New Hampshire homeowners facing foreclosure typically don’t get much warning before the foreclosure sale takes place. If it’s possible that you might lose your home to a foreclosure in New Hampshire, you should educate yourself about how you'll find out about the foreclosure, how the foreclosure process works, whether you’ll be subject to a deficiency judgment after the foreclosure, and more.
Read on to find a summary of some of the key features of New Hampshire foreclosure law along with citations to the statutes so you can read the laws yourself.
Because New Hampshire foreclosures are typically nonjudicial, this article focuses on that process.
In New Hampshire, defaulting homeowners can expect to receive one foreclosure notice: a notice of sale.
The foreclosing party must personally serve or mail the defaulting homeowner the notice of sale at least 45 days before the sale. It must also publish the notice in a newspaper once a week for three weeks prior to the sale. (N.H. Rev. Stat. Ann. § 479:25).
“Reinstating” is when you catch up on the defaulted mortgage's missed payments (plus fees and costs) in order to stop a foreclosure.
New Hampshire law does not provide the borrower with the right to reinstate prior to the sale. The mortgage contract, on the other hand, might provide the right to reinstate or the foreclosing party could permit the borrower to reinstate.
In some states, you can redeem (repurchase) your home within a certain period of time after the foreclosure. New Hampshire law, however, does not provide the borrower with the right to redeem after the foreclosure.
But the borrower can redeem up until the time of the foreclosure sale by paying off the full amount of the unpaid mortgage debt. This will stop the foreclosure. (N.H. Rev. Stat. Ann. § 479:18).
When the total mortgage debt exceeds the foreclosure sale price, the difference is called a “deficiency.” Some states allow the lender to seek a personal judgment (called a “deficiency judgment”) against the borrower for this amount, while other states prohibit deficiency judgments with what are called anti-deficiency laws.
In New Hampshire, the foreclosing party may obtain a deficiency judgment, though it must make every reasonable effort to obtain a fair and reasonable price at the sale.
If you want to learn more about the foreclosure process in New Hampshire or want to find out if you have any potential defenses to a foreclosure, consider talking to a foreclosure lawyer.
It’s also a good idea to make an appointment to speak to a HUD-approved housing counselor, especially if you want to learn about different loss mitigation options.