Massachusetts foreclosure process

Foreclosure in the State of Massachusetts is primarily non-judicial, that is they occur mostly out of courts. The process of foreclosure properties generally takes not more than three months from the date the lender schedules the foreclosure sale.

Pre-foreclosure Period

The lender has the option of issuing a notice of default to the borrower before initiating the foreclosure procedure. But it is not mandatory in the State of Massachusetts. However, it is important for the lender to obtain a ruling from the land court confirming that the borrower is not subject to any protection under the Soldiers’ & Sailors’ Civil Relief Act, in the event of which the foreclosure action may be postponed if the borrower is an active member of the US Military.

The mortgage shall contain a clause of power-of-sale that authorizes the lender to proceed with a foreclosure process and dispose the property in sale to recover the debts. Under the terms of the power-of-sale clause of the mortgage, the lender shall obtain a judgment from the land court authorizing the foreclosure.

Further process of foreclosure shall be followed by the lender once the judgment is obtained.

Auction Notice

The lender shall publish the notice of sale in the local newspaper published within the county where the property is located. Such notice shall be published once a week, for a minimum period of three weeks. The first such notice shall be published within a period not less than 21 days before the scheduled date of the foreclosures sale.

The lender shall also send, by mail, a notice of sale to the borrower or any such stake holders, within a minimum period of 14 days prior to the date of sale.

The property is sold in a public auction by a licensed auctioneer. The sale is awarded to the highest bidder. At the time of awarding the sale, the winning bidder must pay a deposit and shall be given a period of not more than 30 days in order to remit the remaining amount.

The auctioneer may announce the postponement of the foreclosure sale, and the number of such postponements is not limited. The sale is recorded within 30 days from the date of the sale, and the winning bidder shall be transferred the ownership of the property.

Any surplus in the auction sale proceeds shall be claimable by the borrower. Once the sale is completed, the borrower does not have the right of redemption.

A judgment of deficiency, for any inadequacy of funds to discharge the debt even after disposal of the property in the auction sale, can be passed against the borrower. This can be done only if such a notice for filing for deficiency judgment is issued to the borrower within a period of 21 days from the date of scheduled sale. The notice has to clearly state that the lender shall proceed to claim deficiency from the borrower in case the foreclosure sale does not generate adequate funds.

Massachusetts Foreclosures for you

Massachusetts foreclosure homes presents a lifetime of an opportunity for both first time homebuyers and investors and. If you have been looking for a home foreclosures in Massachusetts at your price then your search ends here. We at ForeclosureDatabank.com bring to you some of the shockingly beautiful homes at down to earth prices. Real estate has always been an expensive option but you don’t have to worry anymore because with our 7-day trial subscription, you can find the top Massachusetts bank foreclosures for sale in minutes. You can find HUD, VA, REO homes in the top 10 cities, which are Worcester, Springfield, Boston, Brockton, Lynn, Lawrence, Lowell, New Bedford, Fitchburg, and Fall River. And there’s more: you can get Massachusetts foreclosure homes in these cities at a discounted price of 15% to 20%. Now that’s what we call a real bargain!

Your benefit

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Boston Foreclosures hit a low

Off late there has been a drop in the number of Boston foreclosures, although there are enough Boston home foreclosures available for investors and first time homebuyers in this beautiful city and capital of Massachusetts. Spread over a land area of 48.4 square miles, Boston commands an enviable presence among some of the top metropolitans in the US. It has a rich historical and cultural background and was home to some major and defining events like the Battle of Bunker Hill, Boston Tea Party and Boston massacre. One of the reasons for its popularity is that it offers a very good climate for education especially with the famous Harvard College being among the top institutions in the world.

This has led to many people choosing Boston as a place to reside over some of the other metropolitans but how can the residential requirements be fulfilled. This is where foreclosures in Boston come in handy. Investors and home buyers will find some of the finest property here. The stable economy and an environment conducive to overall growth of a business as well as individual have created a strong market for Boston foreclosure homes.

Boston Foreclosure listings

If you are among the many searching for Boston foreclosures then you can end your search at ForeclosureDatabank.com where you will find comprehensive Boston foreclosure listings that showcases some of the top properties in the metropolitan. All you have to do is sign up for our 7-day membership and browse through more than 3000 Boston foreclosure homes. You will find different types of property that will fulfill most of your requirements. You can choose from HUD homes to Boston bank foreclosures. You will definitely benefit from our listing service because it is updated on a regular basis and includes all Boston bank foreclosures for sale. Our belief is that you deserve the best and hence we bring to your nothing but the best of Boston foreclosures.

Why Massachusetts Foreclosure Listings Are In Demand

With the demand for real estate properties rising, Massachusetts foreclosure listings prove to be such an invaluable help. This is because home buyers can obtain their dream property at the lowest possible price. Massachusetts foreclosure listings widen their real estate options.

Investing in Foreclosed Properties in Massachusetts

In banking terms, foreclosure refers to the process by which lending institutions such as bank seize or control real estate properties when their owners go on default. It means that loan borrowers weren’t able to pay for their mortgage.

It is relatively easy to look for foreclosed properties from banks that can allow you to save as much as 50 percent of the property’s actual market value. You may also choose to pick those that range between 65 and 80 percent. Many of these homes have already been paid for so many years, so only a small amount is needed to be recovered by the banks. What makes homes foreclosures more attractive is the reality that banks aren’t really interested in keeping the real estate property. Instead, they would love to get rid of them as fast as possible. All they need is the cash. If you hold on a little longer, the more the price of the property will drop.

