Boston Bankruptcy Lawyer

Foreclosure in Massachusetts

Before a foreclosure proceeding can begin in the Commonwealth of Massachusetts, a ruling from the land court must be obtained. This is to ensure that the borrower is not subject to protection under the Soldiers’ & Sailor’s Civil Relief Act. This act may postpone foreclosure actions for active members of the U.S. military.

Once the land court has authorized the foreclosure, a lender can proceed with a foreclosure sale. The mortgage might require that the lender notify the borrower of any default on a mortgage before scheduling a sale. Massachusetts, however, does not require this action.

After authorization, the lender publishes a notice of sale in a local newspaper where the property is located. The notice has to appear at least once for three weeks. The first notice must appear no less than 21 days before the sale date. In addition, the lender must also send notice of the sale at least 14 days before the sale to the borrowers and any other affected parties.

A licensed auctioneer conducts the sale of the property. The property, like all auctions, is sold to the winning bidder. The winning bidder is responsible for paying a deposit and for delivering the remaining funds within 30 days. A foreclosure sale can be postponed by auctioneer announcement . There is no limit to the number of allowable continuances.

Within 30 days of the sale, the sale is recorded and the ownership is transferred to the winning bidder. The borrower is entitled to any surplus funds that are generated by the sale. The borrower does not have a right of redemption after the foreclosure sale.

Contact a Boston Bankruptcy Lawyer

If you are considering filing for bankruptcy or are facing foreclosure, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 1-800-975-5346 today.