Massachusetts foreclosure law permits the use of both judicial as well as non-judicial foreclosure to enable lenders to retrieve their dues from defaulting borrowers.
- The usual timeline for the foreclosure process will encompass 90 days.
- The Deed of trust and Mortgage are considered as the primary security instruments.
- The courts will not allow the right of redemption or deficiency judgments in favour of borrowers.
- Lenders can also complete the foreclosure by possession after obtaining a court order or with the consent of the buyer.
- If the buyer is unable to repay the dues within a period of three years from the possession of the lender, he loses all rights of redemption.
You can read more about foreclosure types here
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Foreclosures
Foreclosure is a particular legal process in which a mortgage lender attempts to recover the balance of a loan from a client who has stopped paying.
