New Hampshire Revised Statutes 479-B:1 – Definitions
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In this chapter:
I. “Foreclosure consultant” means any person, or any person acting in concert with such person, or any agent or employee of such person who provides a foreclosure consulting service.
II. “Foreclosure consulting contract” means a written, oral, or constructive agreement between a foreclosure consultant and a homeowner for the provision of any foreclosure consulting service or pre-foreclosure conveyance.
III. “Foreclosure consulting service” means:
(a) An effort undertaken on behalf of or for the benefit of a homeowner to delay or prevent the loss of a home because of a mortgage default, delinquency, foreclosure, or execution of a tax deed.
(b) Receiving money for the purpose of distributing it to creditors in payment or partial payment of any obligation secured by a lien on a residence in foreclosure;
(c) Contacting mortgagees or other creditors secured by a homeowner’s primary residence on behalf of the homeowner;
(d) Arranging or attempting to arrange for an extension of the period within which a homeowner may cure the homeowner’s default and reinstate the homeowner’s obligation;
(e) Arranging or attempting to arrange for any delay or postponement of the sale of a residence in foreclosure;
(f) Arranging or facilitating the purchase of a homeowner’s legal or equitable title or any property interest in a homeowner’s residence within 30 days of:
(1) The publication or letter of notice of a foreclosure sale; or
(2) The letter notice of a municipality’s intent to execute a tax deed.
(g) Arranging or facilitating any transaction through which a homeowner will become a lessee, optionee, life tenant, partial homeowner, or vested or contingent remainderman of the homeowner’s residence;
(h) Arranging or facilitating the sale of a homeowner’s residence or transfer of legal title and any property interest in a homeowner’s residence, in any form, to another party as an alternative to foreclosure;
(i) Arranging for a homeowner to have an option to repurchase the homeowner’s residence after a sale or transfer; or
(j) Arranging for or facilitating a homeowner remaining in the homeowner’s residence as a tenant, renter, or lessee.
IV. “Pre-foreclosure purchaser” means any person or any person acting in concert with such person, who acquires title or possession of a deed or other interest in a residence in foreclosure as a result of a pre-foreclosure conveyance, or any person who participates in a joint venture or joint enterprise involving a pre-foreclosure conveyance.
V. “Pre-foreclosure conveyance” means a transaction involving:
(a) The transfer of title to real property or a beneficial interest in the property by a homeowner to delay or prevent a mortgage default or delinquency, foreclosure, or execution of a tax deed, either by transfer of any interest from the homeowner to another party or by creation of a mortgage, trust, or other lien or encumbrance during the foreclosure process, that allows the acquirer to obtain legal or equitable title to all or part of the property; and
(b)(1) The transaction includes the subsequent conveyance, the promise of a subsequent conveyance, or a right to a subsequent conveyance of an interest back to the homeowner from the acquirer or a person acting in participation with the acquirer, including an interest in a contract for deed, purchase agreement, land installment sale, contract for sale, option to purchase, sale/leaseback, trust, or other contractual arrangement; or
(2) The transaction does not pay or otherwise fully satisfy the homeowner’s obligations under any existing note and mortgage securing such note.
VI. “Homeowner” means any owner or co-owner of a residence who is facing the loss of a home due to default, acceleration, or foreclosure of a deed of trust, mortgage, lien, or similar instrument or due to the notice, auction, or execution of a tax deed.
VII. “Person” means an individual, corporation, governmental subdivision or agency, business trust, estate, trustee for a trust, partnership, association, limited liability company, joint venture, government, or any other legal or commercial entity or agent.
VIII. “Residence in foreclosure” means residential real property consisting of not more than 4 dwelling units, one of which the owner occupies as his or her principal place of residence, where a loan secured by the home is in default, or where real property taxes are delinquent.
IX. “Settlement” means an in-person meeting with the homeowner to complete final documents incident to the sale or transfer of real property, or the creation of a mortgage or equitable interest in real property, conducted by a settlement agent who is not employed by or an affiliate of the pre-foreclosure purchaser.
X. “Execution of tax deed” means the procedures by which residential property is executed to a tax lienholder under N.H. Rev. Stat. § 80:76 or executed to a tax sale purchaser under N.H. Rev. Stat. § 80:38.
XI. “Short sale” means the sale of a homeowner’s residence in which the proceeds of the sale, less closing costs, are less than the amount owed, creating a deficit to the seller and in which the sale also results in a short payoff to one or more of the seller’s creditors.
