Colorado Springs Vintage Homes Blog
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New Foreclosure reporting bill signed by the Governor
Public Trustees are unique to Colorado
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
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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. The Public Trustee acts as a representative of the lender to facilitate the sale, which typically occurs in the form of a public auction.
Because of these differences, national foreclosure reporting companies may report a Colorado foreclosed property as many as two to three times between the Notices of Election and Demand, and at the point of a public trustee sale, thereby inflating Colorado foreclosure figures.
Over the years, concerns have been raised that foreclosure numbers for Colorado are inflated versus other states that have already implemented standardized reporting procedures. This can put Colorado at a disadvantage when national numbers are analyzed and compared.
There is a new Bill, HB 1197
which will require the Colorado Division of Housing to collect and report residential foreclosure data from each county. The bill establishes a quarterly report to be used as the State’s official data when citing foreclosure statistics.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
[...] bill, aimed to collect and report its own statewide foreclosure statistics. A Colorado Springsblog reporting on the issue states, “concerns have been raised that foreclosure numbers for [...]