Vermont § 4966 - Conduct and location of sale

§ 4966. Conduct and location of sale

• (a) The sale shall be held at the mortgaged property except that it may be held elsewhere
  if agreed to in writing by the mortgagor and the mortgagee not less than 60 days nor
  more than 90 days before the sale. At the sale, the mortgaged property shall be sold
  to the highest bidder in conformance with the terms of sale set forth in the foreclosure
  notice. (b) The mortgagor shall be entitled to redeem the mortgaged property at any time prior
  to the sale by paying to the mortgagee the full amount due under the mortgage, including
  the costs and expenses of the sale. (c) The public sale may be adjourned one or more times for a total time not exceeding
  60 days by announcement of the new sale date to those present at each adjournment
  or by posting notice of the adjournment in a conspicuous place at the location of
  the sale. Written notice of the new sale date shall also be given by first class mail,
  postage prepaid, to any person who received notice of the sale pursuant to section 4965 of this title. (d) Any person may bid at the sale. All bidders, except for the mortgagee plaintiff or
  designee, shall meet the requirements set forth in the notice of sale in order to
  bid at the sale. (e) In the event that the proceeds of sale, after first deducting the reasonable expenses
  incurred in making the sale, exceed the amounts due to the mortgagee at the time of
  sale, the surplus shall be paid to other lien holders of record in the order of the
  priority of their liens. In the event that the proceeds of sale exceed the amount
  due to the mortgagee and the amounts due to the other lien holders, the excess shall
  be paid to the mortgagor. The mortgagee or person conducting the sale may interplead
  any sale proceeds in excess of the indebtedness and expenses secured by the mortgage
  in the event there are any liens of record against the real estate. (f) This section shall not preclude the mortgagee from maintaining a subsequent action
  against the mortgagor for any deficiency. (g) Any party entitled to be sent notice under this section may, either before or after
  the foreclosure sale, waive the party’s right to receive notice, in which case no
  foreclosure sale shall be invalid or ineffectual to foreclose that party’s rights
  under the mortgage. A waiver of notice authorized or validated under this section
  shall be recorded in the land records in the town or city where the property is located. (Added 2011, No. 102 (Adj. Sess.), § 1.)