Maria defaults on her home loan in Jefferson County, Colorado. The lender initiates foreclosure proceedings. Which government official is responsible for conducting the foreclosure sale under Colorado law?
Correct Answer
A) The Jefferson County Public Trustee
Under C.R.S. § 38-38-101 et seq., Colorado uses a non-judicial foreclosure process administered by the county Public Trustee. Each Colorado county has a Public Trustee — an elected or appointed government official — who holds title under the deed of trust and conducts the foreclosure sale. In Jefferson County, that is the Jefferson County Public Trustee.
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Related Concepts
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
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