New Hampshire Foreclosure Law

In New Hampshire State Judicial Foreclosure and non-Judicial foreclosure both approaches are used for the purpose of foreclosure. In New Hampshire state foreclosure timeline varies according to process and usually take 60 days. New Hampshire foreclosure law gives endorsement to deed of trust and mortgage as primary security instruments. New Hampshire foreclosure law does not authorize any statutory right of redemption, however it allows deficiency judgments.

By means of non-judicial or judicial foreclosure process lenders in the state of New Hampshire may foreclose on deeds of trusts or mortgages in default. There are three other ways which also has acceptance in New Hampshire foreclosure law , which are stated below :
1.    Entry under Process,
2.    Entry and Publication,
3.    Possession and Publication.

The judicial foreclosure
The judicial foreclosure process holds filing a lawsuit to obtain a court order to foreclose on a particular property. Judicial foreclosure process is by and large utilized when “no power of sale” is there in the mortgage or deed of trust. A power of sale clause authorizes the sale or transfer of property as outlined by the terms of that clause in a deed of trust or mortgage. The property is auctioned off to the uppermost bidder condition the Court orders to foreclose .Any one may bid in auction including the lender.

Non-Judicial Foreclosure
In case homeowner defaults non-judicial foreclosure method allows the lender to sell the property and pay off the balance of the loan. Non-judicial foreclosure method is favored when “power of sale clause” exists in the deed of trust or mortgage document. A “power of sale clause” in a deed of trust or mortgage means that in case of default borrower has pre-authorized the sale of property to pay off the balance on a loan. The power to sell may be completed by the lender or their representative in conditions where a power of sale exists. The modus operandi for this Non-Judicial Foreclosure is elucidated in the “Power of Sale Foreclosure Guidelines” listed below.

Power of Sale Foreclosure Guidelines
If the “power of sale clause” caught up by the time, place and terms of sale specifications in the deed of trust or mortgage, then it is compulsory to follow the specified procedure granted it meets the minimum safety laws set forth by the State of New Hampshire. New Hampshire foreclosure law depict ,if “power of sale clause” does not clarify the time, place and terms of sale, then a non-judicial power of sale must be carried out in the following way;
•    As a prerequisite notice of sale must be recorded in the state where property is situated.
•    At least (25) days prior to sale notice of sale must be mailed to the borrower at his last known address via certified mail.
•    Notice of sale must be first published at least 20 day before the sale in the news paper having circulation in the state where property is sited. Moreover it must be published each week for three consecutive weeks.
•    Notice must contain the date, time, place of sale and warning words in “You are hereby notified that you have the right to petition the Superior Court for the county in which the mortgaged premises are situated, with service upon the mortgagee (lender), and upon such bond as the court may require, to enjoin the scheduled foreclosure sale.”
•    Sale will be held at the place specified by the power of sale clause, if not mentioned then auction must be held on the actual property.
•    The person selling the property has to record the deed, notice of sale, affidavit stating sale within the 30 days after the successful sale.

Entry under Process
Lender may take up this method of foreclose by entering the property under the law and maintaining the possession for a year.

Entry and Publication
This method may be opted by the lender taking two ways into count, one to enter in the property and keep peaceful possession of property for a year. Along with this must publish a notice of peaceful possession the property, names of the borrower and lender, description of the property and deed of mortgage in the news paper of general circulation. The publication must be published at least 6 months before the time, in which borrower can redeem the property.

Possession and Publication
This process has the connection by the lenders possession  of property and publishing the notice portraying that borrowers rights of property will be foreclosed  with the held of mortgage default. Notice along with the description of property, borrowers and lender name, lenders intention to possess the property for a year must be published in the news paper of general circulation.