Strict Foreclosure in Vermont: Know Your Rights
When it comes to dealing with foreclosure, Vermont residents should know their rights. Strict foreclosure is a legal process that allows lenders to immediately take possession of collateral when a mortgagor defaults on the terms of their loan agreement. While this process can be used as an effective tool for lenders to recoup losses, there are certain protections in place for borrowers in Vermont.
First and foremost, borrowers must be served with a summons and complaint which outlines the grounds for the foreclosure action. The borrower has twenty days from the date of service to answer or otherwise respond to the complaint. Failure to do so will result in entry of default judgment against them. Borrowers may also have additional options outside of court such as loan modification or repayment plans if they contact their lender directly before foreclosure proceedings begin.
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