Vermont § 4962 - Notice of intention to foreclose

§ 4962. Notice of intention to foreclose

• (a) At least 30 days prior to service of a notice of sale pursuant to subsection 4952(c) of this title, notice of intention to foreclose in a writing complying with this section shall
  be sent to the mortgagor by registered or certified mail at his or her last known
  address. (b) The writing required by this section shall state, in a manner calculated to make the
  mortgagor aware of the situation: (1) the mortgage to be foreclosed; (2) the mortgage condition claimed to have been breached; (3) that the mortgagee has accelerated maturity of the debt secured by the mortgage, if
  that is the case; (4) the amount to be paid or other action necessary to cure, and the time within which
  the cure must take place, which shall be not less than 30 days after the date of the
  notice of intention to foreclose; (5) the intention of the mortgagee to foreclose by exercising the power of sale contained
  in the mortgage, if the breach of the mortgage condition is not cured within the time
  and in the manner specified in the notice; and (6) that the mortgagor will be entitled to be sent notice of the foreclosure sale at least
  60 days prior to the sale and to redeem the mortgaged property at any time prior to
  the sale by paying the full amount due under the mortgage, including the costs and
  expenses of the sale. (c)(1) The following notice of intent to foreclose form may be used and may be altered as
  circumstances require: PLEASE TAKE NOTICE that you have defaulted under Loan No. ____ by [mortgage condition breached] required by your Promissory Note dated ____ , 20____ . This default also constitutes a breach of the Mortgage, dated ____ , 20____ , recorded in Volume ____ at Page ____ of the Land Records, which secures the Loan. As a result of your default, we have
  accelerated the maturity of all indebtedness due on the Loan and secured by the Mortgage,
  totaling $____ as of today’s date. In order to cure this default, you must pay to us on or before
  ____ [a date not less than thirty (30) days after the date of this Notice] the sum of
  $____ , plus interest at the rate of $____ per day to the date of payment. If you do not cure this default by making the payments
  required, it is our intention to foreclose by exercising the power of sale contained
  in the above Mortgage. You will be sent notice of the foreclosure sale at least sixty
  (60) days prior to the sale, and you will be entitled to redeem your interest in the
  mortgaged property at any time prior to the sale by paying the full amount due under
  the Mortgage, including the costs and expenses of the sale. If you do not cure the
  default or redeem your interest, your ownership of the mortgaged property will be
  terminated. (2) This subsection shall not be construed to prevent the use of other forms except that
  all notices shall comply with the provisions of subsection (b) of this section. (Added 2011, No. 102 (Adj. Sess.), § 1.)