What is foreclosure?

Foreclosure is a legal process that occurs when a homeowner is unable to make their mortgage payments and the lender (or bank) takes possession of the property. In Massachusetts, the foreclosure process begins when a homeowner fails to make their mortgage payments on time and in full. The mortgage lender must then give the homeowner a written demand for payment. If the homeowner does not make the required payments within a specified time period (usually 30 days), the lender can begin the foreclosure process by filing a complaint in court. The court then holds a hearing to determine if foreclosure is appropriate. If the court finds that foreclosure is appropriate, the lender can then take possession of the property and sell it in order to recoup the money it is owed. Foreclosure can be a long and complicated process, so it is important for homeowners to seek legal advice as soon as possible if they are in danger of having their home foreclosed upon. Understanding foreclosure laws in Massachusetts is essential to protect your rights and save your home.

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What is foreclosure?

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