I filed chapter 7 in 2002,i did not reaffirm mortgage.I am facing foreclosure now do they have to follow the foreclosure laws in my state?
State/Country relating to question: Massachusetts
Hi - my name is XXXXX XXXXX X'm a Bankruptcy attorney here to assist you.Even though your obligation to pay your mortgage was discharged in your Bankruptcy, you still own your property. And will continue to own it until the mortgage company completes the state foreclosure process. Having filed a Bankruptcy does not relieve the mortgage company of the obligation to foreclose pursuant to Massachusetts laws.I think this is what you wanted to know. If not, please do not provide any feedback, and please let me know.Thank you.
can you tell me the timetable for this according to Ma law?
what is the timetable for the foreclosure process in MA
Does your mortgage have a "power of sale" clause in it?
yes it does
Your reply erased my reply. I have to re-write it. A few minutes.
When there is a power of sale clause in the mortgage papers, the mortgage company does not have to go to court for a foreclosure, so it can take a minimum of 75 days to foreclose, and a maximum of years.
The mortgage company has to set up a date to have a foreclosure auction. They must send you notice of the sale date, and they must also advertise the sale date at least 21 days beforehand. If the house does sell on the sale date, it then takes around 60-90 days for the deed to be transferred to the new owners - who must then commence a court eviction proceeding if you do not move out willingly. The eviction proceeding can take another 30 - 60 days.
If the house does not sell at the foreclosure sale, the lender will usually wait 6 months before scheduling another sale. Accordingly, there are many who are still in their homes after not having paid their mortgage for years.
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