The foreclosure process in Colorado is different than many other states because here, the governor appoints a “Public Trustee” for each county in the state. The trustee must act as an impartial party when handling a sale foreclosure with this “non-judicial” power.
The process begins when the attorney representing the lender files the appropriate documents with the Office of the Public Trustee in the county where the property is located. The Public Trustee then files a “Notice of Election and Demand” with the county clerk and the recorder. Once recorded, the notice must be published in a newspaper of general circulation within the county where the property is located for five weeks in a row.
The owner of the property may stop the foreclosure proceedings by filing an “Intent to Cure” with the Public Trustee’s office at least fifteen days prior to the foreclosure sale and then paying the necessary amount to bring the loan current by noon the day before the foreclosure sale is scheduled.
The foreclosure sale must take place between 45 and 60 days after the recording of the election and demand for sale with the county clerk and recorder. The lender has the option to file a suit for deficiency in Colorado and the borrower has up to 75 days after the sale to redeem the property by paying the foreclosure sale amount, plus interest.