Maria purchased a home in Denver County using a deed of trust. After losing her job, she fell behind on her mortgage payments. The lender initiated foreclosure proceedings. Which Colorado official will hold the public auction sale of Maria's property?
Correct Answer
C) The Denver County Public Trustee
Under C.R.S. § 38-38-101 et seq., each Colorado county has a Public Trustee — a government official — who conducts the non-judicial foreclosure sale. In Maria's case, the Denver County Public Trustee will hold the public auction after the statutory process (notice of election and demand, cure period, and Rule 120 hearing) is completed.
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Related Topics & Key Terms
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Related Concepts
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
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