|
COLORADO REVISED STATUTES Page I of
<br />38-37-108. Payments to public trustee.
<br />All moneys payable to a public trustee at any foreclosure sale under the provisions of this article or upon redemption or cure pursuant to article
<br />38 of this title shall be in the form of cash, electronic transfer to an account of the public trustee available for such purpose and in compliance
<br />with the conditions placed on the account by the public trustee for such electronic transfer, or certified check, cashier's check, teller's check, or
<br />draft denominated as an official check that is a teller's check or a cashier's check as those terms are defined in and governed by the "Uniform
<br />Commercial Code", title 4, C.R.S., made payable to the public trustee, and certified or issued by a state -chartered bank, savings and loan
<br />association, or credit union licensed to do business in the state of Colorado or a federally chartered bank, savings bank, or credit union.
<br />38-38-103. Combined notice - publication - providing information.
<br />(1) (a) No more than twenty calendar days after the recording of the notice of election and demand, the public trustee shall mail a combined
<br />notice as described in subsection (4) of this section to the persons set forth in the mailing list.
<br />(b) No more than sixty calendar days nor less than forty-five calendar days prior to the first scheduled date of sale, the public trustee shall mail
<br />a combined notice as described in subsection (4) of this section to the persons as set forth in the most recent amended mailing list. If there is
<br />no amended mailing list, the public trustee shall mail a combined notice as described in subsection (4) of this section to the persons as set
<br />forth in the mailing list.
<br />(c) If a recorded instrument does not specify the address of the party purporting to have an interest in the property under such recorded
<br />instrument, the party shall not be entitled to notice and any interest in the property under such instrument shall be extinguished upon the
<br />execution and delivery of a deed pursuant to section 38-38-501.
<br />(2) (a) The holder of the evidence of debt or the attorney for the holder shall deliver an amended mailing list to the officer as needed. If an
<br />amended mailing list is received after the officer has sent the mailing described in paragraph (b) of subsection (1) of this section, the officer
<br />shall continue the sale to no less than sixty-five calendar days after receipt of the amended mailing list. The officer shall send the notice
<br />pursuant to subsection (4) of this section to the persons on the amended mailing list no less than forty-five calendar days prior to the actual
<br />date of sale.
<br />(3) The sheriff shall mail a combined notice as described in subsection (4) of this section to the persons named at the addresses indicated in
<br />the mailing list no less than sixteen nor more than thirty calendar days after the holder of the evidence of debt or the attorney for the holder
<br />delivers to the sheriff the mailing list and the original or a copy of a decree of foreclosure or a writ of execution directing the sheriff to sell
<br />property.
<br />(4) (a) The combined notices required to be mailed pursuant to subsections (1), (2), and (3) of this section must contain the following:
<br />(1) The information required by section 38-38-101 (4);
<br />(II) The statement: A notice of intent to cure filed pursuant to section 38-38-104 shall be filed with the officer at least fifteen calendar days prior
<br />to the first scheduled sale date or any date to which the sale is continued;
<br />(11.5) The statement, which must be in bold: If the sale date is continued to a later date, the deadline to file a notice of intent to cure by those
<br />parties entitled to cure may also be extended;
<br />(111) The statement: A notice of intent to redeem filed pursuant to section 38-38-302 shall be filed with the officer no later than eight business
<br />days after the sale;
<br />(IV) The date to which the sale has been continued pursuant to paragraph (a) of subsection (2) of this section;
<br />(V) The date of sale determined pursuant to section 38-38-108;
<br />(VI) The place of sale determined pursuant to section 38-38-110;
<br />(VII) The statement as required by section 24-70-109, C.R.S.: The lien being foreclosed may not be a first lien; and
<br />(VIII) A statement that, if the borrower believes that a lender or servicer has violated the requirements for a single point of contact in section
<br />38-38-103.1 or the prohibition on dual tracking in section 38-38-103.2, the borrower may file a complaint with the Colorado attorney general,
<br />the CFPB, or both, but the filing of a complaint will not stop the foreclosure process. The notice must include contact information for both the
<br />Colorado attorney general's office and the CFPB. If the officer maintains a web site, the officer shall also post this information on the web site
<br />for viewing by all borrowers.
<br />(b) A legible copy of this section and sections 38-37-108, 38-38-104, 38-38-301, 38-38-302, 38-38-304, 38-38-305, and 38-38-306 shall be
<br />sent with all notices pursuant to this section.
