What is Foreclosure in Holyoke, Massachusetts?

Find the right Foreclosure Bankruptcy attorney in Holyoke, 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 Holyoke, 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 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 Holyoke, 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 forthright with them. You should keep in mind that banks typically don't want to take your Holyoke home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will prevent you from defaulting.

If you believe that foreclosure is imminent, there are some other avenues. For example, you may be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can receive, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.

How Can A Holyoke, Massachusetts Attorney Help?

If you are facing the possibility of foreclosure, a good Holyoke, 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 Holyoke

Holyoke is named for Elizur Holyoke who, in 1660, explored the area that is today incorporated into Hampden County. Holyoke is a Massachusetts city in close proximity to Springfield and has classically been a haven for Irish immigrants. Holyoke hosts the United States largest Saint Partick's Day Parade which annually attracts nearly 500,000 visitors each year. Holyoke has recently seen a vast influx of Puerto Rican and Latino immigrants yielding an annual Puerto Rican Day Parade on the third week of July. The parade is complete with food, music, and more. It's organized as part of the Annual Hispanic Family Festival which is put on by La Familia Hispana Incorporated. The festival and parade have drastically increased in popularity over time and attract Latinos from across the northeast. Holyoke is called home by a number of lawyers as well. Holyoke lawyers are familiar with local Hampden County courts and advise on a variety of cases.  

Holyoke maintains a number of year-round attractions as well. Some of the attractions include the Holyoke Cana System, Mount Tom, shopping at Holyoke Mall, trails like Metacomet-Monadnock Trail, a collegiate baseball team, and most notably the Dinosaur Footprints Reservation where visitors can see perfectly preserved footprints from prehistoric dinosaurs along the Connecticut River. 

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