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COLORADO REVISED STATUTES Page 4 of 4
<br />together with all sums allowed under section 38-38-301. Interest on the amount for which the property was sold shall be charged at the default
<br />rate specified in the evidence of debt, deed of trust, or other lien being foreclosed or, if not so specified, at the regular rate specified in the
<br />evidence of debt, deed of trust, or other lien being foreclosed. If different interest rates are specified in the evidence of debt, deed of trust, or
<br />other lien being foreclosed, the interest rate specified in the evidence of debt shall prevail. If the evidence of debt does not specify an interest
<br />rate, including a default interest rate, applicable interest rate as specified in the deed of trust or other lien being foreclosed shall apply.
<br />(b) (1) Each subsequent lienor entitled to redeem shall, in succession, have an additional period of five business days to redeem. The right to
<br />redeem shall be in priority of such liens according to the records. The redeeming lienor shall redeem by paying to the officer, on or before 12
<br />noon of the last day of the lienor's redemption period:
<br />(A) The redemption amount paid by the prior redeeming lienor, with interest at the rate specified in paragraph (a) of this subsection (4), plus
<br />the amount claimed in the statement delivered by the immediately prior redeeming lienor pursuant to subsection (6) of this section, including
<br />the per diem amounts through the date on which the payment is made; or
<br />(B) If no prior lienor has redeemed, the redemption amount determined pursuant to paragraph (a) of this subsection (4).
<br />(II) If the redeeming lienor is the same person as the holder of the certificate of purchase or the prior redeeming lienor as evidenced by the
<br />instruments referred to in subsection (1) of this section, regardless of the number of consecutive liens held by the redeeming lienor, the
<br />redeeming lienor shall not pay to the officer the redemption amount indicated in the certificate of purchase or certificate of redemption held by
<br />such person, but shall only pay to the officer the unpaid fees and costs required by the redemption and provide the statement described in
<br />paragraph (f) of subsection (1) of this section.
<br />(c) If the statement described in paragraph (f) of subsection (1) of this section so states, or upon other written authorization from the holder of
<br />the certificate of purchase or the then -current holder of the certificate of redemption or the attorney for either such holder, the officer may
<br />accept as a full redemption an amount less than the amount specified in paragraph (a) of subsection (3) of this section. Notwithstanding the
<br />first sentence of this paragraph (c), the amount bid at sale shall determine the amount and extent of any deficiency remaining on the debt
<br />represented by the evidence of debt that is the subject of the foreclosure as stated in the bid pursuant to section 38-38-106 (2). Any
<br />redemption under this section shall constitute a full redemption and shall be deemed to be payment of all sums to which the holder of the
<br />certificate of purchase is entitled.
<br />(d) On the ninth business day after the date of sale, the officer shall set the dates of the redemption period of each lienor in accordance with
<br />this subsection (4). The redemption period of a lienor shall not be shortened or altered by the fact that a prior lienor redeemed before the
<br />expiration of his or her redemption period.
<br />(5) Certificate of redemption. Upon receipt of the redemption payment pursuant to subsection (4) of this section, the officer shall execute and
<br />record a certificate of redemption pursuant to section 38-38-402. Upon the expiration of each redemption period under this section, the officer
<br />shall disburse all redemption proceeds to the persons entitled to receive them.
<br />(6) Certificate of lienor. A redeeming lienor shall pay to the officer the amount required to redeem and shall deliver to the officer a signed and
<br />properly acknowledged statement by the lienor or a signed statement by the lienor's attorney showing the amount owing on such lien, including
<br />per diem interest and fees and costs actually incurred that are permitted by subsection (7) of this section and for which the lienor has submitted
<br />to the officer receipts, invoices, evidence of electronic account -to -account transfers, or copies of loan servicing computer screens evidencing
<br />the fees and costs and verifying that the fees and casts were actually incurred as of the date of the statement of redemption with the per diem
<br />amounts that accrue thereafter. At any time before the expiration of a redeeming lienor's redemption period, the redeeming lienor may submit a
<br />revised or corrected certificate, or the attorney for the lienor may submit a revised or corrected statement.
<br />(7) Payment of fees and costs. A redeeming lienor may, during such lienor's redemption period described in subsection (4) of this section,
<br />pay the fees and costs that the holder of the evidence of debt may pay pursuant to section 38-38-107.
<br />(8) Misstatement of redemption amount. If an aggrieved person contests the amount set forth in the statement filed by a redeeming lienor
<br />pursuant to paragraph (f) of subsection (1) of this section or by a holder of a certificate of purchase pursuant to paragraph (a) of subsection (3)
<br />of this section and a court determines that the redeeming lienor or holder of the certificate of purchase has made a material misstatement on
<br />the statement with respect to the amount due and owing to the redeeming lienor or the holder of the certificate of purchase, the court shall, in
<br />addition to other relief, award to the aggrieved person the aggrieved person's court costs and reasonable attorney fees and costs.
