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Banking Law: April 2018 Archives

A Reverse Mortgage Provision Incorporates The Statutory Power Of Sale Even Though It Omits The Word "Statutory"

Massachusetts is a non-judicial foreclosure state, meaning that a mortgagee is authorized to foreclose on a mortgaged property without obtaining prior court approval. The ability of a lender to exercise its "power of sale," that is without court approval, exists only if such power is granted in the mortgage itself.  If the mortgage does not contain a "power of sale" provision, the lender is left with two time-consuming options to recover the amount due under the loan: either file suit or conduct a foreclosure by entry, which takes three years.

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