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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 12 : Court Procedure

Chapter 172 : FORECLOSURE OF MORTGAGES

Subchapter 003 : Foreclosure by Judicial Sale

(Cite as: 12 V.S.A. § 4949)
  • § 4949. Mortgagor's redemption prior to judicial sale

    (a) The mortgagor is entitled to redeem the premises at any time prior to the public sale by paying the full amount due under the judgment order and such other amounts, including costs and expenses of sale, accruing postjudgment as agreed upon by the mortgagor and mortgagee or ordered by the court.

    (b) Upon agreement of the parties, the mortgagor may redeem the premises at any time prior to the public sale by paying less than the full amount due under the judgment order. In such case, the parties to the foreclosure shall, with court approval, amend the redemption amount. Upon payment of the amended redemption amount, the court shall issue a Supervening Certificate of Redemption as evidence that the judgment amount was redeemed. Upon the recording of a certified copy of the Supervening Certificate of Redemption in the land records, the foreclosed mortgage shall be of no further force or effect and any junior lienholder shall return to the position it held prior to the filing of the foreclosure.

    (c) The redemption right established by this section shall be in addition to the redemption right set forth in the decree. (Added 2011, No. 102 (Adj. Sess.), § 1.)