Massachusetts Sample Letters - A Package of Sample Letters and Forms for Foreclosure
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FAQ
To cure, you will need to make all your missed payments to the lender before the cure period ends. If you can't cure, you can use this period to apply for a loan modification. You may also receive a Right to Request a Modified Mortgage Loan notice.
Under Massachusetts Law, a homeowner is given 150 days to bring the loan current, however if the borrower fails to respond to the foreclosing entity, this time frame can be reduced to 90 days.
Foreclosure is a process that begins when a borrower fails to make their mortgage payments. When a home is foreclosed upon, the lender typically repossesses and attempts to sell the house. This happens because mortgage loans are secured by real estate, meaning your home is used as collateral.
The law now requires that lenders send a 150-day right-to-cure notice rather than a 90-day notice in any case where the property sought to be foreclosed is the borrower's principal residence and is collateral for a residential loan.
How many mortgage payments can I miss before foreclosure in Massachusetts? Federal law states that a mortgage company cannot officially begin foreclosure until the borrower is more than 120 days behind on payment. That gives you 3-4 months. As a mortgage borrower in Massachusetts, you have rights.
Lenders must first send a notice of a foreclosure to the homeowner. The notice must be sent at least 14 days prior to the foreclosure sale date. A foreclosure sale will take place at the date, time, and place specified in the foreclosure notice. The foreclosure sale will be conducted by a licensed auctioneer.