Chapter 24 - § 24.7 • FORECLOSURE OF INSTALLMENTS WITHOUT ACCELERATION

• Jurisdiction: Colorado

§ 24.7 • FORECLOSURE OF INSTALLMENTS WITHOUT ACCELERATION

A 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 sale must apply the following provisions:³⁷⁷

• Attorney fees allowed for the attorney for the holder of the evidence of debt may not exceed ten percent of the amount of principal, interest, and late charges included in the bid.
• Allowable fees and costs³⁷⁸ may be included in the bid.
• The amount for which the property is foreclosed must 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.
• No more than one such foreclosure proceeding may be commenced in a period of 12 months
• The notice of election and demand or complaint filed to commence the foreclosure must 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."
• No deficiency bid may 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 are released from personal liability on the indebtedness, unless the property is redeemed.
• The foreclosure does

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