{"data":{"id":"us-co/c.r.s.-38-40.5-104","jurisdiction":"us-co","citation":"C.R.S. § 38-40.5-104","heading":"Effect of Mortgage Modification.","body":"(a) For a mortgage modification described in subsection (b) of this section:\n\n(1) The mortgage continues to secure the obligation as modified;\n\n(2) The priority of the mortgage is not affected by the modification;\n\n(3) The mortgage retains its priority regardless of whether a record of the mortgage modification is recorded in the office of the county clerk and recorder in the county where the property is located; and\n\n(4) The modification is not a novation.\n\n(b) Subsection (a) of this section applies to one or more of the following mortgage modifications:\n\n(1) An extension of the maturity date of an obligation;\n\n(2) A decrease in the interest rate of an obligation;\n\n(3) If the change does not result in an increase in the interest rate of an obligation as calculated on the date the modification becomes effective:\n\n(A) A change to a different index that is a recognized index if the previous index to which changes in the interest rate were linked is no longer available;\n\n(B) A change in the differential between the index and the interest rate;\n\n(C) A change from a floating or adjustable rate to a fixed rate; or\n\n(D) A change from a fixed rate to a floating or adjustable rate based on a recognized index;\n\n(4) A capitalization of unpaid interest or other unpaid monetary obligation;\n\n(5) A forgiveness, forbearance, or other reduction of principal, accrued interest, or other monetary obligation;\n\n(6) A modification of a requirement for maintaining an escrow or reserve account for payment of an obligation, including taxes and insurance premiums;\n\n(7) A modification of a requirement for acquiring or maintaining insurance;\n\n(8) A modification of an existing condition to advance funds;\n\n(9) A modification of a financial covenant; and\n\n(10) A modification of the payment amount or schedule resulting from another modification described in this subsection (b).\n\n(c) The effect of a mortgage modification not described in subsection (b) of this section is governed by other law.","path":["Title 38 - PROPERTY - REAL AND PERSONAL","Article 40.5 - Uniform Mortgage Modification Act"],"source_url":"https://olls.info/crs/crs2026-title-38.htm","current_through":"Colorado Revised Statutes 2026","vintage":"","retrieved_at":"2026-09-14T18:37:45Z","sha256":"908109ded3a2babc2bf774660aca8208ed44e2c1e61bc1936db422d5730319fb","source_id":"us-co","stale":false,"prev":"us-co/c.r.s.-38-40.5-103","next":"us-co/c.r.s.-38-40.5-105"},"notice":"GroundRules: Original legal text. Not legal advice."}