Vermont Foreclosures and Foreclosed Homes for Sale

Vermont uses both non-judicial and judicial processes for foreclosures. However, foreclosure law in this state is relatively complicated, and it may be a good idea to involve a trusted real estate agent to assist you if you're looking to buy a foreclosure. Having a knowledgeable professional on your side will help make the process much easier to understand.

In what is known as a strict foreclosure, the lender must file a lawsuit with a local court in order to begin the foreclosure process. The borrower will receive a summons to appear before the court to explain their circumstances. The court will then review all the necessary documents and make its decision. If the borrower is found in default, the court will allow the sale of the home to cover the default amount.

If the mortgage contains a power-of-sale clause, though, the lender must obtain a foreclosure decree from the court. Because the power-of-sale clause is basically a pre-authorization by the borrower for the lender to sell the home in the event of a default, this is a simple procedure. Once the decree is obtained, the lender may continue with the Vermont foreclosure process.

A notice of sale must be filed with the county recorder, and published in a local newspaper once a week for three weeks. On the day of the auction, the general public will be allowed to bid on the property. Ownership will be transferred to the highest bidder within 90 days of a non-judicial foreclosure, or within 10 days of the court's confirmation of the sale for a judicial foreclosure. If there are any funds in excess of the default amount, they will be disbursed to the borrower after the auction.

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