Dealing with a foreclosure in Massachusetts can be an extremely stressful experience especially when you don’t know who to call or what to do. Homeowners desperately search the internet for answers and many straight out ignore any notices they receive in the mail. When it comes to exploring your options, time is of the essence, especially when negotiating with your mortgage lender.
Foreclosure Timeline in Massachusetts
- After 30 days of missing a payment, the bank will send you a “Right to Cure Notice”. This notice which is in your mortgage documents states that you are in default and you have 30 days to bring your mortgage current by paying the past due balance.
- After the 30 day Right to Cure Notice expires, the bank will send a 150 day Right to Cure Notice which is required by law. This notice states that you have 150 days to bring your payments current or the bank has the right to foreclose on your property.
- The bank can shorten the 150 day notice to 90 days by showing a good faith effort to work with you. The bank can do this by scheduling a phone call or face to face meeting with you and try to find a way to keep you in your home. You can find out more details on this by visiting the Mass Legal Help website.
- Once the 90 days or 150 days expire, the bank will hand your file to an attorney who will begin the foreclosure process. The bank may also send you an “Acceleration Notice” which states that you now owe the full amount of your mortgage plus any interest and fees. The bank no longer has to let you catch up on your missed payments.
- The bank’s attorney will now file a “Servicemembers Civil Relief Act Complaint” with the court. If you were in active duty or just discharged, you have 20 days from the date you were served to respond. It is against the Soldier and Sailors Act to foreclose on anyone in active military or recently discharged.
- After the 20 days expire, a judgement can be given to foreclose on your property. More often than not, it takes several months until this judgement is granted by a judge.
- The foreclosure auction notice will be published in the local newspaper for 3 consecutive weeks. The bank will send you a certified letter at least 14 days before the auction to notify you of the auction date.
- A public auction will be held on your property on the day in the notice you received and also published in the newspaper. The bank may delay the auction to a new date and does not need to notify you of the change.
Did You Receive An Order Of Notice In Massachusetts?
If you received an Order of Notice in Massachusetts it means that you have now missed several mortgage payments and you’ve been unable or unwilling to come to terms with the bank. The Service Members Civil Relief Act gives you 20 days to respond If you are in active military or recently discharged. A judge can now issue a judgement 20 days after you receive this notice so it is critical that you act now or your house may be auctioned off in less then 60 days!
Reasons Homeowners Fall Into Foreclosure In MA
Life is full of expected surprises that you cannot always be prepared for. Homeowners do their best to stay on top of their bills and to always have a plan, but some times they need a helping hand. The reason doesn’t matter; it’s the solution that matters!
Loss Of Job
Behind On Bills
Credit Card Debt
Medical Expenses & Illness
Is It Too Late To Stop My Foreclosure In Massachusetts?
No! You have until the day of the auction to try and work out a solution!
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