Phoenix, AZ -- (SBWIRE) -- 07/30/2014 -- Facing foreclosure on one’s home is frightening and stressful, especially if one does not understand the mortgage foreclosure laws for his state. Because Credit-yogi.com, the experts in online financial direction, works out of Massachusetts, that is the state upon which the following information is based. Most states’ foreclosure laws differ slightly from those of Massachusetts. In a no-cost initial visit to Credit-yogi’s website, an individual can ask as many questions as he wishes to, including:
- Quick Facts Inquiries
- Defining Foreclosure by Possession
- What’s Judicial Foreclosure?
- “Power of Sale” Parameters
Check Out these Quick Facts
Massachusetts mortgage foreclosure laws include the following: Both non-judicial and judicial foreclosures are available. The proceeding takes about 90 days, and there is no Right of Redemption or Deficiency Judgment. As to the first of this data, a non-judicial foreclosure has a “power of sale” agreement in which the borrower pre-authorizes the lender to sell the home to pay off the defaulted-upon amount. “Redemption” indicates the right of a homeowner to pay off the full amount owed on his home prior to the foreclosure. A “deficiency” is the amount of money owed after a foreclosure sale.
Explanation of Foreclosure by Possession
Massachusetts allows Foreclosure by Possession. This means that, after a homeowner has defaulted on his mortgage loan, the lien holder can claim possession of the home by following these 3 steps: a) Getting a court order; b) Entering the property in a non-threatening manner; and c) Obtaining the consent of the buyer. Should any of the preceding require more clarification, visit Credit-yogi.com and the knowledgeable staff members will talk one through them until they’re clear.
Judicial Foreclosure Defined
One of the Massachusetts mortgage foreclosure laws is that of judicial foreclosure, which is that one that does not have a “power of sale” option attached to it. A “Power of Sale” agreement is one in which the homeowner gives the lender pre-authorization to sell the house to pay off the mortgage loan in the event of default. This type of foreclosure is available in many states, but the non-judicial type is utilized much more often.
Power of Sale Considerations
Here are the rules for a “Power of Sale” foreclosure, which Credit-yogi.com is happy to share with those who require them: There must be a public notice of sale where the property is located. That notice must also be sent by registered mail to the borrower at his last known address not less than 2 weeks before the foreclosure, and must be announced publicly once weekly for 3 weeks in a local newspaper so there is no possibility that the borrower will not be aware of the lender’s intention to foreclose.
About Credit-yogi
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