New Hampshire Foreclosure Process and Laws

 


Quick Facts About the New Hampshire Foreclosure Process

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

Foreclosure in New Hampshire is done by following special methods. It involves Entry under Process, Entry and Publication/ Possession and Possession and Publication. There are also two processes that can be done for foreclosure –the judicial and the non-judicial process. In both process, the special methods may apply.

Judicial Foreclosure
New England states have strict regulations in foreclosure processes. In New Hampshire, the judicial foreclosure process is as follows:

  • The lender files a complaint on the borrower to get a declaration of sale from the court. It must be that the court has jurisdiction on the location where the property is located.
  • The borrower in default is given a time frame to allow for payment of the deliquent amount inclusive of the costs incurred.
  • If the borrower is unable to pay the default within the time frame, the court will put the property for sale. Highest bidder will take home the property. The lender is also allowed to bid for the property.

Non-Judicial Foreclosure
The presence of the power of sale clause in the mortgage or deed of trust indicates that the non-judicial foreclosure process must be done. The power of sale clause allows the lender to sell of the property should the borrowers be found at default. The lender or even the trustee is given the role to start selling the property.

Power of Sale Foreclosure Guidelines
The mortgage or the deeds of trust with the power of sale clause should include the time, place and details of sale. This process must be followed when the foreclosure sale is conducted.In the case when the power of sale clause does not indicate the following information, the process must be done accordingly:

First, a notice of sale in the county where property is located must be recorded. This should be mailed to the borrower 25 days at least befoer the said date of the sale.

Next, it must be published in the public newspaper once in three consecutive weeks starting within 20 days before the selling of the property.

The location of the foreclosure sale is done in the property but still dependent on the power of sale clause.

The notice of sale must include complete information such as the time, place and date of sale. This shall serve as a note to the borrower that the property is forclosed.

Special Methods of Foreclosure

  1. Entry under Process – With the process of law, the lender has the right to foreclose and retain possession of the property for a year.
  2. Entry and Publication – Peacable entry on the property itself, giving ti a peaceable possession for one year. There should be a notice posted that indicated the time of possession, borrowers lenders, original date of mortgage and property’s description. This notice should be posted in the newspaper for general circulation for three consecitive weeks. Take not that the first publication must appear 6 months before redemption of borrower to property is expired.
  3. Possession and Publication – The lender should create a notice that states that the property is held for default of mortgage that stops the borrowers right to it. This should be published in the newspaper in the county where property is located where the lenders, borrowers, date of mortgage and property description are indicated. It should also give the intent to posses the property for a year by the lenders.

The borrowers are not given any right to redeem property once these three methods have been used.

Foreclosure Avoidance Counseling

HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.

If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Manchester Field Office

Norris Cotton Federal Building
275 Chestnut Street, 4th Floor

Manchester, NH 03101-2487

Phone: (603) 666-7510

Fax: (603) 666-7667

TTY: (603) 666-7518

Jurisdiction: State of New Hampshire

Gregory G. Carson
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday