foreclosure process.  Instead, the office has compiled this Web site as a tool to instruct citizens interested in learning about the foreclosure process.
   
   
6. Q: What is a deficiency bid? 
   A: A deficiency bid occurs when the foreclosing lender submits a written bid less than the amount owed.  The foreclosing lender may elect to sue the homeowner, or anyone else who signed the original promissory note, for the amount of the deficiency.  Bidding at the Public Trustee sale on properties that have deficiency bids begins at one dollar over the lender bid amount. In most cases, lenders file deficiency bids because the adjusted fair market value of the property is less than the amount owed. 
   
   
7. Q:  What happens to the funds bid in excess of the bid by the foreclosing lender?
   A: The overbid funds generated by the sale are held by the Public Trustee. When all periods of redemption have expired, the overbid funds are distributed in a prescribed order per C.R.S. 38-38-111. In the event of a deficiency bid by the lender the overbid funds will reduce the amount of the deficiency.
   
   
8. Q: If a Public Trustee's Deed is issued in a foreclosure on a second or third (etc.) mortgage, does that remove all other liens?
   A: No, the Public Trustee's Deed is issued subject to any other senior liens. A Public Trustee's Deed is not a Warranty Deed and does not convey clear and free title.
   
   
9. Q: What are the other types of sales on properties?
   A: A judicial Foreclosure is conducted through the court system on a Mortgage, Deed of Trust or a Judgement. The procedure for conducting the foreclosure is under Rule 105 of the Colorado Rules of Civil Procedure. For more information regarding Judicial Foreclosures, please contact the Jefferson County Clerk of the Court at (303-271-6145).
   
   A Tax sale is held by the Treasurer for failure to pay real estate taxes. The procedure for conducting the sale is set by Statue. For more information on tax sales, please contact The Jefferson County Treasurer at (303-271-8330).
   
   You can visit any county department Web site at the Jefferson County Web site at http://jeffco.us
   
   
10. Q: Is there a Pre-Foreclosure list available to the public?
    A: No, the only reports available through this office are properties that are in foreclosure. Our foreclosure reports are available from our search site at: http://gts.co.jefferson.co.us/
    Foreclosure is a very complex process and we suggest you contact your legal advisor if you have concerns or questions about a specific property.
    
    
11. Q: What is a Notice of Election & Demand?
    A: That is the document that is recorded to commence the foreclosure process. The recording date of this document governs the statutes that the foreclosure will follow.
    
    
12. Q: Is there a redemption period after January 1, 2008?
    A: Yes, any foreclosure where the Notice of Election and Demand was recorded prior to 1/1/2008 is governed by those statutes and all redemption rights still apply to the homeowner and any lienor. For foreclosures recorded after 1/1/2008 the homeowner no longer has redemption rights but any lienor may (see the redemption process for further details).
    
    
13. Q: Does the homeowner still own the home?
    A:  Yes, thru the end of the redemption period for 2007 filings and thru the sale for 2008 filings and they are the only party that may sell, convey or allow access to the property (see the foreclosure process for further details).

Last Modified: Aug 5, 2010 01:48 PM