What is Foreclosure in Haverhill, Massachusetts?

Find the right Foreclosure Bankruptcy attorney in Haverhill, 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 Haverhill, Massachusetts has consistently failed to make their payments. Foreclosure normally results in the property being sold in an auction. Banks normally 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 numerous states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the debtor for the balance, if the sale nets less than the amount due. You should consult an attorney in Haverhill, Massachusetts to learn the details of the law here. You should also know that this rarely applies to loans that have been refinanced.

How Can I Avoid Foreclosure in Massachusetts?

First and foremost, you should not dismiss the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this may seem, you should stay in contact with your creditor, and be straightforward with them. It is crucial to remember that the bank does not really want your Haverhill 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 may 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 typically 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 may be forgiven. You may 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 comparatively small loss, and allows the homeowner to keep their home.

How Can A Haverhill, Massachusetts Attorney Help?

If you are facing the possibility of foreclosure, a good Haverhill, Massachusetts real estate lawyer can help. At the very least, they will be able to inform you of your legal options.

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Life in Haverhill

Haverhill is a Massachusetts city located in the county of Essex. Founded in 1640, it is one of the oldest known communities in the state. The city encompasses a wide range of industries, from agricultural rural land use to modern research efforts found in its urban areas.

Haverhill is dedicated to preserving its rich history which captures early American life. The Haverhill Historical Society showcases colonial life through the Buttonwood Museum. Recently Haverhill formed "Cultural Treasures", a collection of five non-profit cultural groups promoting history and the arts.

There are many opportunities for outdoor recreation in Haverhill. In particular, the Merrimack River is an ideal location for hiking and observing nature. Haverhill is home to a growing bald eagle population which can be seen along the River.

Noteworthy Haverhill inhabitants have included inventor Alexander Graham Bell, Supreme Court Justice William Henry Moody, and comic creator Bob Montana. Bob Montana's famous comic "Archie" is based on everyday Haverhill life.

Lawyers in Haverhill, Massachusetts generally file most of their cases at the Haverhill District Court. Many Haverhill lawyers are members of outstanding Massachusetts legal organizations.

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