New Hampshire Revised Statutes 479-B:11 – Exemptions
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I. The provisions of this chapter shall not apply to:
(a) A duly licensed attorney at law acting on behalf of a client;
(b) A person who holds or is owed an obligation secured by a lien on any residence in foreclosure while the person performs services in connection with the obligation or lien, if the obligation or lien did not arise as a result of a pre-foreclosure conveyance;
(c) Any bank, trust company, savings and loan association, credit union, or insurance company chartered under the laws of any state or the United States or any subsidiary, affiliate, or agency thereof;
(d) A prejudgment or post-judgment lien creditor of the homeowner;
(e) A person licensed as a mortgage banker or mortgage broker while engaged in any activity for which the person is licensed under RSA 397-A;
(f) A person licensed as a real estate broker, associate real estate broker, or real estate salesperson, while engaged in any activity for which the person is licensed under RSA 331-A;
(g) A nonprofit organization or government entity that offers counseling or advice to homeowners in foreclosure or loan default, if the organization is not directly or indirectly related to and does not contract for services with for-profit lenders, foreclosure consultants, or pre-foreclosure purchasers;
(h) A creditors’ committee or trustee participating in a place of reorganization or repayment through a proceeding under the jurisdiction of the United States Bankruptcy Court or
(i) A person licensed to engage in the business of debt adjustment under RSA 399-D.
II. Notwithstanding any provision of the law to the contrary, the provisions of this chapter shall not apply to a person who purchases a homeowner’s residence in a short sale in which:
(a) As consideration for the sale, all liens against the property, including mortgages, were discharged or released;
(b) If, as part of the sale, a deficiency was required by any creditor, the exact terms and conditions of any deficiencies were disclosed to the borrower by the purchaser at least 72 hours before the transfer. The disclosure shall be:
(1) Printed in at least 14-point type and in boldface; and
(2) Dated and personally signed by the homeowner and witnessed and acknowledged by a notary public or a justice of the peace appointed and commissioned by the state of New Hampshire; and
(c) The homeowner received from the purchaser, at least 72 hours before the transfer, a document entitled “notice of short sale.” The document entitled “notice of short sale” shall:
(1) Be printed in at least 14-point type;
(2) Be dated and personally signed by the homeowner and witnessed and acknowledged by a notary public or a justice of the peace appointed and commissioned by the state of New Hampshire;
(3) Contain a prominent statement, printed in at least 16-point type and in boldface, that the homeowner is selling his or her home, will no longer have any ownership of the home after the sale, and will no longer have the right to live in the home after the sale; and
(4) Describe in detail the terms of the sale.
III. Notwithstanding any provision of the law to the contrary, the provisions of this chapter shall not apply to a person who attempts to negotiate a short sale in which the person would purchase the homeowner’s residence as set forth in paragraph II, but does not purchase the homeowner’s residence or arrange for another person to purchase the homeowner’s residence.
(a) A duly licensed attorney at law acting on behalf of a client;
Terms Used In New Hampshire Revised Statutes 479-B:11
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- justice: when applied to a magistrate, shall mean a justice of a municipal court, or a justice of the peace having jurisdiction over the subject-matter. See New Hampshire Revised Statutes 21:12
- 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.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- real estate: shall include lands, tenements, and hereditaments, and all rights thereto and interests therein. See New Hampshire Revised Statutes 21:21
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Trustee: A person or institution holding and administering property in trust.
- United States: shall include said district and territories. See New Hampshire Revised Statutes 21:4
(b) A person who holds or is owed an obligation secured by a lien on any residence in foreclosure while the person performs services in connection with the obligation or lien, if the obligation or lien did not arise as a result of a pre-foreclosure conveyance;
(c) Any bank, trust company, savings and loan association, credit union, or insurance company chartered under the laws of any state or the United States or any subsidiary, affiliate, or agency thereof;
(d) A prejudgment or post-judgment lien creditor of the homeowner;
(e) A person licensed as a mortgage banker or mortgage broker while engaged in any activity for which the person is licensed under RSA 397-A;
(f) A person licensed as a real estate broker, associate real estate broker, or real estate salesperson, while engaged in any activity for which the person is licensed under RSA 331-A;
(g) A nonprofit organization or government entity that offers counseling or advice to homeowners in foreclosure or loan default, if the organization is not directly or indirectly related to and does not contract for services with for-profit lenders, foreclosure consultants, or pre-foreclosure purchasers;
(h) A creditors’ committee or trustee participating in a place of reorganization or repayment through a proceeding under the jurisdiction of the United States Bankruptcy Court or
(i) A person licensed to engage in the business of debt adjustment under RSA 399-D.
II. Notwithstanding any provision of the law to the contrary, the provisions of this chapter shall not apply to a person who purchases a homeowner’s residence in a short sale in which:
(a) As consideration for the sale, all liens against the property, including mortgages, were discharged or released;
(b) If, as part of the sale, a deficiency was required by any creditor, the exact terms and conditions of any deficiencies were disclosed to the borrower by the purchaser at least 72 hours before the transfer. The disclosure shall be:
(1) Printed in at least 14-point type and in boldface; and
(2) Dated and personally signed by the homeowner and witnessed and acknowledged by a notary public or a justice of the peace appointed and commissioned by the state of New Hampshire; and
(c) The homeowner received from the purchaser, at least 72 hours before the transfer, a document entitled “notice of short sale.” The document entitled “notice of short sale” shall:
(1) Be printed in at least 14-point type;
(2) Be dated and personally signed by the homeowner and witnessed and acknowledged by a notary public or a justice of the peace appointed and commissioned by the state of New Hampshire;
(3) Contain a prominent statement, printed in at least 16-point type and in boldface, that the homeowner is selling his or her home, will no longer have any ownership of the home after the sale, and will no longer have the right to live in the home after the sale; and
(4) Describe in detail the terms of the sale.
III. Notwithstanding any provision of the law to the contrary, the provisions of this chapter shall not apply to a person who attempts to negotiate a short sale in which the person would purchase the homeowner’s residence as set forth in paragraph II, but does not purchase the homeowner’s residence or arrange for another person to purchase the homeowner’s residence.