So, what’s this non judicial foreclosure all about? In fact, like most of the title theory states, the financial institutions or the lenders typically go through the non-judicial foreclosures and if in case there is any power of sale pre existing clause pre-exists the default, the possibility remains to carry out the sale through a trustee or through the third party. As a matter of fact, the power of sale clause can further specify the important aspects such as the time, place as well as the terms of the sale, which the trustee needs to follow. These notices are known as the foreclosures by sale.
And in case where the sale parameters are not specified, the sale is free to proceed through public auction. In fact the notice requirements for a typical case of non-judicial foreclosures stand as extremely strict and also needs to be observed to the letter or cause the sale to be nullified in the event they are contested. Let’s say, the lenders need to send a 90-day notice stating that the borrower is in danger of default.
As per the Massachusetts Foreclosure Natick only the mortgage holder on record for the property has the right and ability to initiate a foreclosure sale. If this is not the case, the foreclosure sale can be reversed. In fact a justified review of the title to the mortgage with adequate documentation can further verify the fact that the lender initiating foreclosure stands as the ultimate mortgage holder on record.
Moreover, in Massachusetts the lender also need to obtain a special ruling from a land court before initiating a foreclosure sale. The ruling also should be obtained for determining and verifying that the borrower is not protected under the Soldiers and Sailors Civil Relief Act, also known as the Civil Relief Act. Yes, this stands as the pre-foreclosure stage of the process.
To be honest, this federal act further grants the active members of the U.S. Military the right for postponing the overall foreclosure action on their property .
On the other hand once the lender becomes sure that a foreclosure will be necessary, he publishes a notice of sale in a local newspaper stating the location of the property. Moreover, this notice should also be posted once a week for three consecutive weeks and finally the initial notice of sale should be posted at least 21days before the date of the sale.
According to the law of Massachusetts Foreclosure Natick, if in case the federal government holds a tax lien against the property, a notice of sale should also be sent at least 25 days prior to the scheduled day of sale. Also as per law at least 14 days prior to the date of sale, the lender directly sends the borrower a notice of sale in certified or registered mail.
This content has been taken from: http://www.amazines.com/