RSA 479-B:11 · Exemptions

479-B:11 Exemptions. –

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I.

The provisions of this chapter shall not apply to:

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(a)

A duly licensed attorney at law acting on behalf of a client;

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(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;

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(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;

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(d)

A prejudgment or post-judgment lien creditor of the homeowner;

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(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;

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(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;

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(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;

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(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

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(i)

A person licensed to engage in the business of debt adjustment under RSA 399-D.

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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:

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(a)

As consideration for the sale, all liens against the property, including mortgages, were discharged or released;

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(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:

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(1)

Printed in at least 14-point type and in boldface; and

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(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

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(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:

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(1)

Be printed in at least 14-point type;

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(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;

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(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

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(4)

Describe in detail the terms of the sale.

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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. Source. 2007, 322:1. 2011, 145:2, eff. Aug. 6, 2011. 2016, 151:2, eff. Jan. 1, 2017.

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