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Colorado Foreclosure Hotline: 1-877-601-HOPE (4673)
What is a foreclosure and what happens when one is started?
If a borrower defaults on a provision of the Deed of Trust, the lender may elect to foreclose on the Deed of Trust. When this occurs, a notice is sent to all interested parties and published. If the default is not cured before the scheduled sale date, the property is auctioned off to the highest bidder.
I just received a notice from the Public Trustee that a foreclosure was started on my property. Do I have to move out right away?
No, the property does not transfer until a foreclosure sale is held. You may also have the right to cure the default.
What is curing a default and how do I do that?
Curing a default usually means bringing the loan current. In other words, if a foreclosure is started because of failure to make some loan payments, the delinquent payments plus interest and any other charges the lender has incurred as a result of the foreclosure would have to be paid in order to cure the default. If you plan to cure you must file a notice with the Public Trustee at least fifteen (15) days before the sale date. You may obtain a Notice of Intent to Cure Default by following the link or by contacting the Public Trustee's office. If you want an updated Cure Statement, you must request it in writing. You may also send an email request to the Morgan County Public Trustee (email address on Home page).
What is a Release of Deed of Trust and what is needed to obtain one?
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.
The following documents must be submitted for a Release of Deed of Trust:
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.
The ORIGINAL Deed of Trust or a legible copy.
A completed Request For Full/Partial Release Of Deed Of Trust And Release (By Owner of Indebtedness With Production Of Evidence Of Debt, signed by the holder(s) of the indebtedness or by their attorney or agent. Signatures must be notarized.
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.
A corporate surety bond (lost instruments bond) submitted in 1½ times the face value of the note, with the Public Trustee named as obligee.
A Request For Full/Partial Release Of Deed Of Trust And Release (By Owner of Indebtedness Without Production Of Evidence Of Debt Pursuant To 38-39-102(3), C.R.S.), if applicable. This form may only be used by those institutions named in Statute. Individuals may not use this form.
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