Stay: Effective Date
Of course, in order to effectively foreclose a mortgage it is necessary to dispose of the automatic stay that otherwise would prevent its enforcement. But it should be remembered that the automatic stay has not always been a hurdle for creditors to scale. The automatic stay was first introduced as a rule to the Bankruptcy Act on July 1, 1974, and ultimately became codified in the Bankruptcy Code in 1978. See the discussion in Goodman v. Sheehan, 6 Mass.App.Ct. 927, 381 N.E.2d 155 (1978). So, when reviewing an older foreclosure be mindful that, twenty or so years ago, there was no automatic stay prohibiting such a foreclosure, and the lack of an order of the Bankruptcy court lifting the stay was unnecessary.