Responsibilities of the Public Trustee
The Public Trustee hands foreclosures of deeds of trust, releases of deeds of trust, and tax escrow accounts for land purchase contracts for properties located in Saguache County.
The Public Trustee Does Not
Give legal advice – please contact an attorney.
Handle Tax Sales – please contact the County Treasurer
Handle Judicial Foreclosures – please contact the Sheriff – 719-655-2544
Release private trustee mortgage transactions
Handle federal auctions, such as HUD or VA
Have information regarding liens on foreclosed property – Please contact the Clerk and Recorder
Have access to the foreclosed property
Process evictions – please contact the Sheriff – 719-655-2544
Prohibition of Dual Tracking
If you, as the borrower, believe that a lender or servicer has failed to provide you with a single point of contact, as required by Colorado law (C.R.S. 38-38-103.1) or that the lender is pursuing foreclosure despite the fact that you submitted a completed loss mitigation, or you have been offered and accepted a loss mitigation option, pursuant to C.R.S. 38-38-103.2, you 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 Consumer Financial Protection Bureau
Ralph L. Carr Colorado Judicial Center P.O. Box 4503
1300 Broadway 10th Floor Iowa City, Iowa 52244
Denver, CO 80203 1-855-411-2372
Foreclosure Sale Bidding Policy, effective June 1, 2015
The Saguache County Public Trustee holds foreclosure sales on Thursdays at 10:00 AM in the Board of County Commissioners Room at 501 4th Street, Saguache, CO 81149. Saguache County receives written beginning bids from the foreclosing lender by
12:00 noon two business days prior to the sale.
In order to bid at the foreclosure sale, bidders must submit a registration form prior to the start and forms are available in the Public Trustee’s office on the day of the sale. No emailed or faxed bidder registration forms will be accepted.
No cell phone use is allowed during the sale. If a bidder is using a cell phone or is otherwise disruptive during the sale they will be asked to leave. If the Public Trustee suspects any kind of fraud, collusion or abuse of the bidding process, she reserves the right to stop the sale and contact the property’s foreclosing attorney to postpone the sale to the following week. The PublicTrustee also reserves the right to ban abusers of the bidding process from current and future sales.
The sale begins promptly at 10:00 AM., and once it begins the foreclosing lender’s beginning bid amount will be read aloud and we will ask for other bids. Bidding will begin at $50.00 over the lender’s beginning bid (rounded to the nearest $50.00 increment). Further bidding must be in increments of $1000.00 and each bid placed must not advance the prior bid by more than $5000.00. In order for a bid to be accepted, bidders are required to state the amount they wish to bid. Failure to do so will result in bids not being accepted. Once a bid has been entered, it is considered final.
If you are the successful bidder, payment is due within one hour of the completion of the foreclosure sale. Payment must be in the form of certified funds (cash, cashier’s check, or wire transfer – instructions will be provided upon request). Large cash payments are discouraged. Successful bidders who pay $10,000.00 or more in cash must complete all necessary Internal Revenue Service documents at the time of sale (forms will be provided by the Public Trustee if necessary). If you are the successful bidder and you fail to remit payment, you will be barred from participation in all future Public Trustee foreclosure.
The original Certificate of Purchase is issued and recorded with the Saguache County Clerk and Recorder. Because only one Certificate of Purchase is issued, the original will be kept in our office and a copy will be emailed to the successful bidder. The Certificate of Purchase will be issued only in the name indicated on the Bidder Registration Sheet; however, Certificates of Purchase can be assigned to another party.
Junior lien holders have the right to redeem the foreclosure sale (see our policy on Notices of Intent to Redeem). If there is no redemption, a Confirmation Deed will be issued to the holder of the Certificate of Purchase 10-15 days following the foreclosure sale (a recorded copy will be emailed to the Certificate of Purchase holder).
If your property goes to foreclosure auction sale and is sold for more than the total owed to the lender and to all other lien holders, you may be entitled to any remaining funds. C.R.S. 38-38-111 (2.5)(a) Please call our office at 719-655-2656 to find out if you are entitled to any remaining funds. If you contact us directly, there is no cost to you to claim any excess funds owed to you.
Transfer of Ownership
Ownership of the property does not transfer until at least 8 business days after the actual foreclosure sale, which may occur at a date later than the initial sale date indicated on the mailed notice you received from this office.