- Who sends it
- The lender (plaintiff), which files it with the court and mails copies to the parties and to you
- What it starts
- The court's decision to confirm the sale, often without a hearing
- Do this first
- Check the sale price, costs and payout, and tell the court in writing right away if something is wrong
What this report is in Vermont
Under 12 V.S.A. § 4954(a), after the sale the lender must file a report on oath of the sale, a request for confirmation that includes an accounting of the sale money, and a proposed order confirming the sale. Copies go by first-class mail to all parties who appeared or their lawyers, and to you at your last known address.
The court may confirm the sale without a hearing unless it decides one is needed. Its confirmation order is conclusive evidence that the foreclosure and sale were done according to the law.
What it does and does not mean
- Title passes to the buyer when the confirmation order is recorded in your town's land records (12 V.S.A. § 4954(b)).
- After reasonable sale expenses and the lender's debt, any surplus goes to other lienholders in order of priority, and anything left goes to you (12 V.S.A. § 4954(c)). If there is a surplus, the lender may first take the full cost of mediation from it (12 V.S.A. § 4637(c)).
- The lender can get a deficiency judgment only if it asked for one in the complaint and requests it before the confirmation order is issued. Otherwise it is waived (12 V.S.A. § 4954(d)).
- VTLawHelp says many banks do not ask for deficiency judgments, and some income and property are protected from collection even if one is entered.
- If the winning bidder does not pay, the down payment is forfeited, the confirmation is vacated, and after a hearing the court may confirm the sale to the second-highest bidder (12 V.S.A. § 4954(e)).
The deadlines and how to count them
- The statute does not set a number of days for you to respond to the request for confirmation, and the court may act without a hearing. Respond in writing as soon as you receive it.
- Deficiency: watch whether the lender's request asks for a deficiency. If it does not ask before the confirmation order issues, it has waived it.
- Possession: once the redemption period has ended, the lender may ask for a writ of possession. The sheriff cannot remove you sooner than 14 days after serving it.
What to do this week
- Compare the sale price and the accounting with the judgment amount. Look at each cost the lender took out.
- Check whether a deficiency is requested, and for how much.
- If you think money is owed to you, or the sale or numbers are wrong, file a written response with the court right away and send a copy to the lender's lawyer.
- Give the court and the lender your current mailing address so any surplus reaches you.
- Call Legal Services Vermont at 800-889-2047 for help reading the report.
Free help in Vermont and scam warnings
Legal Services Vermont, VTLawHelp and the Vermont Bar Association's Find a Lawyer page can help. See the Vermont foreclosure help page.
- Surplus is paid under the court's confirmation order. You do not need to pay a finder to get it.
- Be careful with anyone who offers to cancel a deficiency for a fee. Talk to legal aid first.
The rest of the Vermont process
See how foreclosure works in Vermont, the timeline, ways to stop it and free help in Vermont.
Common questions
When does the buyer become the owner after a Vermont foreclosure sale?
When the court's confirmation order is recorded in the land records of the town where the home is (12 V.S.A. § 4954(b)).
Can the lender come after me for the shortfall later?
Only if it asked for a deficiency in the complaint and requests it before the confirmation order is issued. If it does not, the deficiency is waived (12 V.S.A. § 4954(d)).
Who gets leftover money from a Vermont foreclosure sale?
After sale costs and the lender, other lienholders are paid in order of priority, and anything left goes to you as the mortgagor (12 V.S.A. § 4954(c)). The lender may first recover mediation costs from a surplus (12 V.S.A. § 4637(c)).
Other Vermont letters
- Foreclosure Summons and Complaint, with the Important Notice to Homeowner and Verified Answer formA Vermont lender must sue in the Civil Division of the Superior Court to foreclose on a home you own. The papers include a notice to homeowners, a mediation request form and a blank Verified Answer form. Vermont legal aid says your written, signed answer is due within 21 calendar days of receiving the complaint.
- Notice of Mediation Rights and Request for Mediation formIf you live in your Vermont home and it has 4 or fewer units, the lender must serve you a notice of your mediation rights with a form to ask the court for mediation. When you ask in time, the court must send the case to a neutral mediator who is a Vermont lawyer. The lender has to review you for options like reinstatement, modification, forbearance and short sale, and explain any denial.
- Final Judgment Order and Decree of ForeclosureThe Final Judgment Order and Decree of Foreclosure says the lender won and states the total you owe and the date your redemption period ends. For a home you live in, that is usually 6 months from the decree unless the court orders less. You can stay in the home and keep it by paying the judgment amount before redemption ends, or before any public sale.
- Notice of SaleIn a Vermont judicial sale foreclosure, the notice of sale gives the date, time and place of the auction of your home. It is mailed after your redemption date has passed and at least 30 days before the sale, and it runs in a local newspaper for 3 weeks. The notice itself says you can still redeem before the sale by paying the full amount due plus sale costs.
- Writ of PossessionOnce your redemption period ends, the lender can ask the court for a writ of possession. For a home you live in, the clerk issues it only with the court's approval. A sheriff serves it on you and cannot put the new owner in possession until at least 14 days later.