What is Foreclosure in Cambridge, Massachusetts?

Find the right Foreclosure Bankruptcy attorney in Cambridge, MA

Foreclosure is the process 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 Cambridge, Massachusetts has repeatedly failed to make their payments. Foreclosure usually results in the property being sold in an auction. Banks usually want to get rid of the property as soon as possible, even if it means taking a financial hit, and an auction is the easiest way to do this.

In every state, including Massachusetts, there is an option to go through foreclosure by a judicial sale, which is a procedure 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 finally 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 ownership of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the debtor for the remaining balance once it sells the house. You should consult a lawyer in Cambridge, Massachusetts to find out if this is the case here. This usually does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Massachusetts?

First of all, you shouldn't ignore the problem. You should stay in contact with your bank, and be honest with them. Ignoring the issue will not make it go away. It is essential to remember that the bank does not really want your Cambridge house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If no deal can be worked out, or the mortgage payments have become prohibitive, you might consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders generally treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency might be forgiven. You might also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a relatively small loss, and allows the homeowner to keep their home.

How Can A Cambridge, Massachusetts Attorney Help?

If you are facing foreclosure, a good Cambridge, Massachusetts real estate attorney can help. While keeping your home might not always be possible, a lawyer can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Cambridge

Cambridge is part of the Greater Boston area. It is home to famous universities such as Harvard University and Massachusetts Institute of Technology. Cambridge is home to around 105,162 people. It is the fifth largest city in Massachusetts.

Top employers include both Harvard and Massachusetts Institute of Technology, Mount Auburn Hospital, Biogen Idec, Genzyme, Novartis, and the Charles Stark Draper Laboratory. Many attorneys also live in or near Cambridge. Boston is home to many top-rated multinational law firms. There are also many small to mid-size law firms there as well. These firms train their attorneys to be the best and to succeed in winning any and every case, no matter how complicated the legal matter is.

Being such a historic place, there are any museums to visit in Cambridge. Popular attractions include the Harvard Art Museum, the Busch-Reisinger Museum, the Fogg Art Museum, the Arthur M. Sackler Museum, the Harvard Museum of Natural History, the Peabody Museum of Archaeology and Ethnology, Semitic Museum, MIT Museum, and the List Visual Arts Center at MIT.

Cambridge, with its historical influence, also has many wonderful buildings to visit and tour that depict beautiful architecture. Such buildings include the Asa Gray House, Elmwood House, the First Parish in Cambridge, Harvard Lampoon Building, Urban Rowhouse, and Memorial Hall at Harvard University.

Overall, Cambridge is a wonderful place to visit or call home.

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