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Steamboat Real Estate, Steamboat Foreclosures and Steamboat Properties for Sale
- The public trustee must file the required document with the office of the Public Trustee. The Trustee then files a “Notice of Election and Demand” with the county clerk and recorder. Once recorded, the notice must be published in a newspaper of general circulation within the county where the property is located for a period of five consecutive weeks.
- Within 10 days, the Public Trustee must also mail the publication of the notice of election and demand for sale, a copy of the same and a notice of sale as published in the newspaper, to the borrower and any owner or claimant of record, at the address given in the recorded instrument.
- The Public Trustee must also mail notice to the borrower describing how to redeem the property at least 21 days before the foreclosure sale.
- The owner of the property may stop the foreclosure proceedings by filing an ”Intent to Cure” with the Public Trustee’s office at least 15 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 45-60 days after the recording of the election and demand for sale with the county clerk and recorder. The Public Trustee may hold the sale at any entrance to the courthouse, unless other provisions were made in the deed of trust.
- 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.
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