Under Massachusetts law governing non-judicial foreclosure by power of sale, which of the following is NOT a required step in the foreclosure process?
Correct Answer
D) Obtaining a court judgment authorizing the foreclosure sale before proceeding
Obtaining a court judgment is NOT required for non-judicial foreclosure by power of sale in Massachusetts. That is precisely what distinguishes non-judicial foreclosure from judicial foreclosure — the lender does not need court authorization to conduct the sale. The process is governed by the statutory requirements in MGL Chapter 244, which include notice to the borrower and newspaper publication, but not court involvement.
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Related Topics & Key Terms
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Related Concepts
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
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