What is Foreclosure in Medford, Massachusetts?

Find the right Foreclosure Bankruptcy attorney in Medford, 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 Medford, 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 Medford, 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 of all, you shouldn't dismiss the problem. You should stay in contact with your bank, and be straightforward with them. Ignoring the issue will not make it go away. It is critical to remember that banks don't really want to own homes in Medford. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will allow you to keep paying them in the long run.

If you can't work things out with your lender, there are other avenues. You can try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still receives those proceeds, but the remainder of the loan will be forgiven. You may also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Medford, Massachusetts Attorney Help?

If you think foreclosure is imminent, a good Medford, Massachusetts lawyer may be your best hope for staving it off. Even if keeping the house proves impossible, a good attorney can minimize the financial effects.

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Life in Medford

Medford is a city in Middlesex County, Massachusetts. It has a population of about 55,000 people.

The first European settlement in the area now known as medford was in 1630, when the area was still part of Charlestown. The town grew slowly but steadily over the next few hundred years. After 1880, the population began to explode, coinciding with the industrial revolution. The expansion in population led to the creation of new government services, such as gas, electricity, and water, along with public schools and a dedicated police department.

While working as a social worker in the 1920s, Amelia Earhart lived in Medford, and there are several memorials and historic sites dedicated to her, including the house in which she lived during her tenure in the city. Medford was also home to the man credited with inventing the roller skate.

Modernly, Medford is home to Tufts University, an extremely well-regarded research university. While once considered a "safety school" for students applying to Harvard, Tufts has become a destination school in its own right, in some niche fields of study.

If you live in Medford, Massachusetts, and need a good lawyer, chances are good that you'll be able to find one. With its diverse and vibrant population, Medford, Massachusetts lawyers have evolved in kind.

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