What is Foreclosure in Quincy, Massachusetts?

Find the right Foreclosure Bankruptcy attorney in Quincy, 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 Quincy, Massachusetts has consistently 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 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 Quincy, 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?

Most importantly, you must not dismiss the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be honest with them. You should keep in mind that banks usually don't want to take your Quincy 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 can't reach a solution with your lender, there are other options. You can, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will receive the proceeds of the sale, and the rest of the debt will be forgiven. 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 Quincy, Massachusetts Attorney Help?

If you are worried about foreclosure, a good Quincy, Massachusetts real estate attorney may be able to help. An attorney can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

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Life in Quincy

Quincy is located in Norfolk County, Massachusetts It has many nicknames. Some are the "City of Presidents," "City of Legends," and the "Birthplace of the American Dream." It is located in Boston's Metropolitan area, with a population of around 92,271 people. It is the eighth largest city in the state.

Quincy is a heavy manufacturing center, with granite manufacturing being the highest industry. Companies such as Boston Financial Data Services, Stop Shop Supermarket chain, and Arbella Mutual Insurance Company have a presence in Quincy.

Being a part of Boston, residents have access to the superb legal force in Boston. Boston is home to many top tier firms that train ivy-league-educated attorneys to provide clients with the best legal services possible. Thus, residents can rest assure that any and every of their legal inquiries can easily be handled.

Famous residents include Ruth Gordon, Billy DeWolfe, Brooks Adams, Lee Remick, and Wilbert Robinson.

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