Understanding New Hampshire’s Foreclosure Process
It is essential to understand the foreclosure process in New Hampshire.
Before we dive in…
What is foreclosure?
Foreclosure refers to the legal process by which lenders take back property secured by a loan. This usually happens after the borrower has stopped making payments for an extended amount of time.
It’s not fun to go through a foreclosure. But you do have options!
Understanding a foreclosure in New Hampshire will equip you with the information you need to navigate the process and, in the end, leave you in the best possible position.
The Foreclosure Process
Most home mortgages have a “power of sale” clause. A “power of sale” clause just means the lender has the authority to take your home without taking you to court when you are behind in your home mortgage payments. Since New Hampshire allows a “power of sale” on home mortgages, New Hampshire is called a “non-judicial” foreclosure state.
Foreclosure is different in each state. In New Hampshire, an auction date is scheduled, and then there will be a public notice released online, and foreclosure will be advertised In your local newspaper.
Contact us via our contact page or by calling us to discuss the local foreclosure process in New Hampshire.
You Can Lose Your Home if you do nothing!
Basic Stages of a Foreclosure in New Hampshire:
Notice of Default: You will receive a notice indicating missed payments and your responsibility to pay.
Notice of Sale: You will receive a “notice of trustee sale” aka “Sale of Real Property” indicating that your home will be scheduled for foreclosure and an auction date will be set at least 45 days before the auction.
Auction Published: The foreclosure of your home will be published in a local newspaper once a week for three weeks, with the first publication beginning 21 days before the sale.
Home is Sold: If you do nothing, you will lose your home, and it will be sold at auction. This will negatively affect your family, credit record, and your future ability to purchase another home.
Eviction: You will be Evicted from your Home.
What happens after a foreclosure auction?
The loan amount is paid off by the proceeds of the sale.
Sometimes the proceeds from the sale of the property may not be enough to repay the loan. A deficiency judgment can be filed against the borrower in such cases.
A deficiency judgment is when the bank files a lawsuit against you, the borrower, for any remaining funds owed to it on the loan amount following the foreclosure sale.
This great resource lists the state-by-state deficiency judgment laws because every state is unique.
It is best to avoid foreclosure auctions. Call Project Relief, and we can help you figure out what options may still be available.
Please call us today or fill out this form.
A Foreclosure Resource for New Hampshire Homeowners:
