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Colorado Revised Statutes Title 38. Property Real and Personal § 38-38-102.5. Notice prior to residential foreclosure--hotline

Current as of January 01, 2022 | Updated by FindLaw Staff

(1) As used in this section, “holder” means the holder of an evidence of debt constituting a residential mortgage loan, as defined in section 12-10-702(21), or that holder's loan servicer or other person acting on the holder's behalf. “Holder” shall not include a person whose only activity as a holder is as the seller in not more than three credit sales or loans per year.

(2) At least thirty days before filing a notice of election and demand and at least thirty days after default, the holder shall mail a notice addressed to the original grantor of the deed of trust at the address in the recorded deed of trust or other lien being foreclosed and, if different, at the last address shown in the holder's records, containing:

(a) The telephone number of the Colorado foreclosure hotline;

(b) The direct telephone number of the holder's loss mitigation representative or department; and

(c) A statement that, under section 6-1-1107, C.R.S., it is illegal for any person acting as a foreclosure consultant to charge an up-front fee or deposit to the borrower for services related to the foreclosure.

(3)(a) This section shall apply only to a default consisting solely of the failure of the original grantor of the deed of trust to make one or more required payments.

(b) With respect to defaults on the same obligation, after the holder has once given the original grantor of the deed of trust a notice as specified in subsection (2) of this section, this section imposes no limitation on the holder's right to foreclose with respect to any subsequent default that occurs within twelve months after such notice.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 38. Property Real and Personal § 38-38-102.5. Notice prior to residential foreclosure--hotline - last updated January 01, 2022 | https://codes.findlaw.com/co/title-38-property-real-and-personal/co-rev-st-sect-38-38-102-5/

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