HomeMy WebLinkAbout20241687.tiffRESOLUTION
RE: APPROVE AUTHORIZATION FOR COLLECTION OF INCREASED FORECLOSURE
DEPOSITS BY WELD COUNTY PUBLIC TRUSTEE
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, pursuant to C.R.S. §38-38-101(10), the Public Trustee may collect a deposit
to cover the cost of attorney/self-represented investor fees to perform a foreclosure sale, and
WHEREAS, the Board has been presented with a request from the Weld County Public
Trustee to increase the deposit amount collected to avoid delays and/or additional collection
efforts prior to the sale, and
WHEREAS, after study and review, the Board deems it advisable to approve the request
to increase the deposit amount from $650.00 ($500.00, plus the previous $150.00 fee) to $900.00
($500.00, plus the increased fee of $400.00), with any overage to be refunded to the
attorney/self-represented investor once the sale is complete.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that pursuant to C.R.S. §38-38-101(10), the Weld County Trustee, be, and
hereby is, authorized to collect increased deposits in the amount of $900.00, to perform
foreclosure sales, with any overage to be refunded to the attorney/self-represented investor once
the sale is complete.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 24th day of June, A.D., 2024.
BOARD OF COUNTY COMMISSIONERS
WELD COUNT O
ATTEST: !(
Weld County Clerk to the Board
BY. ( P_
Deputy Clerk to the Board
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Date of signature:
(AYE)
Kevin D. Ross, Chair
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Perry L. B
Pro-Tem
(AYE)
(AYE)
Mike ' eeman
K. James
Lori Saine
(AYE)
(NAY)
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2024-1687
TR0031
BOARD OF COUNTY COMMISSIONERS
PASS -AROUND REVIEW
PASS -AROUND TITLE: REQUEST INCREASE TO PUBLIC TRUSTEE FORECLOSURE DEPOSIT
DEPARTMENT: Treasurer & Public Trustee DATE: 05/29/2024
PERSON REQUESTING: Brigitte C Grimm
Brief description of the problem/issue:
Based on CRS 38-38-101(10)•, the Weld County Public Trustee (PT) requires a $650 deposit to start a foreclosure.
2024 legislation has increased all Public Trustee administrative, deed, and filing fees. This results in the need to increase
the attorney's current $650 deposit ($500 plus "previous" fees of $150) to $900 ($500 plus "increased" fees of $400). This
deposit is applied towards the fees and costs of holding a foreclosure. Any remaining balance is refunded to the attorney.
"CRS 38-38-101 (10) is:
Deposit. (a) The public trustee may require the holder or servicer to make a deposit of up to flue hundred dollars plus the amount of the fee permitted pursuant
to section 38-37-104 (1) (b)(I), at the time the notice of election and demand is filed, to be applied against the fees and costs of the public trustee.
What options exist for the Board?
1. APPROVE the increase from the current $650 to $900.
$650 ($500 plus the previous fees of $150 fee) to $900 ($500 plus the increased fees of $400)
2. DECLINE the increase and keep the deposit at $650.
Consequences:
1. Increasing the attorney fees to perform a foreclosure sale, permissible via CRS 38-38-101(10), may avoid delays
and/or additional collection efforts prior to sale. Remaining balances are refunded to the attorney once the sale is
complete.
2. Maintaining the current attorney fees of $650 may not cover necessary fees. This results in a collection effort by PT and
a possible delay in holding a foreclosure.
Impacts:
Costs (Current Fiscal Year / Ongoing or Subsequent Fiscal Years):
No fiscal impact.
The Public Trustee does not use taxpayer monies to perform foreclosures. Based on CRS 38-38-101(10), all fees to the
PT to hold a foreclosure sale are provided by the foreclosure attorneys.
When auctioning a property, the winning bidder provides the funds to satisfy the delinquent debt, and any remaining
overbid funds are paid to the homeowner.
Recommendation:
Our recommendation is to increase the foreclosure attorney's deposit from $650 to $900. A similar increase is being
implemented by Public Trustee offices statewide to avoid a deficit resulting in added collections/delays prior to a sale.
Support Recommendation Schedule
Place on BOCC Agenda Work Session Other/Comments:
Perry L. Buck, Pro-Tem
Mike Freeman
Scott K. James
Kevin D. Ross , Chair
Lori Saine
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2024-1687
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