A familiar phone call:
"Hi, I just got a letter from my bank where I have my mortgage and the letter says the bank has scheduled a foreclosure sale - should I be worried?"
The answer to is "yes"!
New Hampshire is a non-judicial foreclosure state. That means, if the lender who holds your mortgage has a "power of sale" clause in the mortgage (and most home lenders do have this clause) then the bank is not required to go to court to take your house if you fall behind in payments. They send you a notice of default, that if not timely corrected, the lender can then schedule a foreclosure sale of your house - the lender must give you at least 25 days notice prior to the sale and publish the notice of the sale three weeks in a row in the newspaper 21 days prior to the sale. So, start to finish, you could be out of your house in four months, depending upon how aggressive your lender is. Real life, most traditional lenders these days are swamped with people who are behind in their mortgage payments, and facing a slew of foreclosure sales.
Click below to see a a chart of the foreclosure timeline, from start to finish, that shows how you can lose your home in 4 months and be evicted and on the street in five months.
The state has a wonderful web site with valuable information on understanding your situation. For example, you can receive free help from a HUD counselor to learn if you qualify to modify your mortgage to a more affordable payment than what you are now paying
click here for more information:
Once the house is sold at the bank's foreclosure sale, you do not have a right to buy it back, so, if staying in your home is what you want to do, then check out the above programs and see if they help you.
You also have available the right to file a Chapter 13 bankruptcy, often called the "home owner's" bankruptcy because it allows you up to five years to pay back the mortgage arrearages. Bankruptcy stops creditor action against you and gives you a chance to breathe.
For more information, contact:
web site: www.GardnerBusinessLaw.com