By RealtyTrac | Published: 2/15/2009
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 PeriodAlmost 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 before the foreclosure sale by paying the default amount, damages and costs.
Notice of Sale/AuctionThe notice of sale is published once a week for three weeks in a local newspaper, with the first publication appearing at least 21 days before the sale date. The notice is delivered to the borrower at least 26 days before 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.
Interest rates have crept up, but refinancing may make sense for you.
Purchase price, interest rate, taxes and PMI determine your monthly payment.
Find out if owning a home will save you money.