What is Foreclosure in Taunton, Massachusetts?

Find the right Foreclosure Bankruptcy attorney in Taunton, 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 Taunton, 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 various states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the debtor for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Taunton, Massachusetts lawyer to see if this state is one of them.

How Can I Avoid Foreclosure in Massachusetts?

First, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. It is important to remember that the bank does not really want your Taunton 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 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 Taunton, Massachusetts Attorney Help?

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

Founded in the year 1637, Taunton is one of the oldest cities in the entire U.S. It is the county seat of Bristol County, Massachusetts. The city boasts a rich legacy in industrial history. It has traditionally been known as "The Silver City" after its local silversmith operations.

Taunton still maintains its reputation as the producer of some of the world's finest silver products. A Taunton company recently produced the medals for the 1996 Summer Olympics as well as exclusive silverware for the White House. In addition to silver products, Taunton's economy emphasizes semiconductor, electronics, and silicon manufacturing.

Visitors to Taunton can stop by the Silver City Galleria, which is a large shopping center located conveniently near neighboring cities. A popular destination in Taunton is the Taunton Green Historic District. Each December the city of Taunton provides an elaborate light display at Taunton Green. As a result, Taunton has also earned the nickname of "The Christmas City".

Lawyers in Taunton, Massachusetts will usually process legal claims at the Taunton District Court. The district court is authorized to adjudicate a wide array of civil and criminal claims, including felony cases. Taunton lawyers are ready to provide you with professional assistance and advice.

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