§ 479-B:4 — Right of Cancellation

New Hampshire § 479-B:4

• Jurisdiction: New Hampshire
• Title XLVIII: CONVEYANCES AND MORTGAGES OF REALTY
• Ch. 479-B: FORECLOSURE CONSULTANTS AND PRE-FORECLOSURE CONVEYANCES

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I. In addition to any other right under law to cancel or rescind a contract, a homeowner has the unconditional right to:
(a) Cancel a foreclosure consulting contract at any time; and
(b) Cancel a pre-foreclosure conveyance at any time before midnight of the fifth business day after the latter of:
(1) Any conveyance, or transfer in any manner, of a legal or equitable property interest in a residence in foreclosure; or
(2) Delivery of the notices required for pre-foreclosure conveyance.
II. Notwithstanding any other provision of this chapter, the homeowner's right of cancellation shall expire upon the sale of the residence to a third party.
III. Subject to the limitation of paragraph II, during the pre-foreclosure conveyance cancellation period, no deed or other document affecting title to the homeowner's residence may be recorded, and no interest in the property may be encumbered, transferred, or assigned in any manner.
IV. Cancellation occurs when the homeowner gives written notice of cancellation to the foreclosure consultant at the address specified in the contract or through any facsimile or electronic mail address identified in the contract or other materials provided to the homeowner by the foreclosure consultant.
V. Notice of cancellation, if given by mail, is effective when deposited in the United States mail, properly addressed, with postage prepaid. If notice is given by facsimile or electronic mail, it is effective when successfully transmitted.
VI. Notice of cancellation need not be in the form provided with the contract and is effective, however expressed, if it indicates the intention of the homeowner to cancel the foreclosure consulting contract or pre-foreclosure conveyance.
VII. As part of the cancellation of a foreclosure consulting contract or pre-foreclosure conveyance, the homeowner shall repay, within 60 days from the date of cancellation or such longer period of time as may be deemed equitable by the court, any funds actually paid by a foreclosure consultant or pre-foreclosure purchaser to delay or prevent a mortgage default or delinquency, foreclosure, or execution of a tax deed in the form of mortgage arrearage, property tax arrearage, current mortgage payments, current tax payments, late fees, penalties, and any other out-of-pocket expenditures necessary to avoid the loss of the home by the homeowner. The amount to repay shall not include any fees or interest charged by the pre-foreclosure purchaser.
VIII. The right to cancel and the return of any property interest to the homeowner may not be conditioned on the repayment of any funds.
IX. The period during which a homeowner may cancel a pre-foreclosure conveyance does not commence until each homeowner has received clear, conspicuous, and accurate copies of all notices and documents required by this chapter.
X. Within 5 days after receipt of a notice of cancellation given in accordance with this chapter, the pre-foreclosure purchaser shall return, without condition, any original deed, title, contract, and any other document signed by the homeowner.

Legislative History

2007, 322:1, eff. July 16, 2007.