Transcription of Massachusetts Foreclosure Law Summary
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Massachusetts Foreclosure Law Summary
Massachusetts Foreclosure Law Summary Foreclosure Summary Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: Yes - Primary Security Instruments: Deed of Trust, Mortgage - Timeline: Typically 90 days - Right of Redemption: No - Deficiency Judgments Allowed: No In Massachusetts , lenders may foreclose on deeds of trusts or mortgages in default using either an entry by possession or non-judicial Foreclosure process. Foreclosure by Possession After the borrower defaults on the mortgage, the lender may recover possession of the property by: 1) obtaining a court order; 2) entering the property peaceably; and 3) by proper consent of the buyer. If the lender maintains possession peaceably for three years from the date of possession, the borrower loses all rights of redemption. Non-Judicial Foreclosure The non-judicial process of Foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default.
Massachusetts Foreclosure Law Chapter 244: Section 1 Foreclosure by entry or action; continued possession Section 1. A mortgagee may, after breach of condition of a mortgage of land, recover
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