Massachusetts Foreclosures

Residential foreclosures in Massachusetts take approximately 6 months from the time a mortgage account first goes into default, and will typically follow this schedule.

Soldiers & Sailors Civil Relief Act

Before any residential foreclosure can conclude in Massachusetts, a ruling from the land court is obtained to ensure the borrower is not subject to protection under the Soldiers' & Sailors' Civil Relief Act, which may postpone foreclosure action for active members of the U.S military. Once a judgment authorizing the foreclosure is obtained from the land court, a lender may proceed with a foreclosure sale.

Notice of Sale / Auction

The lender publishes a notice of sale in a local newspaper where the property is located. The notice appears once per week for three weeks, and the first notice occurs no less than 21 days prior to the sale date. The lender also sends a notice of sale at least 14 days before the sale to the borrowers and any other affected parties.
An auctioneer conducts the foreclosure sale at the property, which is sold to highest bidder, who sometimes is the foreclosing lender. The borrower will be responsible for any deficiency (shortfall) if the winning auction bid does not exceed the mortgage loan balance due the lender, including auction and legal costs. In Massachusetts, a borrower has no right of redemption after the foreclosure sale.
A bankruptcy filing by a homeowner prior to a foreclosure auction can delay and/or postpone the auction, and may give the homeowner an opportunity to catch up on missed payments or establish a repayment plan. It will also relieve the homeowner of the deficiency obligation (shortfall) if the auction does proceed and the sale price does not exceed the loan balance.

Our firm helps homeowners in Massachusetts assess their financial options when facing a possible foreclosure.

Call Attorney Louis W. Mountzoures to schedule your free consultation.