Foreclosure Information

Notice to an Owner in Foreclosure

If your property goes to foreclosure auction sale and is purchased for more than the total owed to the lender and to all other lien holders, please contact the Public Trustee’s office after the sale because you may have funds due to you.

Notice to Borrowers

If a 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.

Colorado Attorney General
1300 Broadway, 10th Floor
Denver, Colorado 80203
(800) 222-4444
www.coloradoattorneygeneral.gov

Federal Consumer Financial Protection Bureau
P.O. Box 4503
Iowa City, Iowa 52244
(855) 411-2372
www.consumerfinance.gov

Frequently Asked Questions

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.

No, the property does not transfer until a foreclosure sale is held. You may also have the right to cure the default.

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. If you want an updated Cure Statement, you must request it in writing. You can obtain copies of the Notice of Intent to Cure Default and a Request for Updated Figures on the Public Trustee Forms page. You may also send an email request to the Morgan County Public Trustee.

In the State of Colorado, the typical means of securing a loan on real estate is a Deed of Trust. When the indebtedness is paid and the terms of the Deed of Trust are fufilled, the lender sends the Public Trustee a Request for Release of Deed of Trust. The Public Trustee confirms and records the release which clears the lien from the County records. A Release of Deed of Trust is a legal document and anyone executing one should consider consulting legal counsel.

Please visit the Forms page for more information.