The Denver County Public Trustee is sitting on 1 million dollars in overbid funds! If you have lost your home to foreclosure to a third party investor, no matter what county, you may have overbid funds that are rightfully yours. The amounts can range from 50.00 to 250,000.00. We urge you to check the public trustee records for sale results to determine if funds are due to you.
In Colorado, the foreclosing lender submits an initial bid to the public trustee two days prior to the auction date. If the property has equity, the lender can only bid as high as the total debt owed. In cases where there is equity, multiple investors may bid at the auction which results in a bid that is higher than the debt owed. The resulting difference is commonly referred to as an overbid.
Under Colorado law, junior lien holders may apply for those overbid funds. However, if there are no other liens, or if they fail to apply for those funds, the homeowner is entitled to those funds. If you have overbid funds as a result of the foreclosure sale, you should contact your local public trustee immediately.
For more information, you can read the article on 9News.