- Once a debtor defaults on mortgage payments, a creditor may file a complaint with the court and ask for a foreclosure of the property. The creditor can ask the court to order a sale of the property.
- If the court rules in favor of the creditor, a notice of sale will be published in a local newspaper. The notice is also sent to the debtor. The notice must contain the date, time and place of the foreclosure sale.
- The foreclosed property will be auctioned at the assigned court on the scheduled day and time advertised in the notice. The property will be sold to the highest bidder.
- Massachusetts foreclosure law dictates that if the foreclosure sale fails to cover the amount of debt owed to the creditor, the debtor may be required by law to pay the remaining difference or deficiency.
- James Wiedemer notes in "The Homeowner's Guide to Foreclosure," that the debtor does not have redemption rights after a sale in Massachusetts. Redemption is a period during which a debtor may reclaim his property by paying a requested amount.
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