An investor purchases a property in New Hampshire through a non-judicial (power of sale) foreclosure sale. The original borrower claims they have a right to redeem the property after the foreclosure sale by paying the full outstanding debt plus costs. Which statement correctly describes the borrower's post-sale redemption rights under New Hampshire law?
Correct Answer
C) New Hampshire does not provide a statutory post-sale redemption period after a completed non-judicial foreclosure sale
New Hampshire does not provide a statutory right of post-sale redemption after a completed non-judicial (power of sale) foreclosure sale. Once the foreclosure sale is properly conducted under RSA Chapter 479, the purchaser at the sale receives title and the borrower's ownership rights are extinguished. This is distinct from some other states that provide statutory post-sale redemption periods (often 6 months to 1 year). Candidates familiar with other states' redemption rights often incorrectly assume NH provides the same protection.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
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