Section 479-B:3 Pre-Foreclosure Conveyances.
I. No pre-foreclosure conveyance shall transfer any interest in real property unless the homeowner has received, at least 72 hours prior to his or her execution of conveyance documents, a document entitled ""notice of loss of ownership.''
II. The document entitled ""notice of loss of ownership'' shall:
(a) Contain the entire agreement of the parties;
(b) Be written in the same language that is spoken by the homeowner if the homeowner is unable to adequately understand or to express himself or herself in the spoken or written English language;
(c) Be dated and personally signed by the homeowner and the pre-foreclosure purchaser and witnessed and acknowledged by a notary public or justice of the peace appointed and commissioned by the state of New Hampshire;
(d) Describe in detail the terms of the pre-foreclosure conveyance including:
(1) The name, mailing address, physical address, electronic address, telephone number, and facsimile number of the person to whom the deed or title will be transferred;
(2) The address of the residence in foreclosure;
(3) The total consideration to be paid by the pre-foreclosure purchaser, the foreclosure consultant, and any other party as a result of the transfer, and the total consideration paid to the homeowner, with a specific dollar amount stated for each figure;
(4) The date on which title is to be transferred to the pre-foreclosure purchaser and the terms of any conveyance;
(5) Any financial or legal obligations that the homeowner may remain subject to, such as any mortgages, liens, or other obligations that will remain or be assumed pursuant to the transaction, and an affirmation by the pre-foreclosure purchaser that:
(A) The terms of the remaining or assumed obligations are not violated by the pre-foreclosure conveyance; and
(B) The pre-foreclosure conveyance will not cause a default in the remaining or assumed obligations;
(6) A description of any services of any nature that the pre-foreclosure purchaser will perform for the homeowner before or after the sale or transfer;
(7) A complete description of the terms of any related agreement designed to allow the homeowner to remain in the home, including the terms of any rental agreement, repurchase agreement, contract for deed, land installment contract, or option to buy, and any provisions for eviction or removal of the homeowner with an affirmation by the pre-foreclosure purchaser that he or she has verified and can demonstrate that the homeowner has the ability to perform the transaction in a timely manner; and
(8) The amount of any repurchase price or fee associated with any transfer of title or deed back to the homeowner and how that fee will be calculated; and
(e) Contain a statement, located in immediate proximity to the space reserved for the homeowner's signature, stating: ""You have a right to cancel this transaction within 5 business days until midnight of ___ (insert date). If you cancel, you must pay within 60 days $___, which is the amount paid to your lender to stop the foreclosure sale or to the municipality, county, or state to prevent execution of a tax deed.''
(f) Contain an itemization of amounts expended on the homeowner's behalf to the homeowner's lender to stop the foreclosure sale or to the municipality, county, or state to prevent execution of a tax deed.
III. The pre-foreclosure purchaser shall also provide each homeowner with 2 copies of a notice of right to cancel transfer of deed or title immediately on execution of any document that includes a pre-foreclosure conveyance. The notice must be attached to the contract, be easily detachable, and explain the homeowner's right to cancel the contract and how to exercise that right. Each homeowner must be given 2 copies of the completed notice of right to cancel transfer of deed or title.
IV. Any provision in a foreclosure consulting contract or other agreement concerning a pre-foreclosure conveyance that attempts to waive the homeowner's rights under this section is void.
V. A pre-foreclosure conveyance may not be carried out using a power of attorney from the homeowner to the pre-foreclosure purchaser or any agent or employee of or person acting in concert with the pre-foreclosure purchaser.
Source. 2007, 322:1, eff. July 16, 2007.