What are the foreclosure timelines in my state?

In Massachusetts, foreclosure timelines vary depending on the type of loan and the lender. Generally, lenders must give a homeowner a thirty-day written notice before they start the foreclosure process. From there, the homeowner has the option to apply for a loan modification, or to work out a payment plan with the lender. After the thirty-day window, the lender will file a complaint with the court system and the foreclosure process will begin. The foreclosure process typically takes between four and six months, depending on the circumstances. If a homeowner does not file a response to the complaint or does not enter into a loan modification agreement, the lender can have a foreclosure sale and sell the property on the courthouse steps. Once a foreclosure sale has taken place, the homeowner has a period of thirty days to redeem the property, meaning they can pay off the loan balance in full and regain ownership. If the loan balance is not paid off in full during the thirty-day redemption period, the lender will take possession of the property and the homeowner will no longer own it. By understanding the foreclosure timelines in Massachusetts, homeowners can take the necessary steps to protect their property and avoid foreclosure. It is important to reach out to a lawyer and a housing counselor if you are facing foreclosure so you can understand your options and take advantage of any assistance that may be available in your state.

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What are the foreclosure timelines in my state?

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