Vermont Statutes Title 12 Sec. 4948
Terms Used In Vermont Statutes Title 12 Sec. 4948
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
- said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
§ 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.)