§ 4948. Reinstatement of mortgage prior to sale
(a) Upon agreement of the mortgagor and mortgagee, the mortgagor may reinstate or modify
the loan after the expiration of the redemption period set forth in the judgment order
but before the public sale. Upon reinstatement or modification of the loan, the mortgagee
shall execute a waiver of foreclosure and, after receiving court approval, record
it in the land records of the city or town where the mortgaged property lies. Upon
recording, the waiver of foreclosure shall operate to terminate the foreclosure and
restore the parties and all junior lienholders to the positions they held prior to
the filing of the foreclosure, as amended by any modification agreement between the
mortgagor and mortgagee.
(b) The following form of waiver of foreclosure may be used. Nothing herein shall be construed
to prevent the use of other forms or to prevent alteration of the form as circumstances
require:
WAIVER OF FORECLOSURE
MORTGAGEE, holder of record of a mortgage deed dated ____ , 20__ and of record in Book ____ at Page ____ of the City/Town of ______ Land Records (“the Mortgage”) executed and delivered to it by MORTGAGOR(S) covering
real estate located in the Town of ______ , Vermont hereby acknowledges and agrees:
1. For the breach of the condition of the Mortgage, MORTGAGEE initiated a foreclosure
action against MORTGAGOR by Complaint for Foreclosure dated ______ , 20__ which is of record in Book ____ at Page ____ of the Town of _____ Land Records.
2. That MORTGAGOR(S) has/have now cured the default and requested reinstatement of
the Mortgage and the MORTGAGEE agrees to reinstate the mortgage, as amended by any
modification agreement between the mortgagor and mortgagee.
NOW THEREFORE, MORTGAGEE does hereby acknowledge that it has received payment of the
arrearages due it under the Mortgage and the promissory note which it secures, and
in consideration thereof, does hereby waive the above-entitled foreclosure action
and release unto said MORTGAGOR, his/her/its heirs, personal representatives, successors,
and assigns, all claims asserted in the foreclosure action. THE MORTGAGE IS NOT DISCHARGED.
This waiver is given pursuant to 12 V.S.A. § 4948. This waiver shall have no effect on the Mortgage referenced above other than to
reinstate the same, as amended by any agreement between the mortgagor and mortgagee,
and the rights of all parties named in the foreclosure action, as well as the rights
of any junior lienholders, remain intact, except as amended by any agreement between
the mortgagor and mortgagee, as if no foreclosure had been commenced.
IN WITNESS WHEREOF, the said MORTGAGEE has caused this instrument to be executed by
its duly authorized agent this ____ day of ______ , 20__ .
MORTGAGEE
By: __________
Its Duly Authorized Agent
Printed Name: ________
State of _____
County of ______
At ______ in said County and State, then personally appeared the above-named duly authorized
agent who acknowledged the foregoing waiver of foreclosure to be his/her free act
and deed and the free act and deed of the MORTGAGEE.
Before me, ______
Printed Name:________
Notary Public
My Commission expiration ______
_________________________________________
The request for waiver of foreclosure is SO ORDERED this ____ day of ______ , 20__ .
_________________________________________
Superior Court Judge
(Added 2011, No. 102 (Adj. Sess.), § 1.)