Massachusetts Foreclosure Law

In Massachusetts foreclosure both Judicial Foreclosure and non-Judicial Foreclosure are allowed. In Massachusetts state foreclosure time line typically take 90 days. Massachusetts foreclosure law supports deed of trust and mortgage as primary security instruments. Massachusetts foreclosure law does not authorize any statutory right of redemption. Deficiency judgment is also not allowed in Massachusetts foreclosure law.

The foreclosure process in state of Massachusetts may be used by means of entry by procession or by non-judicial foreclosure on the deeds of trust or mortgages in default.

Foreclosure by Possession
Foreclosure by Possession permits the three ways to lender in case borrower defaults. the lender may bring back  the property by using the following ways
1.    file a lawsuit to obtain the court orders to foreclose
2.    By entering in the property peaceably
3.    By entering property among the accord of borrower

Borrower losses right of redemption in case the lender upholds peaceful possession of property for three years.

Non-Judicial Foreclosure
Non judicial foreclosure process is exercised when “power of sale clause “exists in a mortgage or deed of trust, which in lest of default allows an attorney to foreclose on the property in order to satisfy the underlying defaulted loan. “Power of sale clause” authorizes lender to sell the property may be carried out by the lender or their representative. Guiding principles to be followed are listed below in “The power of sale foreclosure procedure”:

Power of Sale Foreclosure Procedure
If the power of sale clause states the time, place, and terms of sale then the procedure must be followed according to the specifications. And in case Power of sale clause has no specification regarding time, place and terms of sale than it will be carried out in following way.
•    The trustee must record a notice of sale in the office of the recorder where the property is sited.
•    The notice must be furnished by certified mail at least 30 days prior to sale with the last notice not less than 14 days before the foreclose ale to the borrower at known address.
•    Notices a sale notice containing time, place and terms must be published once a week for three consecutive weeks through a newspaper having general circulation in a city where property is sited. Advertisement must be published no less than fifteen days (21) before sale.
•    Said notice must describe the nature of the default, description of the property along with complete address, the lender’s name, the date, time, place and terms  of the proposed  sale.
•    The sale must be made through auction to the highest bidder as on the date, time and place specified in the notice of sale.
•    Lenders carrying the non-judicial foreclosure can seek a deficiency judgment within two years.
•    Maryland foreclosure doesn’t permit the borrower any rights of redemption.