A Colorado Public Trustee is a county-level official responsible for acting as a neutral third party in real estate transactions, specifically managing the release of deeds of trust (when a mortgage is paid off) and administering foreclosures. Appointed by the Governor or serving as the elected Treasurer, they ensure legal compliance, hold public auctions, and release property liens.
Key Responsibilities and Information:
- Release of Deed of Trust:
- When a borrower pays off their mortgage, the lender uses the Public Trustee to record a release, removing the lien from the property.
- Foreclosure Process: The Trustee handles the legal, non-judicial foreclosure process, which typically takes 4–5 months.
- Foreclosure Sales: Public auctions are held for properties in foreclosure, often on Wednesdays.
- Excess Funds: If a property sells for more than the amount owed,
- the Public Trustee manages the distribution of these funds to lienholders or the borrower.
- No Legal Advice: Public Trustees are neutral and cannot provide legal advice to homeowners or lenders.
How to Find Your County Public Trustee:
Public Trustees operate in every Colorado county. You can find them by searching for “[County Name] Colorado Public Trustee.” In many smaller counties, the County Treasurer also serves as the Public Trustee.