A real estate licensee in Massachusetts is working with a buyer who is interested in purchasing a property that is being sold at a foreclosure auction. The buyer asks the licensee whether there is a right of redemption period after the foreclosure sale in Massachusetts, during which the former owner could reclaim the property. Which of the following is the most accurate response?
Correct Answer
C) No, Massachusetts does not provide a statutory post-sale right of redemption after a completed foreclosure sale
Massachusetts does not provide a statutory right of redemption after a completed foreclosure sale. Unlike some states that allow former owners to reclaim their property for a period after the foreclosure sale by paying the full debt, Massachusetts law does not include such a post-sale redemption right. The borrower's right to cure the default under MGL Chapter 244, Section 35A exists only before the foreclosure sale is completed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
The loan-to-value ratio (LTV) is the percentage of a property's appraised value or purchase price (whichever is lower) that is being financed through a mortgage. LTV = Loan Amount / Property Value.
A comparison of the major mortgage loan types—conventional, FHA, VA, and USDA—covering their eligibility requirements, down payment amounts, mortgage insurance rules, and best use cases.
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