I. “Foreclosure consultant” means any person, or any person acting in concert with such person, or any agent or employee of such person who provides a foreclosure consulting service.
Terms Used In New Hampshire Revised Statutes 479-B:1
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.
II. “Foreclosure consulting contract” means a written, oral, or constructive agreement between a foreclosure consultant and a homeowner for the provision of any foreclosure consulting service or pre-foreclosure conveyance.
III. “Foreclosure consulting service” means:
(a) An effort undertaken on behalf of or for the benefit of a homeowner to delay or prevent the loss of a home because of a mortgage default, delinquency, foreclosure, or execution of a tax deed.
(b) Receiving money for the purpose of distributing it to creditors in payment or partial payment of any obligation secured by a lien on a residence in foreclosure;
(c) Contacting mortgagees or other creditors secured by a homeowner’s primary residence on behalf of the homeowner;
(d) Arranging or attempting to arrange for an extension of the period within which a homeowner may cure the homeowner’s default and reinstate the homeowner’s obligation;
(e) Arranging or attempting to arrange for any delay or postponement of the sale of a residence in foreclosure;
(f) Arranging or facilitating the purchase of a homeowner’s legal or equitable title or any property interest in a homeowner’s residence within 30 days of:
(1) The publication or letter of notice of a foreclosure sale; or
(2) The letter notice of a municipality’s intent to execute a tax deed.
(g) Arranging or facilitating any transaction through which a homeowner will become a lessee, optionee, life tenant, partial homeowner, or vested or contingent remainderman of the homeowner’s residence;
(h) Arranging or facilitating the sale of a homeowner’s residence or transfer of legal title and any property interest in a homeowner’s residence, in any form, to another party as an alternative to foreclosure;
(i) Arranging for a homeowner to have an option to repurchase the homeowner’s residence after a sale or transfer; or
(j) Arranging for or facilitating a homeowner remaining in the homeowner’s residence as a tenant, renter, or lessee.
IV. “Pre-foreclosure purchaser” means any person or any person acting in concert with such person, who acquires title or possession of a deed or other interest in a residence in foreclosure as a result of a pre-foreclosure conveyance, or any person who participates in a joint venture or joint enterprise involving a pre-foreclosure conveyance.
V. “Pre-foreclosure conveyance” means a transaction involving:
(a) The transfer of title to real property or a beneficial interest in the property by a homeowner to delay or prevent a mortgage default or delinquency, foreclosure, or execution of a tax deed, either by transfer of any interest from the homeowner to another party or by creation of a mortgage, trust, or other lien or encumbrance during the foreclosure process, that allows the acquirer to obtain legal or equitable title to all or part of the property; and
(b)(1) The transaction includes the subsequent conveyance, the promise of a subsequent conveyance, or a right to a subsequent conveyance of an interest back to the homeowner from the acquirer or a person acting in participation with the acquirer, including an interest in a contract for deed, purchase agreement, land installment sale, contract for sale, option to purchase, sale/leaseback, trust, or other contractual arrangement; or
(2) The transaction does not pay or otherwise fully satisfy the homeowner’s obligations under any existing note and mortgage securing such note.
VI. “Homeowner” means any owner or co-owner of a residence who is facing the loss of a home due to default, acceleration, or foreclosure of a deed of trust, mortgage, lien, or similar instrument or due to the notice, auction, or execution of a tax deed.
VII. “Person” means an individual, corporation, governmental subdivision or agency, business trust, estate, trustee for a trust, partnership, association, limited liability company, joint venture, government, or any other legal or commercial entity or agent.
VIII. “Residence in foreclosure” means residential real property consisting of not more than 4 dwelling units, one of which the owner occupies as his or her principal place of residence, where a loan secured by the home is in default, or where real property taxes are delinquent.
IX. “Settlement” means an in-person meeting with the homeowner to complete final documents incident to the sale or transfer of real property, or the creation of a mortgage or equitable interest in real property, conducted by a settlement agent who is not employed by or an affiliate of the pre-foreclosure purchaser.
X. “Execution of tax deed” means the procedures by which residential property is executed to a tax lienholder under N.H. Rev. Stat. § 80:76 or executed to a tax sale purchaser under N.H. Rev. Stat. § 80:38.
XI. “Short sale” means the sale of a homeowner’s residence in which the proceeds of the sale, less closing costs, are less than the amount owed, creating a deficit to the seller and in which the sale also results in a short payoff to one or more of the seller’s creditors.