A homeowner in Boulder County, Colorado received a Notice of Election and Demand (NED) from the Public Trustee. The homeowner has been working with a housing counselor and believes she can bring her loan current. During which phase of the Colorado foreclosure process must she exercise her right to cure to stop the foreclosure sale?
Correct Answer
B) Within the statutory cure period, which runs before the foreclosure sale date
Under C.R.S. § 38-38-104, the right to cure must be exercised within the statutory cure period, which runs from the filing of the NED up to a deadline before the scheduled foreclosure sale. The homeowner must pay all overdue amounts, fees, and costs within this window to stop the sale. Once the sale occurs, the cure right is extinguished.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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.
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