- Who sends it
- The public trustee, passing on a signed statement from the lender or its attorney
- What it starts
- Your deadline to pay the cure amount by 12 noon the day before the sale
- Do this first
- Check every line, then ask the public trustee what form of payment it accepts
What this document is in Colorado
When the default is missed payments, the owner and certain others can cure by filing a written notice of intent to cure with the public trustee no later than 15 calendar days before the sale (C.R.S. 38-38-104(1)). Promptly, and at least 12 calendar days before the sale, the public trustee asks the lender's attorney for a statement of all sums needed to cure. The public trustee then sends you that cure statement (C.R.S. 38-38-104(2)(a)).
The form is set by statute and headed CURE STATEMENT. It shows the foreclosure sale number, the date through which it is good, and an itemized list: missed payments, late charges, inspections, insurance, taxes and association dues the lender paid, title costs, Rule 120 docket and posting costs, court costs, attorney fees and other fees. Estimated amounts are marked with an asterisk. The public trustee adds its own fees to reach the total to cure.
What it does and does not mean
- You do not have to pay the whole loan. Principal that would not be due without acceleration is not included (C.R.S. 38-38-104(2)(b)).
- The statement warns that the total to cure does not include future monthly payments that may come due, and that it may take several days for the cure to be entered in the lender's records.
- If the lender finds a wrong amount, it must send a corrected statement. Increases must be added at least 10 calendar days before the original statement's effective date (C.R.S. 38-38-104(2)(a)(III)).
- If the lender does not file the cure statement on time, the sale is continued (C.R.S. 38-38-109(1)(c)).
- If you cure, interest for any continuance is charged at the regular rate, not the default rate (C.R.S. 38-38-104(2)(c)).
The deadlines and how to count them
- Pay the public trustee the full amount on the cure statement no later than 12 noon on the day before the sale (C.R.S. 38-38-104(2)(b)).
- Check the date through which the statement is effective. If the sale was continued past that date, ask for an updated statement.
- After you pay, the lender must send the public trustee a final reconciled statement within 7 business days. Any amount you paid above the final figure is refunded to you (C.R.S. 38-38-104(2)(a)(IV)).
- You can ask for receipts or other proof of the costs charged. Mail the request to the address on the cure statement after you pay and within 90 days of paying. The lender must send copies within 30 days.
See a Colorado sale date is set for the other cutoffs.
What to do this week
- Read every line. Compare missed payments and late charges with your own records.
- Call the public trustee's office and ask what forms of payment it accepts and its cutoff time on the day before the sale.
- Line up the money now. Getting funds together can take longer than you expect.
- If an amount looks wrong, tell the lender's attorney in writing right away and tell the public trustee. Pay on time anyway if you can, then ask for receipts and any refund.
- Keep your loss mitigation application moving in case you cannot raise the full amount. See how to stop foreclosure in Colorado.
The rest of the Colorado process
See how foreclosure works in Colorado, the timeline, ways to stop it and free help in Colorado, or read the national guide to this letter.
Common questions
When is the Colorado cure payment due?
By 12 noon on the day before the sale, paid to the public trustee (C.R.S. 38-38-104(2)(b)). You must first have filed a notice of intent to cure at least 15 calendar days before the sale.
Does a Colorado cure statement include the whole loan balance?
No. It includes the payments and allowed fees and costs due, but not principal that is only due because the loan was accelerated (C.R.S. 38-38-104(2)(b)).
I think my Colorado cure statement has inflated fees. What can I do?
After paying, you can ask in writing, within 90 days, for receipts or other proof of the costs claimed, and the lender must send them within 30 days. The lender must also refund amounts above what was actually incurred (C.R.S. 38-38-104(2)). A lawyer or legal aid can help you dispute charges.
Other Colorado letters
- Notice prior to residential foreclosure (hotline notice)Before a Colorado lender can file a foreclosure with the county public trustee, it must mail you a notice with the Colorado foreclosure hotline number and a direct line to its loss mitigation staff. It is not a foreclosure filing, but it means one can start in as little as 30 days.
- Notice of election and demandIn Colorado, the lender starts a foreclosure by filing a notice of election and demand with the county public trustee, who records it. Its recording date sets the first sale date 110 to 125 calendar days later for most homes. It is not a sale and not an eviction.
- Combined notice of sale, right to cure and right to redeemThe combined notice is the public trustee's notice of the sale date and place, your right to cure and lienholders' right to redeem. You get it twice: within 20 days after the foreclosure is recorded and again 45 to 60 days before the first sale date. The key date it gives you is the 15-day cure deadline.
- Rule 120 notice of hearing (motion for order authorizing sale)Before a Colorado public trustee can sell your home, the lender must get a court order authorizing the sale under Rule 120. The notice of hearing must be posted on your home at least 14 days before the hearing. To be heard, you file a Verified Response (JDF 621) at least 7 days before the hearing, or the judge may order the sale without a hearing.
- Demand for possession and eviction summons after a public trustee saleAfter a Colorado public trustee sale, the buyer gets a certificate of purchase, and title passes 8 business days after the sale if no lienholder redeems. The buyer must then demand possession in writing and, if you stay, file an eviction case. The summons sets a court date 7 to 14 days after it is issued.