How long does the foreclosure process take?

In Massachusetts, the foreclosure process is lengthy and can take up to a year or longer, depending on the circumstances. The process starts with a pre-foreclosure letter sent to the homeowner from the bank. This letter informs the homeowner that he/she has fallen behind in their mortgage payments and details the amount of time they have to either make up the payments or seek a loan modification. If the homeowner fails to take action, then the bank will file a complaint with the court, initiating the formal foreclosure process. The court will then set a foreclosure sale date, at which time the court-appointed trustee will auction off the property to the highest bidder. The homeowner will be given a chance to redeem the loan up until just prior to the sale. If the homeowner fails to redeem the loan, then the property is sold at the auction. Once the property is sold, the new owner is required to file a confirmation of their status with the court. The court will then issue a deed to the new owner, typically within a few months of the sale. After the deed is issued, the former homeowner no longer has any rights to the property. The foreclosure process can take several months to a year from start to finish, depending on the response of the homeowner, the foreclosure laws of the state, and the court’s processing time.

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