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#Federal tax lien on foreclosed property full
If the money is repaid as promised, the deed becomes void, the mortgage is discharged and the full title is restored to the borrower. To provide this security, the borrower (mortgagor) also executes a deed conveying the real estate title to the financial institution (mortgagee) using special language called mortgage covenants, as set forth in RSA 479. The institution wants more security for repayment than just the bare promise of the borrower. When a person borrows money from a financial institution, the borrower signs a “note" that describes the borrower’s promise to repay the money, how much money was borrowed, when and how it must be repaid and the rate of interest charged. What exactly is a “mortgage," and who has the ability to “foreclose"?Ī.
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It is sobering to note that many of the financial institutions involved in those cases are either not doing business in New Hampshire or are no longer in existence. We do have some guidance based on cases decided by the New Hampshire Supreme Court after the last serious downturn, which occurred in 1991. The tax collector and other local officials need to understand the impact of the event on their ability to actually enforce the property tax and water and sewer obligations assessed on the parcel. When a foreclosure occurs, many things change, including the owner of the property, the occupant of the property and, sometimes, the use of the property. In these difficult economic times, one of the impacts will surely be a rise in the number of mortgage foreclosures.