regarding new hampshire foreclosure law... does a defalutee bowwerer get the blance of a sale after fees paid

Question

in New hampshire, does a borrower who has defaulted
get to keep the balance (after the defaulted loan and
fees are paid) on a foreclosed property? In other
words, if the balance on the defaulted loan is $50,000
plus $5,000 in fees and at the forclosure auction,
thge property goes for $100,000... does the bank get
$55,000 and the borrower get $45,000?? Or does the
bank get the entire $100,000??? THANKS.

Answer 1

You'll always get the balance, if any. Read your mortgage agreement, it spells it all out.

You'd be much better off trying to sell it. With that much "wiggle room" you should be able to get a quick sale if the numbers are truly as you say and you won't have a foreclosure on your credit record.

The way that most mortgage foreclosure sales operate, however, it will not likely sell for anywhere near market value. The whole amount needs to be paid in full in a very few days and very few buyers are able to pull that much cash together that quickly. The mortgage lender is typically the only bidder, and they only bid the amount of the outstanding loan. You end up owing a bunch of fees and then they turn around and put it on the market as the property owner and keep whatever profit results.