[§667-29.5] Eligible bidder; subsequent bid. (a) Notwithstanding any other law to the contrary, the public sale of a mortgaged property under a power of sale foreclosure process pursuant to this part shall not be deemed final until the earliest of the following:
(b) If an eligible bidder submits a subsequent bid that is equal to or exceeds the amount of the latest and highest bid of the successful bidder under section 667-29, the eligible bidder shall be the final successful bidder and make the nonrefundable downpayment required under section 667-29.
(c) For the purposes of this section:
"Eligible bidder" means:
"Eligible tenant buyer" means a natural person who, at the time of a public sale, is:
"Prospective owner-occupant" means a natural person who presents to the mortgagee an affidavit stating that the person: