El Paso County Public Trustee Mark Lowderman

Right to Cure

Homeowner/Tenant Help brochure

The borrower has a right to cure monetary defaults. A cure is payment of the sum of all amounts in which the secured debt is in default. Written Notice of Intent to Cure must be given to the public trustee at least 15 calendar days before the actual date of sale. If the sale is continued (delayed), the deadline to file a notice of intent to cure is also delayed.

If not the borrower or owner, the curing party must also provide evidence of the right to cure. When the intent is received by the public trustee, the notice of intent will be provided to the foreclosing party with a request for a statement of all sums necessary to cure. The sums necessary to cure include all amounts in which the secured debt is in default (including permitted costs and expenses of the holder and holder’s attorney), plus the fees, costs and expenses of the foreclosure sale.

The foreclosing party will file a statement of the cure amount with the public trustee. The statement must also state the period for which it is valid. A cure statement is required to be effective at least until the earlier of 10 days after the date of the cure statement or the last day to cure, and for no longer than the earlier of 30 days after the date of the cure statement or the last day to cure. The amount must be paid to the public trustee by noon the day before sale, or by close of business on the last valid date for the statement, whichever is earlier.

The holder or servicer must notify our office if they determine there is an inaccurate amount in the cure statement and provide an updated cure statement. The Total to Cure amount due through the last effective date of the attached cure statement stated above can be increased only if we receive that updated cure statement at least 10 calendar days before that last effective date. We will transmit any updated cure statement to you upon receipt. It is possible that you will not learn of an increased Total to Cure amount due until you arrive to make the cure payment, but you will still be required to pay the additional amount in order to cure if the updated cure statement was timely received by our office

The sale will be automatically postponed if the foreclosing party does not provide a statement of the sums due on or before the end of the 10th business day after the intent is filed, or the end of the 8th calendar day before sale, whichever is sooner.

If the sale is continued for failure to provide a cure statement and a cure is subsequently made, interest is allowed at the regular rate provided in the evidence of debt for the period the sale was continued. If no cure is made, interest at the default rate is allowed for that period.

Waiver of the right to cure, or an agreement to shorten the time period to exercise a right of cure, made before the date of default under the instrument evidencing the lien being foreclosed, or under the evidence of debt secured by the lien being foreclosed, is void against public policy.