What is Foreclosure in Billerica, Massachusetts?

Find the right Foreclosure Bankruptcy attorney in Billerica, MA

Foreclosure is the procedure through which the lender in a mortgage takes ownership and/or possession of the property that secured the original loan. This happens when a debtor in Billerica, Massachusetts has consistently failed to make their payments. Foreclosure typically results in the property being sold in an auction. Banks typically want to get rid of the property as soon as possible, even if it means taking a financial hit, and an auction is the simplest way to do this.

In every state, including Massachusetts, there is an option to go through foreclosure by a judicial sale, which is a process in which a court supervises the sale of the property, and makes sure that the proceeds first go the to the holder of the mortgage, then to anyone else who may have a lien on the property, and lastly to the debtor if anything is left. In some states, original mortgages are treated as "non-recourse" loans, meaning that, at most, the lender can take possession of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the borrower for the remaining balance once it sells the house. You should consult an attorney in Billerica, Massachusetts to find out if this is the case here. This typically does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Massachusetts?

First, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. You should remember that banks in Billerica don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are forthright with them, lenders will typically try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you can't reach a solution with your lender, there are other options. You can, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will receive the proceeds of the sale, and the rest of the debt will be forgiven. You might also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Billerica, Massachusetts Attorney Help?

If you are faced with the possibility of foreclosure in Billerica, Massachusetts, an lawyer may be able to help. At the very least, he or she can advise you of your legal options.

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Life in Billerica

Billerica has a population of about 40,000 residents and is located in Middlesex County, Massachusetts. It is a very historic settlement, as it was founded in 1652 and officially incorporated in 1655. The city is home to several historic places, including the Fiske House, the Deacon Samuel House, Howe School, and the Jaquith House.

Billerica's bustling economy is fueled by several industrial and medical companies such as Pan Am Railways and Pharmalucence Company. Other companies located in the city are American Science Engineering and Lantheus Medical Imaging. Billerica's economy makes it a suitable place for persons seeking employment and residential opportunities.

The city also boasts an extensive sports and recreation program. Sports Illustrated magazine has recently listed the town as one the nation's top fifty cities for sports. Enthusiasts can visit the Boys and Girls Club of Greater Billerica, the Rangeway Golf course, or the Country Club of Billerica for sports activities. Billerica also has a successful youth sports program including youth basketball, football, and little league baseball. The city is often referred to as the "Sportstown" of the state.

Cases filed by lawyers in Billerica, Massachusetts can be heard at the Middlesex Superior Court. The superior court has jurisdiction over a wide array of civil and criminal cases. Many Billerica lawyers find the Massachusetts Trial Court Law Library system to be a valuable resource.

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