If you are behind on the mortgage payments on your New Hampshire property and confused by all of the terms here is the New Hampshire Foreclosure Law Summary taken from http://stopforeclosure.com
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Varies by Process; Typically 60 days
- Right of Redemption: None
- Deficiency Judgments Allowed: Yes
"In New Hampshire, lenders may foreclose on a mortgage or deed of trust in default by using either the judicial or non-judicial foreclosure processes or any of the following special methods: Entry under Process, Entry and Publication or Possession and Publication.
In New Hampshire, the judicial process of foreclosure is very similar to that of the strict foreclosure process used in other New England states. The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold. Anyone may bid at the foreclosure sale, including the lender.
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out in the following phases:
A notice of sale must be recorded in the county where the property is located and then: 1) mailed to the borrower at least twenty-five (25) days before the sale; and 2) published once a week for three (3) weeks, with the first publication appearing not less than twenty (20) days before the sale, in a newspaper of general circulation in the county where the property is located.
The notice should contain the time, date and place of sale, a description of the property and the default, as well as a "warning" to the borrower, informing him the property is going to be sold and what rights he has to stop the procedure.
The foreclosure sale must be held on the property itself, unless the power of sale clause specifies a different location."
(source : http://stopforeclosure.com)
So it is critcial to stop the foreclosure before it starts call now for information on Short Sales...
If you would prefer to go to my website to learn more about Short Sales go to: www.nhshortsale911.com
I urge you if you or anyone you know is having trouble making their mortgage payments and needs to do something BEFORE their home goes into foreclosure, I can help.
Call me at 603-387-1674
I am a Certified Distressed Property Expert who is trained to help you through the process.
To view my other Short Sale Blog posts go to www.NHShortSaleCenter.com
Alexandra von Bryce
Alexandra von Bryce, REALTOR®
CDPE (Certified Short Sale Specialist); Distressed Property Specialist; Distressed Luxury Property Specialist
169 Daniel Webster Hwy.
Nashua, NH 03060
Direct: (603) 387-1674
Office: (603) 589-8800
Fax: (603) 768-4253