Which statement about Colorado foreclosure is true?

Which statement about Colorado foreclosure is true?

• A. A borrower has until 12:00 noon the day before the foreclosure to cure the default if a notice of intent was filed at least 15 days before the sale
• B. A foreclosed homeowner has 60 days after sale date to redeem the property
• C. Curing the default requires paying the balance in full
• D. None of the above

Answer: (A)

In Colorado, the opportunity to cure a default is tied to a notice called a notice of intent to cure. If that notice is filed at least 15 days before the sale, the borrower can bring the loan current by paying the delinquent amounts plus allowable costs and fees, but the payment must be made by 12:00 noon the day before the scheduled sale. This creates a firm deadline that allows the borrower to stop the foreclosure by curing the arrears before the sale occurs. The idea that a foreclosed homeowner has 60 days after the sale to redeem isn’t accurate in Colorado’s nonjudicial foreclosure framework, so the option stating that is not true. Likewise, curing the default doesn’t require paying the entire loan balance; it generally involves paying the delinquent payments plus costs and fees to reinstate the loan, rather than wiping out the full balance. Therefore, the statement about the cure deadline being noon the day before the sale with a properly filed notice is the correct one.

In Colorado, the opportunity to cure a default is tied to a notice called a notice of intent to cure. If that notice is filed at least 15 days before the sale, the borrower can bring the loan current by paying the delinquent amounts plus allowable costs and fees, but the payment must be made by 12:00 noon the day before the scheduled sale. This creates a firm deadline that allows the borrower to stop the foreclosure by curing the arrears before the sale occurs.

The idea that a foreclosed homeowner has 60 days after the sale to redeem isn’t accurate in Colorado’s nonjudicial foreclosure framework, so the option stating that is not true. Likewise, curing the default doesn’t require paying the entire loan balance; it generally involves paying the delinquent payments plus costs and fees to reinstate the loan, rather than wiping out the full balance. Therefore, the statement about the cure deadline being noon the day before the sale with a properly filed notice is the correct one.