State Foreclosure Laws

Summary:

Judicial foreclosure: In Massachusetts, in the absence of a power of sale clause in the loan document requires the lender to first obtain a court order to foreclose and then take possession of the property peaceably with the proper consent of the borrower. If the lender maintains possession for three years, the borrower’s right of redemption is exhausted at that point.

Non-judicial foreclosure requires that a power of sale authorizing the lender to sell the property to satisfy the loan balance exists in the loan document, and that a notice of sale be served upon the borrower via registered mail at least 30 days prior to the date of sale, and be published weekly in a newspaper of general circulation in the town where the property is located for three consecutive weeks beginning at least 21 days prior to the date of sale.

The sale is conducted as a public auction at the place and time designated. The borrower has no right of redemption in non-judicial foreclosure.

Links:

• Chapter 244, SECTION 11 - Section 35A -Amended May 1, 2008
  90 additional days added to the foreclosure process after the filing in the Land Court.
  Law which gives homeowners additional time to cure a default.
  
  
• CHAPTER 244: Foreclosure and Redemption of Mortgages
  Laws which regulate the foreclosure process.
  
  
• Chapter 244: Section 11 - Mortgages containing power of sale; court order for sale
  Law which regulates the court to order a property to be sold.
  
  
• Chapter 244: Section 17B - Notice of intention to foreclose; necessity; form; notice and affidavit
  Law which regulates the notice that must be given to the homeowner under the power of sale.
  
  
• Chapter 244: Section 18 - Persons authorized to redeem
  Law which regulates who may redeem the foreclosed property.
  
  
• Massachusetts State Statutes

Commentary:

• Attorney General Martha Coakley Announces Multi-Faceted Plan To Address Massachusetts' Foreclosure Crisis