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Redemptions

Intent to Redeem instructions

Once the foreclosure sale has concluded, the redemption notice period begins. Under Colorado statute, junior lienholders have the right to redeem a senior lien if their interest in the property has been recorded prior to the recording of the Notice of Election and Demand. Junior lienholders interested in redeeming a foreclosed lien can file a Notice of Intent to Redeem and Statement of Amount Owed with the Public Trustee within eight business days of the sale. The Public Trustee’s office may take up to two business days after the last date to file a Notice of Intent to Redeem, to review and formally accept any Notice of Intent to Redeem timely filed.

The written Notice of Intent to Redeem and Statement of Amount Owed must be submitted to the Public Trustee’s office along with the original recorded lien (or an original certified copy), and the filing fee. The fee for lienholders to file an Intent to Redeem is $50.

The Notice of Intent to Redeem and Statement of Amount Owed must be notarized (unless signed by the junior lienor’s attorney) and comply with all requirements of CRS § 38-38-302. The Statement of Amount Owed must show the “amount required to redeem the lienor’s lien, including per diem interest, through the end of the nineteenth business day after the sale with the same specificity and itemization as required in section 38-38-106″ CRS § 38-38-302(1)(f). Please note that if a redemption is made, a Statement of Amount Owed must also accompany any redemption funds tendered to the Public Trustee (CRS § 38-38-302(6)).

Once a valid Notice of Intent to Redeem and Statement of Amount Owed is filed with and accepted by the Public Trustee, a redemption statement will be requested from the Certificate of Purchase holder. The redemption statement is due no later than the 13th business day following the sale and if not received, the Public Trustee will calculate redemption figures according to CRS § 38-38-302(3)(b). Redemption periods will be set by the Public Trustee’s office on the 9th business day following the foreclosure sale (CRS § 38-38-302(4)(d)), and in accordance with CRS § 38-38-302(4)(a). Each junior lien holder filing a valid Notice of Intent to Redeem and Statement of Amount Owed will have a 5 business day redemption period and the first redemption period will begin the 15th business day following the foreclosure sale. (Note: all redemption periods expire at noon on the last day of the redemption period).

At the expiration of all redemption periods, the Certificate of Purchase holder / Certificate of Redemption holder may request a Confirmation Deed. The cost for producing and recording a Confirmation Deed is $73 for the first page, and $5 for each additional page (if applicable). The Confirmation Deed is the public record that confirms title transfer to the new owner.

If you represent a Homeowner’s Association planning to file a Notice of Intent to Redeem with our office, please see our Policy on the Redemption of HOA liens.

Investors and Junior Lienholders can view the redemption status for any file in our foreclosure database.

Treatment of an Overbid

If the Public Trustee receives an overbid as a result of a foreclosure sale it will first be applied to any deficiency amount as submitted by the foreclosing lender on their foreclosure sale bid. If there are overbid funds in excess of any deficiency, those overbid funds will be held by the Public Trustee until all redemption periods have expired (CRS § 38-38-111(1)). Once all redemption periods have expired, any remaining overbid funds will be disbursed in accordance with CRS § 38-38-111(2)).

Note: a redeeming junior lien holder whose lien has not been redeemed may receive both excess proceeds (if applicable) AND ownership of the property.