Stop Vermont Foreclosure
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Foreclosure is a very serious matter, your now receiving all sorts of letters in the mail from different companies all telling you that they can help you. They could be all very confusing. If you've noticed, they all want you to do one of the following, so let's go over each of them one at a time.
Just Walk Away
It has come to our attention that some organizations are advising people on the phone and by mailers to home owners, to just walk away and let it go to foreclosure. It appears the organizations behind this campaign may be groups of investors that want to buy your property cheap at auction. This can be devastating for home owners in many states, as the home owner is responsible for the deficiency, which means if you owe $225,000 on your loan, and your home sells for $100,000 at auction, you're on the hook for the $125,000 difference. They can garnish wages to get it. This means the investor gets a great deal and the homeowner gets a huge bill as they are being kicked to the curb.
Private Investors/Lenders:
They will tell you that they will bring your mortgage current and payoff all back fees to save your home, and they will too, for a price of coarse.
In order for them to do that you must " quick Deed" (sign over your home to them in their name). In turn they will gladly lease your home back to you with 15-20% higher payments for maybe 1-2 or 3 years until they have made their investment back. Then they will agree sign your home back to you. Sounds good so far right? But here's the trick.
In the contract that you sign, always somewhere in the fine print. It will say if the leasee (you) are 24 hours late with your monthly payment within the duration of your contract, that the lessee (you) must evacuate the premises. Usually within 5 - 7 days. Over 90% of homeowners that fall for this trick end up losing there homes. These investors all know that you've had payment problems in the past, that's why they prey on homeowners in your situation. Next thing you know your family is out on the street, with no home or hope and the investor just tricked you out of your $150,000 home that cost them only $4,000 to $5,000 so PLEASE BEWARE, don't do it.
New Loan:
you to take out another loan (it sounds good on the surface but you'll pay much, much more in the long run). You have to start of a new loan from the beginning, you eventually lose all of your equity. All of your past payments are just wasted. You gain nothing. Don't fall for it.
Bankruptcy:
Don't do it! It will only save your home temporarily. Big rouble awaits you around the corner. Everyone says "file for bankruptcy it's easy don't worry we can get you squared away". Yea right. Do yourself a huge favor Don't do it!!
If you truly would like to save your home and have your case handled correctly, call the professionals. We will evaluate your case for free and inform you of your rights as a homeowner. We will introduce you to the many options that are available to save your home. To get your free evaluation either fill out a short questionier by clicking here or call now, 1-888-209-1424. | |
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Vermont Foreclosure Process |
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If you do not FULLY understand the foreclosure process outlined on this page and how it may apply to you please take advantage of our FREE consultation by clicking here.
The Process
Vermont allows foreclosure either by filing a lawsuit to
obtain strict foreclosure, in which the
title given tot he lender by deed will be ruled to be
final, or by filing a lawsuit to foreclosure under a power of sale clause in a
deed of trust. Both procedures are governed by the Vermont Rules of Civil
Procedure. There is a statute for deed of trust foreclosure (VT. Stat. Ann tit
12 §4531a). Under Vermont’s strict foreclosure procedures, the lender
gets a deed to the property at the outset of the loan, but the deed also
provides that the borrower can get the title back by repaying the loan. All the
lender has to do is get a court declaration that the borrower has failed to
meet the condition, and the title becomes final in the name of the lender after
a statutory redemption period passes, during which the borrower can recover the
property by paying off the rest of the loan.
In strict foreclosure a complaint (lawsuit) must be
filed in county court. The complaint and a summons to the borrows to appear and
answer the complaint must be served on the borrower. The complaint must state
the borrower's am lender's names, the date of the mortgage deed, a description
of the debt owed and a claim for attorney's fees, if any are sought. It must
state that the reason the lender is foreclosing, is a breach in the deed's
conditions. Although the lawsuit prays for the court to foreclose the
borrower's right to redeem the property, the borrower nevertheless has a right
to re deem under Vermont's statutes. Under Vermont statutes the time for
redemption is one year for pre-1968 mortgage and six months for post-1968
mortgages, from the date of the judgment. However, the lender can request a
shorter time for good cause. Once the complaint is served, the lender may move
for summary judgment in order to avoid trial.
Non-judicial Foreclosure
Due to Vermont's long tradition of strict foreclosure, a
foreclosure sale under a power of sale clause has only recently become common
in residential loans, although they have been common in commercial
transactions. Vermont does not have a well-established tradition of foreclosure
auctions. In Vermont, a lender must still bring a lawsuit to foreclose a deed
of trust and obtain an order for a sale. However, the foreclosure may not take
place until seven months have passed from the date the lawsuit was served on
the borrower, unless the borrower and lender agree otherwise, or the borrower
is damaging the property.
Deficiency
In Vermont a lender may sue the borrower to collect
deficiency if the foreclosure sale under the deed of trust was not sufficient
to repay the loan plus the foreclosure expenses. However, if the lender buys at
the foreclosure sale, the borrower can force the lender to credit the fair
market value of the property against the total amount owed, which includes the
loan balance and the foreclosure expenses. If the foreclosure sale generates a
surplus, junior lien holders and creditors may claim it up to the amount owed
in the order of their priority. |
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