Short sales law SB 111 in New Hampshire...BEWARE

By
Home Inspector with Gaudet Inspections 188

CALL TO ACTION-The hearing on SB 111 (see details below) will be held tomorrow, March 15th at 9:20 AM in Room 102 in the Legislative Office Building (directly behind the State House).  A large crowd in support of this bill would go a long way demonstrating support among our members. If you would like to testify, please contact our lobbyist, Matt Murphy at 603-475-8435.

If you cannot attend please contact the Senators on the Senate Commerce Committee and ask for the Senators support for Ought to Pass for Senate Bill 111.

Chairman,   Senator Russell Prescott russell.prescott@leg.state.nh.us  

Vice Chairman, Senator Raymond White ray.white@leg.state.nh.us  

Senator Tom Deblois tom.deblois@leg.state.nh.us 

Senator Matthew Houde matthew.houde@leg.state.nh.us 

Senator Andy Sanborn andy.sandborn@leg.state.nh.us 

 

SB111:  Under the current 479-B (foreclosure rescue law), if you are doing a short sale, you are considered a "foreclosure consultant".  If you are a foreclosure consultant, you cannot purchase the property.  The new amendment (SB 111) would:

  • Expand options for homeowners facing foreclosure by exempting short sales from being considered a foreclosure rescue scam if certain disclosure requirements are met.
  • Create a 3-day disclosure requirement for the terms and conditions if a deficiency is created as a requirement of the short sale.
  • Clarify inconsistencies within current law.
  • Define short sales.   

This amendment was created as a joint effort of various stakeholders including the New Hampshire Real Estate Investors Association in response to the rapidly changing real estate market. It will allow New Hampshire home owners in distress to avail themselves of the myriad of federal programs available and other options to get out from under an unbearable mortgage.   

A short sale is the situation in which the proceeds of a home sale will not cover the mortgage payoff and closing costs, the homeowner does not have funds for the deficiency, and the lender agrees to a discounted (short) payoff.  This is one of several options available to New Hampshire homeowners having difficulty making their house payments.

 

 

Posted by

 

Steve Gaudet

Gaudet Inspections LLC, Bedford, NH 03110, cell:603-714-8628,  www.gaudethomeinspections.com


 

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