Wednesday, September 4, 2024 / by Vanessa Saunders
Understanding the Pre-Foreclosure Process: A Guide for New Hampshire Homeowners
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 pro ...
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 pro ...
