Foreclosure Definition

What is foreclosure?

Foreclosure definition: A foreclosure is the legal process where your mortgage company obtains ownership of your home (i.e., repossesses the property). A foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan.

What is default?

Mortgage default is defined to occur when homeowners are delinquent on their payments by one month or more.

Further Foreclosure Resources

Foreclosure Options

Outline of the Foreclosure Process in Massachusetts

Foreclosure Law in Massachusetts

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