Massachusetts General Laws ch. 244 sec. 21 – Time for tender; suit for redemption
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Section 21. The tender may be made before the expiration of the three years limited for redemption, and before or after entry for breach of condition, and before a sale pursuant to a power contained in the mortgage; but if the mortgagee or person claiming or holding under him does not accept the tender and discharge the mortgage, the tender shall not prevent the foreclosure unless, within one year after the tender, the mortgagor or person claiming or holding under him commences suit for redemption and when he commences suit pays to the clerk of the court the amount tendered for the use of the party entitled thereto.
Terms Used In Massachusetts General Laws ch. 244 sec. 21
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.