Vermont Foreclosure is Judicial.
Vermont foreclosure law states that the entity bringing forth the action files the assignment and a notice is sent to the defendants to appear in court. One may file a motion with the complaint. The defendants must file an answer of the court will enter a default judgment. The plaintiff may also move for summary judgment. Judgment is made and the plaintiff prepares the foreclosure decree. The defendants have five days to object to the decree.
Vermont foreclosure Sale
Vermont foreclosure notice of sale should be published at least thirty (30) days prior to auction, a notice of intent to foreclose must also be sent to the borrower by registered or certified mail at his or her last known address. The notice of intent must include information on the mortgage to be foreclosed, state the current condition and the lenders right to accelerate the mortgage. It must also include the total amount necessary to cure the defaulted loan. The borrower must also be informed that he or she is entitled to receive a notice of sale at least sixty (60) days prior to the date of sale.
The borrower holds the right to redeem the property at any time prior to the Vermont foreclosure sale by paying the full amount due on the mortgage, plus any legal fees, and costs incurred during foreclosure.
The Vermont foreclosure sale must be held on the property itself, unless otherwise ordered by the court. The property must be sold to the highest bidder. Anyone may bid at the sale, including the lender. The borrower is entitled to receive any surplus from the sale.
Vermont Foreclosure Deficiency Judgment
Lenders hold the right to sue for deficiency if the sale price is not enough to cover the amount of the mortgage in default.
Defendants will have a six month redemption period in Vermont.
Get more information on foreclosures by ordering our best-selling Foreclosure eBooks