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New Hampshire foreclosure law allows both Judicial and Non-Judicial foreclosure processes to be followed. The Judicial Foreclosure process requires the lender to sue the borrower in court to obtain an order to foreclose. The court will give the borrower a set period of time to cure the default, but if the borrower can not pay the amount due, the property is ordered to be sold. The property may also be ordered to be foreclosed by possession by the lender.
The Non-Judicial Foreclosure process is used when the original loan documents contain a “power of sale” clause authorizing the lender to sell the property in the event the borrower defaults.
At least twenty-five (25) days prior to the sale, the notice of sale must be sent to the borrower by certified mail or registered mail. The notice must also be published in a weekly newspaper of general circulation in the county in which the property is located for three (3) consecutive weeks. The publication of the notice must begin at least twenty-one (21) days prior to the sale.
In New Hampshire, the borrower has no right to redeem the property after the sale date. Also, the lender is able to sue the borrower for a deficiency judgment in the event the sale price is not of a sufficient amount to pay the loan balance due plus costs. |
