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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 12 : Court Procedure

Chapter 172 : FORECLOSURE OF MORTGAGES

Subchapter 004 : Foreclosure by Nonjudicial Sale

(Cite as: 12 V.S.A. § 4962)
  • § 4962. Notice of intention to foreclose

    (a) At least 30 days prior to service of a notice of sale pursuant to subsection 4952(c) of this title, notice of intention to foreclose in a writing complying with this section shall be sent to the mortgagor by registered or certified mail at his or her last known address.

    (b) The writing required by this section shall state, in a manner calculated to make the mortgagor aware of the situation:

    (1) the mortgage to be foreclosed;

    (2) the mortgage condition claimed to have been breached;

    (3) that the mortgagee has accelerated maturity of the debt secured by the mortgage, if that is the case;

    (4) the amount to be paid or other action necessary to cure, and the time within which the cure must take place, which shall be not less than 30 days after the date of the notice of intention to foreclose;

    (5) the intention of the mortgagee to foreclose by exercising the power of sale contained in the mortgage, if the breach of the mortgage condition is not cured within the time and in the manner specified in the notice; and

    (6) that the mortgagor will be entitled to be sent notice of the foreclosure sale at least 60 days prior to the sale and to redeem the mortgaged property at any time prior to the sale by paying the full amount due under the mortgage, including the costs and expenses of the sale.

    (c)(1) The following notice of intent to foreclose form may be used and may be altered as circumstances require:

    PLEASE TAKE NOTICE that you have defaulted under Loan No. ____ by [mortgage condition breached] required by your Promissory Note dated ____ , 20____. This default also constitutes a breach of the Mortgage, dated ____ , 20____, recorded in Volume ____ at Page ____ of the Land Records, which secures the Loan. As a result of your default, we have accelerated the maturity of all indebtedness due on the Loan and secured by the Mortgage, totaling $____ as of  today's date. In order to cure this default, you must pay to us on or before ____ [a date not less than thirty (30) days after the date of this Notice] the  sum of $____ , plus interest at the rate of $____ per day to the date of payment. If you do not cure this default by making the payments required, it is our intention to foreclose by exercising the power of sale contained in the  above Mortgage. You will be sent notice of the foreclosure sale at least sixty (60) days prior to the sale, and you will be entitled to redeem your interest in the mortgaged property at any time prior to the sale by paying the  full amount due under the Mortgage, including the costs and expenses of the sale. If you do not cure the default or redeem your interest, your ownership of the mortgaged property will be terminated.

    (2) This subsection shall not be construed to prevent the use of other forms except that all notices shall comply with the provisions of subsection (b) of this section. (Added 2011, No. 102 (Adj. Sess.), § 1.)