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The final step in the Colorado Foreclosure process – Part IV of Short Sale Series
Related Previous Posts:
- Colorado Springs Homes, 4 things to know about a short sale - Part I of Short Sales Series
- Avoid Foreclosure, Know Your Options - Part II of Short Sales Series
- Colorado Springs Home Foreclosures – 11 benefits of a short sale - Part III of Short Sales Series
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
The foreclosure process in Colorado is quite a bit different than in other states because the governor 
appoints a “Public Trustee” for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure.
CAN I BUY A PROPERTY AT THE PUBLIC TRUSTEE SALE?
Mortgage lenders in Colorado schedule Trustee Sales when the borrowers are in default and the situations are not resolved. One of the last steps in the foreclosure process is the public trustee sale. But if you are interesting in buying properties at the sale, it’s important to know that many sales get cancelled. Also, if you are interested in selling your home in Colorado before it goes to foreclosure, it’s important to understand that the sale can be postponed and cancelled.
There are a variety of reasons that Public Trustee sales get cancelled:
- Borrowers find the funds to reinstate the mortgage loans as required by the lenders.
- Borrowers file for bankruptcy protection. Bankruptcy will normally stop the foreclosure process until the court can review the cash and decide on further action.
- Lenders ask that the sale be postponed. This can be because the lender is reviewing and negotiating with the borrower on a possible short-sale offer.
WHERE DO THE SALES TAKE PLACE?
Sales In El Paso County are conducted on the second floor in the building of the Office of the El Paso County Public Trustee, 105 E. Vermijo Avenue in Colorado Springs, CO 80903 every Wednesday morning at 10:00 a.m.
WHERE CAN I FIND OUT MORE INFORMATION ABOUT FORECLOSED PROPERTIES?
Many counties have very informative web sites with up-to-date information on the status of each foreclosure; as well as comprehensive reports on the weekly sales. Some of the county web sites are as follows:
- El Paso County Public Trustee www.elpasopublictrustee.com
- Douglas County Public Trustee www.co.douglas.co.us
- Teller County Public Trustee www.co.teller.co.us
- Pueblo County Public Trustee www.pueblopt.com
As an example, on the El Paso Public Trustee site; you can pull up a report that shows all of the sales for each period, and there is also a report that shows sales that have been continued. Properties can either be sold, continued, cured, withdrawn, or there can be a bankruptcy in process. The listed dated for the sale on 11-26, includes 12 pages of properties for sale, the majority of which didn’t go to sale on that day.
What happens at the Public Trustee sale?
When properties are sold at the Trustee Sale, they are available to the public and all qualified bidders. The lenders typically buy most of the properties and then the lenders offer the homes for sale when they become part of the REO inventory.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
