What is Foreclosure in Newton, Massachusetts?

Find the right Foreclosure Bankruptcy attorney in Newton, 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 Newton, 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 Newton, 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. You should remember that banks in Newton 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 straightforward with them, lenders will normally try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

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. 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 Newton, Massachusetts Attorney Help?

If you are faced with the possibility of foreclosure in Newton, 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 Newton

Newton is the eleventh largest city in Massachusetts. It has a population of around 85,146 people.

Some famous attractions include Crystyal Lake, the Newton History Museum at the Jackson Homestead, Heartbreak Hill, Echo Bridge, Norumbega Park, Chestnut Hill Reservoir, Bullough's Pond, and the Totem Pole Ballroom.

The city also has some buildings that boast beautiful architecture. Some examples are the First Baptish Church located in Newton Centre. Another is the WHDH-TV tower. Interestingly enough, it is one of the tallest free-standing lattice towers in the U.S.!

Many attorneys have founded small offices and law firms to tend to the legal needs of residents. These attorneys are very capable and easily take care of any and every legal inquiry.

Overall, Newton is a city rich in history and culture; it provides residents with a wonderful place to call home!

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