<br />(9) No partial redemption. A lienor holding a lien on less than all of, or a partial interest in, the property sold at sale shall redeem the entire
<br />property. No partial redemption shall be permitted under this part 3. The priority of liens for purposes of this section shall be determined without
<br />consideration of the fact that the lien relates to only a portion of the property or to a partial interest therein.
<br />(10) Federal redemption rights. Any redemption rights granted under federal law are separate and distinct from the redemption rights granted
<br />under this part 3. All liens that are junior to the deed of trust or other lien being foreclosed pursuant to this article shall be divested by the sale
<br />under this article, subject to the redemption rights provided in this part 3. The officer conducting a foreclosure under this article is not
<br />designated to receive redemptions under federal law.
<br />38-38-304. Effect of redemption.
<br />(3) If redemption is made by a lienor, the certificate of redemption, duly recorded, operates as an assignment to the lienor of the estate and
<br />interest acquired by the purchaser at the sale, subject to the rights of omitted parties as defined in section 38-38-506 (1) and persons who may
<br />be entitled subsequently to redeem.
<br />38-38-305. Lessee easement holder, and installment land contract vendor considered as lienors - installment land contract vendee
<br />considered as an owner.
<br />(1) For the purposes of this article, a lessee of, or the holder of an easement encumbering, property shall be considered as a lienor, but
<br />without any lien amount, and shall be subject to all requirements in this article with respect to lienors. If a subsequent lienor redeems from the
<br />redemption of a lessee or easement holder, such subsequent lienor in acquiring said property takes the same subject to such lease or
<br />easement.
<br />(1.5) (a) The notice to the lessee or lessees who have unrecorded possessory interests in the property being foreclosed as provided for by this
<br />article and article 37 of this title by virtue of any foreclosure of a mortgage, trust deed, or other lien or by virtue of an execution and levy shall
<br />be mailed to the lessee or lessees of a single-family residence or a multiple -unit residential dwelling. Such notice shall be in writing and shall
<br />be sent by regular mail. Notice is complete upon mailing to the lessee at the address of the premises or by addressing such notice to
<br />"Occupant" followed by the address.
<br />(b) Nothing in this section shall affect any rights under this article of a lessee whose residential lease is recorded.
<br />(2) For the purposes of this article, an installment land contract vendor of property shall be considered as a lienor for the unpaid portion of the
<br />purchase price, interest, and other amounts provided under the installment land contract and shall be subject to all requirements in this article
<br />with respect to lienors; but such installment land contract vendor shall not be considered as an owner as to any portion of such property.
<br />(3) For the purposes of this article, an installment land contract vendee of property shall be considered as an owner except as to any portion of
<br />such property that such vendee may thereafter have transferred, as evidenced by a recorded instrument, and such vendee shall be subject to
<br />all requirements in this article with respect to owners.
<br />38-38-306. Rights of other lienors to redeem.
<br />(1) A judgment creditor whose judgment has been made a lien of record and who has complied with the other conditions of a lienor required
<br />by this article may redeem as a lienor.
<br />(2) A mechanic's lien claimant or any other person claiming the right to a statutory lien on real property shall have the right to redeem as a
<br />lienor despite the fact that the claim has not been reduced to judgment, if the lien or lien claim has been recorded as required or permitted by
<br />statute and the holder thereof has complied with the other conditions required of a lienor by this article. If another lienor redeems after such
<br />lien claimant, that portion of the redemption amount attributable to the claim of such lien claimant, as evidenced by such claimant's recorded
<br />lien, shall be held in escrow by the officer until a final judgment has been entered in favor of such claimant confirming the claimant's right to a
<br />lien and all periods for appeal have expired, whereupon there shall be paid to such claimant from the escrow the amount of the lien claim as
<br />established by the judgment, with any interest earned thereon, and the balance, if any, shall be refunded to the owner of the property as of the
<br />date of the sale, so long as the last redeeming lienor has otherwise been satisfied. If the claimant releases the lien or fails to establish a right to
<br />the lien, the entire escrow shall be paid to the owner of the property as of the date of the sale, so long as the last redeeming lienor has
<br />otherwise been satisfied. Lien claimants of equal priority, for the purposes of this subsection (2), may act in concert and be deemed to
<br />represent one claim in which they share pro rata. The right of the owner of the property as of the date of the sale to excess sale proceeds
<br />pursuant to a homestead exemption under section 38-41-201 is subordinate to the right of a subsequent deed of trust beneficiary for whose
<br />benefit the owner waived the homestead exemption.
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