Colorado § 38-38-201 Foreclosure of installments without acceleration

Colorado Statutes

§ 38-38-201 — Foreclosure of installments without acceleration

Colorado·Title 38 Property -·Art. Foreclosure Sales

(1)Any mortgage or deed of trust securing an evidence of debt payable by installments giving the right to declare the whole indebtedness due and payable on default of the payment of any part thereof may, at the election of the holder of the evidence of debt, be foreclosed as to any one or more past due installments of principal or interest as if the mortgage or deed of trust separately secured each of the past due installments, and, in the event of such election, the officer conducting the foreclosure shall apply the following provisions:

(a)Attorney fees allowed for the attorney for the holder of the evidence of debt shall not exceed ten percent of the amount of principal, interest, and late charges included in the bid prepared in accordance with section 38-38-106.

(b)Fees a

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(1) Any
mortgage or deed of trust securing an evidence of debt payable by installments
giving the right to declare the whole indebtedness due and payable on default of
the payment of any part thereof may, at the election of the holder of the evidence
of debt, be foreclosed as to any one or more past due installments of principal or
interest as if the mortgage or deed of trust separately secured each of the past due
installments, and, in the event of such election, the officer conducting the
foreclosure shall apply the following provisions:

(a) Attorney fees allowed for the attorney for the holder of the evidence of
debt shall not exceed ten percent of the amount of principal, interest, and late
charges included in the bid prepared in accordance with section 38-38-106.

(b) Fees and costs allowable under section 38-38-107 may be included in the
bid.

(c) The amount for which the property is foreclosed shall include past due
installments and all sums advanced for fees and costs by the holder of the evidence
of debt pursuant to the terms of the mortgage or deed of trust securing the debt.

(d) Not more than one foreclosure proceeding may be commenced pursuant
to this section in a period of twelve months.

(e) The notice of election and demand or complaint filed to commence the
foreclosure shall contain the following statement: This is a foreclosure on one or
more installments, without acceleration, as authorized by section 38-38-201,
Colorado Revised Statutes.

(f) No deficiency bid shall be made by the holder of the evidence of debt or
accepted by the officer conducting the foreclosure sale. Upon the sale and the
expiration of all redemption periods, the maker of the secured indebtedness and all
parties who may be personally liable thereon shall be released from personal
liability on the indebtedness, unless the property is redeemed under section 38-38-302.

(g) The foreclosure shall not affect the continuance of the lien of the
mortgage or deed of trust as to any remaining obligation secured by it but not
covered by the foreclosure, whether the remaining obligation is due before or after
the foreclosure, and the title acquired as a result of the foreclosure shall be subject
to the lien securing the remaining obligation.

(2) Nothing in this section shall be construed to prevent the holder of an
evidence of debt secured by any mortgage or deed of trust from exercising any
option contained therein to declare the whole indebtedness due and payable, nor
shall any of the provisions of this section be applicable to a foreclosure in which the
whole indebtedness has been declared due and payable.

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