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New Hampshire Foreclosure Law
The majority of New Hampshire foreclosures are carried out
through out-of-court proceedings. The typical timeline for an
out-of-court foreclosure is approximately three months,
including the pre-foreclosure period.
Pre-foreclosure Period
Almost every foreclosure in New Hampshire occurs out of court
through a mortgage provision that gives a lender the right to
sell a property once a borrower defaults. Most mortgages require
the lender to send a default notice to the borrower, detailing
the default amount, providing a grace period of 30 days in which
to pay the default, and warning that failure to do so will
result in foreclosure. If the borrower does not pay off the
default during the pre-foreclosure period, the lender can start
the foreclosure process and schedule a foreclosure sale. A
borrower may also save the property and stop the foreclosure
process prior to the foreclosure sale by paying the default
amount, damages, and costs.
Notice of Sale / Auction
The notice of sale is published once a week for three weeks
in a local newspaper, with the first publication appearing at
least 21 days prior to the sale date. The notice is delivered to
the borrower at least 26 days before to the sale date. The
notice of sale includes the date, time, location, and terms of
the sale; the location of the property; and the mortgage date.
The sale, specified in the notice, almost always occurs at the
property itself and is usually run by the lender's attorney or
an auctioneer. The opening bid at the auction is typically set
at 70-85 percent of the property's fair market value. Anyone may
bid at the auction, including the lender, and the property is
sold to the winning bidder. Within 60 days of the sale, the
winning bidder must pay the balance of the full bid amount and
the lender must file the necessary recorded documents to
transfer ownership to the winning bidder.
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