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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common types of foreclosure process | Nonjudicial: under power of sale in deed of trust
Judicial: also available. The foreclosing party may sue to get a writ of possession and conditional judgment. |
| Time to respond | Foreclosing party must mail (registered or certified) notice to homeowner at least 14 days before the sale date, and publish notice for three consecutive weeks before the sale date. |
| Reinstatement of loan before sale | If the foreclosing party gets a conditional judgment, the homeowner has two months to reinstate the mortgage.
If loan is covered by state Predatory Home Loan Practices Act, lender must offer homeowner reasonable opportunity to reinstate the loan. |
| Redemption after sale | None |
| Special protections for foreclosures involving high-cost mortgages | Homeowner can rescind a high-cost loan and use rescission as a defense to the foreclosure. Assignees of the loan may be sued for lender or loan originator abusive lending activities except for governmental entities such as Freddie Mac and Fannie Mae. Predatory Home Loan Practices Act, Mass. Gen. Laws ch. 183C, §§ 1-19 |
| Special state protections for service members | None |
| Deficiency judgments | Can be obtained in separate lawsuit if a notice of intent to seek a deficiency is included in notice of sale, and the notice of sale is mailed to homeowner at least 21 days before sale date. |
| Cash exempted in bankruptcy | About $11,000 for one person, $22,000 for a married couple under the federal bankruptcy exemptions |
| Notice to leave after house is sold | New owner may gain possession by consent or peaceable entry. If foreclosing party has a writ of possession under a conditional judgment, then if homeowner doesn’t reinstate the loan during the reinstatement period, new owner can use the writ of possession to remove former owner without further notice or process. |
| Foreclosure statutes | Mass. Gen. Laws ch. 244, § 14 |