Best Foreclosure Lawyers in New Hampshire

About Foreclosure Law in New Hampshire, United States

Foreclosure in New Hampshire is the legal process through which a lender seeks to recover the balance of a loan from a borrower who has stopped making payments, typically by forcing the sale of the property used as collateral for the loan. New Hampshire primarily follows a non-judicial foreclosure process, meaning foreclosures are typically handled outside of court, according to the terms set forth in the mortgage or deed of trust.

The process can move relatively quickly and may catch homeowners off guard if they are unfamiliar with their rights and responsibilities. Understanding the basics of foreclosure law in New Hampshire can help individuals better protect their homes and know when to seek legal advice.

Why You May Need a Lawyer

Facing foreclosure can be overwhelming and emotionally taxing. Legal counsel can make a substantial difference, especially given the complexities of state-specific procedures and timelines. Here are common situations where legal help is often essential:

• You have received a notice of default or foreclosure and are unsure of your rights.
• You believe the lender made an error regarding payment history or procedure.
• You want to explore loss mitigation options, such as loan modification, repayment plans, or forbearance.
• You suspect predatory lending practices or violations of state and federal law.
• You require assistance navigating bankruptcy or court processes related to foreclosure.
• You wish to negotiate a short sale or deed-in-lieu of foreclosure.

A lawyer experienced in New Hampshire foreclosure law can assess your situation, build a defense if possible, and help you understand all available options.

Local Laws Overview

Foreclosure law in New Hampshire has unique aspects homeowners should know:

• Non-Judicial Foreclosure: Most foreclosures happen outside of court through a process known as "power of sale." The lender must follow specific notice requirements stated in the mortgage documents and under state law.
• Notice of Sale: The lender must give the borrower and the public notice of the foreclosure sale at least 25 days before the sale date. Notices are typically delivered by certified mail and published in a local newspaper.
• Right to Cure: New Hampshire law may allow borrowers to reinstate (cure) the mortgage by paying what is owed up until the sale date.
• No Statutory Right of Redemption: After the foreclosure sale, there is typically no statutory right for the former owner to reclaim the property by paying off the balance.
• Deficiency Judgments: If the sale amount does not cover the debt owed, lenders may pursue a deficiency judgment for the remaining balance, but the process and availability of these judgments are subject to state rules.
• Tenant Rights: If the property is rented, tenants may have additional protections under federal and state law regarding notice and move-out dates.

Because of these intricacies, timely action and knowledge are crucial in foreclosure matters.

Frequently Asked Questions

What is the difference between judicial and non-judicial foreclosure in New Hampshire?

Judicial foreclosure involves a court process, while non-judicial foreclosure occurs outside court based on the "power of sale" clause in a mortgage. Most foreclosures in New Hampshire are non-judicial, making the process faster.

How much notice must I receive before a foreclosure sale?

You must receive at least 25 days' notice before the scheduled foreclosure sale. Notice must also be published in a local newspaper for three consecutive weeks prior to the sale.

Can I stop a foreclosure once it has started?

Yes, in some cases you can stop a foreclosure by reinstating the loan, paying past-due amounts, negotiating with your lender, or filing for bankruptcy. Contacting a legal professional early increases your options.

Do I have any right to get my property back after the foreclosure sale?

No, New Hampshire does not provide a statutory right of redemption after a foreclosure sale. Once the property is sold, you generally cannot reclaim it by paying off the debt.

What happens if the foreclosure sale does not cover the full amount I owe?

The lender may seek a deficiency judgment against you for the remaining balance. Courts may grant or deny such judgments based on specific circumstances and state law.

Are there options to avoid foreclosure?

Yes, options include negotiating a loan modification, seeking forbearance, arranging a repayment plan, pursuing a short sale, or completing a deed-in-lieu of foreclosure.

How long does the foreclosure process take in New Hampshire?

Non-judicial foreclosure can move quickly, often taking two to three months from initial notice to sale, depending on timing and lender actions.

Can tenants be evicted immediately after a foreclosure?

Tenants may have protections under federal law, including receiving at least 90 days' notice before being required to vacate. Additional protections may apply depending on the circumstances.

What should I do if I think my lender made a mistake?

You should immediately notify your lender in writing and seek legal advice. An attorney can help review your loan documents and ensure your rights are protected.

Is it possible to file bankruptcy to stop a foreclosure?

Yes, filing for bankruptcy may temporarily stop a foreclosure process. Consult a lawyer to understand the pros and cons and whether this is appropriate for your situation.

Additional Resources

If you are facing foreclosure or need guidance, the following resources may be helpful:

• New Hampshire Judicial Branch - Information on foreclosure and court processes
• New Hampshire Legal Assistance - Provides free or low-cost legal help
• Consumer Financial Protection Bureau - Offers federal resources for homeowners facing foreclosure
• US Department of Housing and Urban Development (HUD) - HUD-certified housing counselors
• New Hampshire Bar Association - Lawyer referral and legal resources
• Local city or town offices - For support with property taxes and related issues

Next Steps

If you are facing foreclosure or have received a notice of default, do not ignore the situation. Take the following steps:

1. Review all notices and correspondence from your lender promptly.
2. Gather relevant documents, such as mortgage or deed of trust, payment records, and any communication from the lender.
3. Contact a local attorney experienced in foreclosure law in New Hampshire.
4. Research available assistance programs, such as HUD-certified housing counseling.
5. Attend any mandatory mediation sessions or court hearings if required.
6. Consider all loss mitigation options and discuss potential defenses or solutions with your attorney.

Taking swift, informed action is critical. Legal advice can help you weigh your options, protect your rights, and potentially avoid losing your home.