Text to be removed highlighted in red.
1 Mortgage Foreclosure; Return; Effect; Subrogation. Amend RSA 479:26, III to read as follows:
III. Title to the foreclosed premises shall not pass to the purchaser until the time of the recording of the deed and affidavit. Upon such recording, title to the premises shall pass to the purchaser free and clear of all interests and encumbrances which do not have priority over such mortgage. If there is an existing first priority encumbrance in place and recorded, and the legal remedy of subrogation was required in order for a mortgagee to be deemed entitled to foreclose, such legal relief must have been sought prior to any attempts to enforce the lien through foreclosure. Otherwise, the foreclosure sale shall be void. In the event that the purchaser shall not pay the balance of the purchase price according to the terms of the sale, and at the option of the mortgagee, the down payment, if any, shall be forfeited and the foreclosure sale shall be void.
2 Effective Date. This act shall take effect 90 days after its passage.
Text to be added highlighted in green.
1 Mortgage Foreclosure; Return; Effect; Subrogation. Amend RSA 479:26, III to read as follows:
III. Title to the foreclosed premises shall not pass to the purchaser until the time of the recording of the deed and affidavit. Upon such recording, title to the premises shall pass to the purchaser free and clear of all interests and encumbrances which do not have priority over such mortgage. If there is an existing first priority encumbrance in place and recorded, and the legal remedy of subrogation was required in order for a mortgagee to be deemed entitled to foreclose, such legal relief must have been sought prior to any attempts to enforce the lien through foreclosure. Otherwise, the foreclosure sale shall be void. In the event that the purchaser shall not pay the balance of the purchase price according to the terms of the sale, and at the option of the mortgagee, the down payment, if any, shall be forfeited and the foreclosure sale shall be void.
2 Effective Date. This act shall take effect 90 days after its passage.