At ForeclosureDataBank.com, we can provide you with 24-hour Massachusetts foreclosure lists. This way, we can provide you with as many alternatives as possible with regards to repossessed or government-controlled homes. Because we are basically online, you can access our database anytime and anywhere you like, as long as you have subscribed to our membership trial. We cover the entire state of Massachusetts, including the bustling cities of Boston, Whitman, Duxbury, and Carver. Our hotline for customer support is also open for 24 hours, every day. We are always open to entertaining your questions regarding listings of Massachusetts foreclosure homes and how you can take advantage of their reduced prices.

Massachusetts Bank Foreclosures for sale

Massachusetts is situated in the heart of New England where you can find different types of Massachusetts foreclosure homes. Alternatively you can choose from Massachusetts foreclosures listings.

Massachusetts consists of picturesque seaside communities, small and pretty rural towns and fast paced urban areas. It has an overall unique ambiance that attracts new residents each year. If you are contemplating a move Massachusetts then you will be happy to know that the state offers some of the best housing administration and opportunities. Due to the high rates of Massachusetts foreclosure in the recent past, a lot of homes have been made available for first time homebuyers as well as investors.

If you are a first time homebuyer and if you have moved in from another state then you don’t need any kind of formal procedures for establishing a residence in Massachusetts. If you have an automobile registration, driver’s license, or voter registration, and rent, mortgage or telephone bills then they are proof enough. Of course various public or private agencies might have their own specific requirements for proof of residence.

Massachusetts amidst the foreclosure storm

In the year 2005, almost 11,500 foreclosure filings took place in the Massachusetts Land Court and most of the notices were filed by either mortgage companies or banks. This happened because many homeowners defaulted on their loans. This also signifies a 32% increase from 2004. As a result of the foreclosure filings, an inventory of Massachusetts foreclosed homes were created. As an investor or buyer, you can take advantage of this situation to buy a home that will suit your needs. Massachusetts offers different types of homes from single family home to multiple families and from fixer upper to HUD and VA homes and all this at a cheap price.

Bank foreclosures in Massachusetts are always auctioned to the public and the best bidder gets the home. These homes are sold in a as you see it condition, which means that if any repair is required then that will be your responsibility. During the housing boom that lasted from 1999 to 2004, there was an unprecedented increase in the cost of houses and condominiums by almost 10% and this had put the home-price appreciation in Massachusetts among the country’s highest. IN 2005, the price gains slowed down and fell by 5%. The prices of the single-family home went flat and even declined in certain suburban neighborhoods. Massachusetts bank foreclosures were sold for less than the market rates.

The biggest spikes in 2005 took place in Suffolk County (45%), Essex County (went up 48%), Barnstable County (47%), and Bristol County (44%). All in all the real estate market was thrown open with more and more Massachusetts bank foreclosures up for sale.


According to a 2004 report, the median price in Greater Boston for a single-family home was approx $376,000, which is an increase of 9.5% since 2003. The average price for a condo in the same area saw an increase of 9.3% and was priced at $282,000. In the event of such a price hike, more and more people looked for foreclosure homes in Massachusetts. In 2005-2006, Massachusetts foreclosure homes sold like hot cakes and experts say that the trend will continue through this year too.

Consider Decatur foreclosures for sale when buying a home

Decatur Is Offering More

Decatur, IL is one of those cities that have so much to offer to both new and existing residents. It is the main business, entertainment and shopping area of the region and it is not hard to see why with all that the city of Decatur is doing to make sure that residents have the kind of life they imagine. While real estate is cheaper in Decatur than in other parts of the state, it still pays to consider Decatur foreclosure listings when looking for a new home in the Decatur area. The houses for sale foreclosure in the area can give you an avenue to save money on your home purchase in this attractive medium sized city.

Lots of Outdoor Space

Decatur prides itself on offering more park space per capita than any other state in the nation. This means that you can enjoy the great outdoors in a wide variety of settings in this city. If that sounds attractive to you, then Decatur bank foreclosures are something to consider. Many of these houses can be found near these numerous parks and open spaces that Decatur is so proud of. Living the life that you want on your terms is important, and we want to help you do that.

Cheap Houses for You

Basically, Decatur is a great place to live, and finding affordable housing in this city is something that our site can help you do. Invest in your future by purchasing a house and pay less for it because you found it in our database.

Massachusetts Foreclosures Show No Signs Of Declining Till End Of 2008

The foreclosure epidemic sweeping the whole country shows no signs of abating in Massachusetts. The number of Massachusetts foreclosures has been showing a constantly rising curve since 2005. While many states have shown a lower number of foreclosures this year compared to the last one, Massachusetts is definitely not one of them. In fact, the number of Massachusetts foreclosures in the Jan to April period in 2008 has been a whopping 4,161 compared to 1,650 foreclosures that were filed during the same period last year.

While there is an increase of more than 150% between the number of Massachusetts foreclosures filed in the same period from 2007 to 2008, this is nowhere compared to the whopping rise, more than 1100%, to the number of foreclosures recorded during the same period in 2006. No wonder then, Massachusetts does not rank anywhere near the bottom when it comes to states with the highest number of recorded foreclosures. Till date, almost every third homeowner has lost his or her property to foreclosure.

The main reason behind Massachusetts foreclosures being so high are definitely sub prime and adjustable rate mortgages, with many such loans being provided to people who already had a bad credit score or who were not told about how the mortgage repayment would actually work. A dismal situation indeed, but hopefully the end is in sight, with most experts predicting that the number of Massachusetts foreclosures will show a decline by the end of 2008.

The only people who can get some advantage out of this situation are investors and home buyers who currently have the resources to buy a real estate property. The extremely large amount of Massachusetts foreclosures has led to the real estate market being heavily tilted in favor of the buyer, who can not only get prime properties for as little as 50% of their market value, but also negotiate flexible loan repayment terms.