Colorado is unique within the Fifty States of the United States in the way borrower/lender are approached. Colorado law provides
a quick and easy way for lenders to exercise their rights and remedies, while at the same time giving the owner of the property a fair
opportunity to protect his/her interest.
The Colorado Trustee in each county is either appointed by the Govnernor or elected, depending upon the class of county.
It is the Trustee's responsibility to provide a system of checks and balances between the borrower and the lender. Deeds of trust
given to secure indebtedness for the real estate name a Public Trustee who acts as an intermediary between the borrower and the lender.
Duties of the Trustee are defined in Title 38 of the Colorado Revised Statues.
Colorado Public Trustees cover:
- Foreclosures of Deeds of Trust for properties located within the county
- Releases of Deeds of Trust for properties located within the county
- Tax Excrow Accounts for land Purchase Contracts within the county
The Public Trustee has powers granted by the state only when the deeds of trust grants the trustee and interest in the
property encumbered by the Deed of Trust. If the deed of trust names anyone other than a Public Trustee, and is a mortgage, this
deed would be required to be foreclosed judicially.
State statues outline the rights of cure and redemption afforded the owner of the property being foreclosed and to each leinor
having an interest in the property. The Public Trustee is responsible for ensuring the foreclosing party certainty in its remedies,
requirements and deadlines. Meeting deadlines is critical in the process the Trustee ensures that each party complies with Colorado
statues during this process.
At the present time the Colorado Legislature is changing this process. The changes are unknown at this time, but will go into effect July 1, 2007.
The changes will be combinine the cure and redemption period, please be advised that these changes will be occuring.
