Legal Solutions for You,
Your Family & Your Business
Find a bankruptcy attorney in Nolo's Lawyer Directory!
Resources on Foreclosure, Credit & Debt, and Bankruptcy
Foreclosure Survival Guide
Own a copy of this helpful reference from Nolo, the #1 consumer legal publisher. Available in paperback and eBook formats.
Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Judicial
Nonjudicial foreclosure is also possible. |
| Time to respond | Judicial: After foreclosing party files lawsuit, homeowner has 20 to 30 days to respond. When the court issues a foreclosure judgment, it may also transfer ownership to foreclosing party (strict foreclosure), if there is no equity in the house after costs of sale are subtracted.
Nonjudicial: Foreclosing party must serve notice of intent to foreclose at least 30 days before serving notice of sale. It must serve notice of sale at least 60 days before the sale. |
| Reinstatement of loan before sale | Judicial: no
Nonjudicial: available for at least 30 days after service of notice of intent to foreclose |
| Redemption after sale | Judicial: allowed six months from date of foreclosure judgment unless judge orders a shorter time.
Not allowed in nonjudicial foreclosures |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | Vt. Stat. Ann. tit. 12, § 553 |
| Deficiency judgments | Must be requested in the foreclosure complaint. If the mortgage holder buys the property, the amount of the deficiency is limited by the property’s fair market value. |
| Cash exempted in bankruptcy | About $11,000 for one person, $22,000 for a married couple under federal bankruptcy exemptions |
| Notice to leave after house is sold | After foreclosure judgment is issued and redemption period has ended, new owner must serve writ of possession on former owner; homeowner has 30 days to leave. |
| Foreclosure statutes | Vt. Stat. Ann. tit. 12, §§ 4526-4533, 4533a |