Colorado has a very unique system in conducting foreclosures as it is the only state in union that utilizes a public trustee to conduct the foreclosure in the county where the property is located. Attorneys James T. Anest and William R. Arant III have performed thousands of foreclosures ranging form the mundane to the complex.
One of the key issues facing lenders seeking to foreclose in Colorado is that they must show that they are the holder of the evidence of debt, typically the promissory note. However, this issue becomes much more complex when promissory notes are sold numerous times throughout the life of the loan. Having the proper documentation is crucial when performing public trustee foreclosures. Unless a lender is a “qualified holder” as defined under C.R.S. § 38-38-100.3, the lender must produce the original evidence of debt proving proper ownership and thus the right to foreclose.
With a combined 39 years of experience we have represented dozens of banks, credit unions, private lenders and individuals in protecting their rights in real property throughout the state of Colorado and Wyoming. With the constant change in legislation as well as the nuances in Colorado foreclosure laws, it is imperative that lenders know how to protect their rights.