Bill > H1552

This bill, by amending Section 17A of Chapter 244 of the Massachusetts General Laws, aims to reduce the timeframe within which lenders can pursue a deficiency judgment after a foreclosure. A deficiency judgment is a court order that allows a lender to recover the difference between the amount owed on a mortgage and the price the property sold for at foreclosure. Currently, lenders have two years to seek such a judgment, but this bill proposes to shorten that period to just three months, meaning lenders will have a much shorter window to initiate legal action to recover any remaining debt after a property is foreclosed upon.