Vermont Statutes Title 12 Sec. 4952
Terms Used In Vermont Statutes Title 12 Sec. 4952
- Dwelling house: means a residential structure or mobile home which contains one to four family housing units, or individual units of condominiums or cooperatives, other than a time-share in a unit, each of which is used or intended to be used as a residence. See
- Farmland: means land devoted primarily to commercial agricultural activities. See
- Fiduciary: A trustee, executor, or administrator.
- 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.
- Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
- Plaintiff: The person who files the complaint in a civil lawsuit.
- 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
§ 4952. Sale procedures
(a) Generally. If the mortgaged property is not redeemed, the plaintiff shall sell the mortgaged property in accordance with this section, complying with all court orders and applicable power of sale provisions.
(b) Notice of sale; publication. Notice of sale shall be published once in each of three successive weeks in a newspaper of general circulation in the town where the land lies, the first publication to be no fewer than 21 days before the day of sale.
(c) Notice of sale; service. A copy of the notice of sale shall be mailed by first class mail, postage prepaid, to all parties who appeared in the foreclosure action or to their attorneys of record. If the mortgagor has not appeared in the foreclosure action, a copy of the notice of sale shall also be mailed by first class mail, postage prepaid, to the mortgagor at the mortgagor’s last known address. The notice of sale shall include the specific date, time, and location of the sale and shall be mailed after the last date of redemption in the decree but not fewer than 30 days before the date of the sale.
(d) Notice of sale; waiver. 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. This subsection shall not apply to farmland or to a dwelling house unless approved by the court at or before the confirmation of sale.
(e) Notice of sale; form. The following form of notice of sale may be used and may be altered as circumstances require, but nothing herein shall be construed to prevent the use of other forms:
By virtue and in execution of the Power of Sale contained in a certain mortgage given by ______ to ______ and recorded in Volume ____ of the land records of the municipality of ______ , of which mortgage the undersigned is the present holder (if by assignment, or in any fiduciary capacity, give reference) for breach of the conditions of said mortgage and for the purpose of foreclosing the same will be sold at Public Auction at ______ (place) at ____ o’clock, ____ M. on the ______ day of ____ , 20__ all and singular the premises described in said mortgage,
(In case of partial releases, state exceptions.)
To wit: (Legal description of the premises.)
Terms of sale: (State here the amount, if any, to be paid in cash by the purchaser at the time of the sale, and the schedule for payment of the balance and other terms of sale.)
The mortgagor is entitled to redeem the premises at any time prior to the sale by paying the full amount due under the mortgage, including the costs and expenses of the sale.
Other terms to be announced at the sale or inquire at _________________________________________
Signed: ______
Mortgagee (may be signed by mortgagee’s attorney)
Dated: ______ , 20__ .
(Added 2011, No. 102 (Adj. Sess.), § 1.)