Legal Question in Real Estate Law in Massachusetts
foreclosure
in preforeclosure in ma. current mortgage holder is not listed om mortgage there was no transfer and motgage holder of record is out of business will this dlay foreclosure?
1 Answer from Attorneys
Re: foreclosure
Perhaps. A holder of the mortgage may be able to provide sufficient proof of ownership to allow the foreclosure to move forward. Sometimes an assignment is recorded at roughly the same time as the foreclosure takes place.
If the homeowner is looking for a little more time to move or pay or sell, it is possible that an objection could be raised that could gum up the works for a few weeks.
If the record holder of the mortgage has only recently filed for bankruptcy or gone out of business, it could be affected by the bankruptcy.
This is complicated stuff and the homeowner may need the assistance of an attorney to effectively exercise such rights.
At the end, if the claimed holder can show proper title, the foreclosure will still go forward, even if delayed.