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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. § 4966)
  • § 4966. Conduct and location of sale

    (a) The sale shall be held at the mortgaged property except that it may be held elsewhere if agreed to in writing by the mortgagor and the mortgagee not less than 60 days nor more than 90 days before the sale. At the sale, the mortgaged property shall be sold to the highest bidder in conformance with the terms of sale set forth in the foreclosure notice.

    (b) The mortgagor shall be entitled to redeem the mortgaged property at any time prior to the sale by paying to the mortgagee the full amount due under the mortgage, including the costs and expenses of the sale.

    (c) The public sale may be adjourned one or more times for a total time not exceeding 60 days by announcement of the new sale date to those present at each adjournment or by posting notice of the adjournment in a conspicuous place at the location of the sale. Written notice of the new sale date shall also be given by first class mail, postage prepaid, to any person who received notice of the sale pursuant to section 4965 of this title.

    (d) Any person may bid at the sale. All bidders, except for the mortgagee plaintiff or designee, shall meet the requirements set forth in the notice of sale in order to bid at the sale.

    (e) In the event that the proceeds of sale, after first deducting the reasonable expenses incurred in making the sale, exceed the amounts due to the mortgagee at the time of sale, the surplus shall be paid to other lien holders of record in the order of the priority of their liens. In the event that the proceeds of sale exceed the amount due to the mortgagee and the amounts due to the other lien holders, the excess shall be paid to the mortgagor. The mortgagee or person conducting the sale may interplead any sale proceeds in excess of the indebtedness and expenses secured by the mortgage in the event there are any liens of record against the real estate.

    (f) This section shall not preclude the mortgagee from maintaining a subsequent action against the mortgagor for any deficiency.

    (g) Any party entitled to be sent notice under this section may, either before or after the foreclosure sale, waive the party's right to receive notice, in which case no foreclosure sale shall be invalid or ineffectual to foreclose that party's rights under the mortgage. A waiver of notice authorized or validated under this section shall be recorded in the land records in the town or city where the property is located. (Added 2011, No. 102 (Adj. Sess.), § 1.)