<br />(5) (a) No more than sixty calendar days nor less than forty-five calendar days prior to the first scheduled date of sale, unless a longer period of
<br />publication is specified in the deed of trust or other lien being foreclosed, a deed of trust or other lien being foreclosed shall be deemed to
<br />require the officer to commence publication of the combined notice, omitting both the statements under subparagraphs (ll) and (III) of
<br />paragraph (a) of subsection (4) of this section and the copies of the statutes under paragraph (b) of subsection (4) of this section and adding
<br />the first and last publication dates if not already specified in the combined notice, for four weeks, which means publication once each week for
<br />five consecutive weeks.
<br />(b) The officer shall review the publication of the combined notice for accuracy.
<br />(c) The fees and costs to be allowed for publication of the combined notice shall be as provided by law for the publication of legal notices or
<br />advertising.
<br />(d) Notwithstanding any other provision of law, the officer shall not begin publication or send the mailing required in subparagraph (II) of
<br />paragraph (a) of subsection (1) of this section unless the holder has provided the affidavit required by section 38-38-802, if applicable. If the
<br />affidavit has not been provided, the following shall occur:
<br />(1) The officer shall notify the holder or the holder's attorney, in writing, that no affidavit was provided and indicate that the publications required
<br />pursuant to this section shall not be made until the holder provides the required affidavit. The officer is not obligated to provide more than one
<br />notice to the holder or the holder's attorney.
<br />(11) After notice is made pursuant to subparagraph (1) of this paragraph (d) that no affidavit was provided and until the required affidavit is
<br />provided, the officer shall continue the sale of the property in accordance with section 38-38-109 an additional week for each week that the
<br />holder fails to provide the required affidavit.
<br />38-38-104 Right to cure when default is nonpayment - right to cure for certain technical defaults.
<br />(1) Unless the order authorizing the sale described in section 38-38-105 contains a determination that there is a reasonable probability that a
<br />default in the terms of the evidence of debt, deed of trust, or other lien being foreclosed other than nonpayment of sums due thereunder has
<br />occurred, any of the following persons is entitled to cure the default if the person files with the officer, no later than fifteen calendar days prior
<br />to the date of sale, a written notice of intent to cure together with evidence of the person's right to cure to the satisfaction of the officer:
<br />(a) (1) The owner of the property as of the date and time of the recording of the notice of election and demand or lis pendens as evidenced in
<br />the records;
<br />(II) If the owner of the property is dead or incapacitated on or after the date and time of the recording of the notice of election and demand or lis
<br />pendens, the owner's heirs, personal representative, legal guardian, or conservator as of the time of filing of the notice of intent to cure,
<br />whether or not such person's interest is shown in the records, or any co-owner of the property if the co -owner's ownership interest is evidenced
<br />in the records as of the date and time of the recording of the notice of election and demand or lis pendens;
<br />(III) A transferee of the property as evidenced in the records as of the time of filing of the notice of intent to cure if the transferee was the
<br />property owner's spouse as of the date and time of the recording of the notice of election and demand or lis pendens or if the transferee is
<br />wholly owned or controlled by the property owner, is wholly owned or controlled by the controlling owner of the property owner, or is the
<br />controlling owner of the property owner;
<br />(IV) A transferee or owner of the property by virtue of merger or other similar event or by operation of law occurring after the date and time of
<br />the recording of the notice of election and demand or lis pendens; or
<br />(V) The holder of an order or judgment entered by a court of competent jurisdiction as evidenced in the records after the date and time of the
<br />recording of the notice of election and demand or lis pendens ordering title to the property to be vested in a person other than the owner;
<br />(b) A person liable under the evidence of debt;
<br />(c) A surety or guarantor of the evidence of debt; or
<br />(d) A holder of an interest junior to the lien being foreclosed by virtue of being a lienor or lessee of, or a holder of an easement or license on,
<br />the property or a contract vendee of the property, if the instrument evidencing the interest was recorded in the records prior to the date and
<br />time of the recording of the notice of election and demand or lis pendens. If, prior to the date and time of the recording of the notice of election
<br />and demand or lis pendens, a lien is recorded in an incorrect county, the holder's rights under this section shall only be valid if the lien is
<br />rerecorded in the correct county at least fifteen calendar days prior to the actual date of sale.
<br />(2) (a) (1) Promptly upon receipt of a notice of intent to cure by the officer, but no less than twelve calendar days prior to the date of sale, the
<br />officer shall transmit by mail, facsimile, or electronic means to the person executing the notice of election and demand a request for a
<br />Fffectwe 1 1/2015
<br />
|