1. Once a homeowner has filed an Intent to Cure, the Public Trustee will contact the lender’s attorney to obtain current cure figures.
2. The foreclosing lender's attorney is required to supply cure figures to the Public Trustee within ten business days but no later than seven days prior to the sale at auction.
3. The Public Trustee will then contact the homeowner with the cure figures. The homeowner will be contacted via telephone, mail and email, as listed on the Intent to Cure form submitted.
4. If the Public Trustee does not speak to the homeowner in person and must instead leave a voicemail, the contact will still be considered complete.
5. Once the homeowner has been given the cure payment figures, it is the responsibility of the homeowner to remit the correct payment to the Public Trustee by the deadline provided in order to stop the auction of the property and to close the foreclosure case.
All cure payments must be in the form of a wire transfer, certified check, cashier's check, teller's check, or draft denominated as an official check as those terms are defined in and governed by the "Uniform Commercial Code", Title 4, C.R.S. Checks are to be made payable to Denver County Public Trustee, and certified or issued by a state-chartered bank, savings and loan association, or credit union licensed to do business in the state of Colorado. (See the Forms page for wire transfer instructions.)
I Have Cured My Property. What Happens Now?
- The Public Trustee will place your file on hold (this process stops the foreclosure from advancing).
- The Public Trustee will immediately notify the foreclosing lender’s attorney of the cure.
- The lender’s attorney is statutorily-required to process a withdrawal of the foreclosure filing.
- The cure funds will not be released to the foreclosing lender’s attorney until a withdrawal of the file is received by the Public Trustee.
- Once the withdrawal has been received and recorded, the Public Trustee will create a check to the lender for the cure amount, and the attorney will pick it up and forward it to the lender.
- This process takes approximately 14 business days.
In the meantime, the office of the Public Trustee recommends that the borrower contact their lender directly to advise them that the property was cured. The borrower should:
- Supply the lender with the date cured
- Supply the lender with the amount of the cure
- Upon cure, the Public Trustee supplies a receipt and date/time-stamped copy of the cure figures. Advise your lender that you can send them a copy if they would like it as proof of the cure.
- Ask the lender to supply a new updated mortgage statement.
The statement should include the due date, address where payment should be mailed and the amount of the next payment so routine loan payments can resume on your obligation without delay.