Step 1: Missed Mortgage Payments
Missing a couple of mortgage payments can be unsettling and stressful. At this stage, while you're not yet in immediate danger of losing your home, your lender will start sending reminders about the missed payments. In New Hampshire, the time from those first missed payments to the beginning of foreclosure proceedings is usually three to six months, but acting quickly can make all the difference.

Step 2: Notice of Default (NOD)
If the missed payments continue, typically around the 90-day mark, the lender will issue a Notice of Default (NOD), also known as a Demand Letter or Notice to Accelerate. This formal letter notifies you that you're behind on your mortgage payments and that foreclosure proceedings will start unless you catch up within a certain timeframe. In New Hampshire, this notice must be given to provide you a fair chance to resolve the situation.

Step 3: Notice of Trustee’s Sale
If the default isn't resolved, the lender will proceed by issuing a Sheriff's or Public Trustee’s Notice of Sale. This document, filed with the county courthouse, sets a date for the sale of your home. In New Hampshire, this notice must also be published in a local newspaper once a week for three consecutive weeks, ensuring that you’re aware of the impending sale.

New Hampshire Foreclosure Regulations: What You Need to Know
New Hampshire is a “non-judicial foreclosure” state, which means lenders can foreclose without going through the court system, allowing the process to move faster. Here’s what you should know:

1. Notice Requirements: Lenders must give at least 25 days' notice before the sale date, and the notice must be sent by certified mail and published in a local newspaper for three weeks.
2. Right to Cure or Reinstate: You have the right to “cure” the default before the foreclosure sale by paying the amount owed, including any fees. Acting quickly is vital to keep all options open.
3. Deficiency Judgments: Even after the foreclosure sale, the lender can pursue a deficiency judgment if the sale price doesn’t cover the full debt owed, meaning you could still owe money even after losing your home.

Practical Tips for Homeowners Facing Pre-Foreclosure

1. Open All Mail from Your Lender: It might be tempting to ignore the letters, but these contain crucial information about your rights and the timeline. Ignoring them can lead to missed deadlines and lost opportunities to resolve the situation.

2. Communicate Early with Your Lender: Many homeowners fear talking to their lender, but early communication can help. Most lenders have programs to help you avoid foreclosure, such as loan modifications, repayment plans, or forbearance. Explain your situation honestly, and ask about available options.

3. Know Your Rights: Understanding the foreclosure laws in New Hampshire, including your right to cure the default and the required notices, empowers you to take appropriate action. Consider consulting with a local real estate attorney who specializes in foreclosure to ensure you’re fully informed.

4. Review Your Budget and Prioritize: Take a close look at your budget and prioritize expenses. Foreclosure can often be avoided by making temporary sacrifices in other areas. Cut non-essential spending and consider selling assets to cover missed payments.

5. Seek Professional Help Immediately: Don’t wait until it’s too late. A Certified Distressed Property Expert can help you navigate your options, negotiate with your lender, and explore alternatives like short sales or deed-in-lieu of foreclosure.

6. Stay Alert to Scams: Be wary of companies that promise quick fixes or ask for upfront fees to stop foreclosure. Scams are common, and it’s important to work with a trusted professional.

7. Consider Your Long-Term Options: If keeping your home isn't feasible, explore other paths like selling your home or negotiating a deed-in-lieu of foreclosure. It’s better to plan for the future proactively than to be forced into a corner.

Why Getting Professional Guidance Early Is Essential
I’m on a mission to make sure homeowners don’t get kicked out of their homes without knowing all their options. I've met too many people when it’s already too late, and it’s incredibly hard to help at that point. Time is of the essence in these situations. Even if you feel like you’ve got things under control, often, things aren’t as secure as they seem, and former homeowners find themselves without choices or a way forward.

Having been through this myself—losing my home to Hurricane Sandy when I lived in New York, and battling an insurance company that refused to pay—I understand how quickly things can spiral. As a Certified Distressed Property Expert in New Hampshire, I’m here to help you before it’s too late, to ensure you have options and a plan.

You Don't Have to Go Through This Alone
If you’ve missed payments or received a Notice of Default, now is the time to act. Reach out to me today, and let’s find the best path forward together. Early intervention can be the key to keeping your home and securing your future. Contact me, Vanessa Saunders Tel: 603-945-5692, in confidence, and let’s talk about your options—you don’t have to face this alone.